The SPELL token was created by the team behind Abracadabra, a decentralized lending platform.
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What is Spell Token?
SPELL is the official governance token of Abracadabra.Money, a decentralized lending protocol. It’s a token hosted on the Ethereum blockchain. Holders of this token can vote concerning important aspects of the Abracadabra protocol, such as liquidation fees and the amount of collateral that users must put up for loans.
How Does Spell Token Work?
SPELL is the reward token issued by the Abracadabra decentralized lending platform. If users engage with one or more of the platform's services, such as staking and yield farming, they receive rewards in SPELL tokens.
What is Spell Token Used For?
The primary use case of the SPELL token is for the governance of the Abracadabra platform. Token holders can cast their votes on important decisions concerning the platform, and the weight of their votes depends on the number of tokens they hold. You can also stake SPELL tokens on Abracadabra to earn a percentage of trading fees from the platform paid out in the same token.
FAQ
The SPELL token was launched in August 2021, shortly after the launch of the Abracadabra lending protocol.
