

## What Is Spell Token (SPELL)?

[Spell Token](https://coinmarketcap.com/currencies/spell-token/) (SPELL) is a reward [token](https://coinmarketcap.com/alexandria/glossary/token) associated with abracadabra.money, a lending platform that uses interest-bearing tokens (ibTKNs) as collateral to borrow a USD-pegged [stablecoin](https://coinmarketcap.com/alexandria/glossary/stablecoin) called [Magic Internet Money](https://coinmarketcap.com/currencies/magic-internet-money/) (MIM). Abracadabra uses the Kashi Lending Technology pioneered by [SushiSwap](https://coinmarketcap.com/currencies/sushiswap/) (SUSHI) to provide isolated lending markets that allow users to adjust their risk tolerance according to the collateral they decide to use. Users can deposit collateral and borrow MIM against it. Abracadabra also offers [yield farming](https://coinmarketcap.com/alexandria/glossary/yield-farming) opportunities, where users can [stake](https://coinmarketcap.com/alexandria/glossary/staking) their liquidity provider (LP) tokens to farm SPELL. This facilitates better liquidity for certain cryptocurrency pairs, currently [Ether](https://coinmarketcap.com/currencies/ethereum/) (ETH)-Spell Token (SPELL) and [Magic Internet Money](https://coinmarketcap.com/currencies/magic-internet-money/) (MIM)-[LP 3pool Curve](https://coinmarketcap.com/currencies/lp-3pool-curve/) (3CRV). Furthermore, users can also open [leveraged](https://coinmarketcap.com/alexandria/glossary/leverage) farming positions using borrowed MIM from their interest-bearing collateral.


## Who Are the Founders of Spell Token?

Abracadabra is not an official [decentralized autonomous organization](https://coinmarketcap.com/alexandria/glossary/decentralized-autonomous-organizations-dao) (DAO) but is instead governed through a Snapshot page. MIM are minted through a 6/10 [multisignature](https://coinmarketcap.com/alexandria/glossary/multisignature) contract composed of the following partially pseudonymous users:



* [Poolpi](https://twitter.com/poolpitako) – [yearn.finance](https://coinmarketcap.com/currencies/yearn-finance/) (YFI)
* [Leo Cheng](https://twitter.com/leokcheng) – [Cream Finance](https://coinmarketcap.com/currencies/cream-finance/) (CREAM)
* [Michael](https://twitter.com/leokcheng) – [Curve DAO Token](https://coinmarketcap.com/currencies/curve-dao-token/) (CRV)
* [Julien](https://twitter.com/bneiluj) – [Stake DAO](https://coinmarketcap.com/currencies/stake-dao/) (SDT)
* [C2tp](https://twitter.com/C2tP) – [Convex Finance](https://coinmarketcap.com/currencies/convex-finance/) (CVX)
* [Sifu](https://etherscan.io/address/0x5dd596c901987a2b28c38a9c1dfbf86fffc15d77) – [Wonderland](https://coinmarketcap.com/currencies/wonderland/) (TIME)
* [Georgiy](https://twitter.com/GeorgiyXo) – Abracadabra and [Popsicle Finance](https://coinmarketcap.com/currencies/popsicle-finance/) (ICE)
* [0xmerlin](https://twitter.com/0xM3rlin) – Abracadabra
* [Danielesesta](https://twitter.com/danielesesta) – Abracadabra, TIME and ICE
* Squirrel – Abracadabra and ICE


## What Makes Spell Token Unique?

Thanks to the Kashi Lending Technology introduced by SushiSwap, Abracadabra’s isolated lending markets have sparked a wave of innovation in [decentralized finance](https://coinmarketcap.com/alexandria/article/what-is-decentralized-finance) (DeFi) lending. In an isolated lending market, the risk is not shared collectively. Users can provide [liquidity](https://coinmarketcap.com/alexandria/glossary/liquidity) for any token and if the currency pair loses its liquidity or something happens to the [smart contract](https://coinmarketcap.com/alexandria/glossary/smart-contract), only that pair is affected and not the entire platform. This allows Abracadabra to offer various pairs that are not supported by most other [decentralized exchanges](https://coinmarketcap.com/alexandria/glossary/decentralized-exchange-dex) (DEXs). 

One of the features of using this technology is that users can leverage their interest-bearing token positions. Users borrow against their positions and then again borrow against the borrowed stablecoin, creating several loops and thereby increasing their leverage. All of this is done in one transaction, which is why the user only pays a [gas](https://coinmarketcap.com/alexandria/glossary/gas) fee once. 

[Spell Token](https://coinmarketcap.com/currencies/spell-token/) (SPELL) can be farmed by providing liquidity in one of the different [pools](https://coinmarketcap.com/alexandria/glossary/liquidity-pool). SPELL can also be staked, and staked tokens accrue a share of the platform fees (interest, borrowing fees, and 10% of the liquidation fee for certain markets), which auto-compound. 


## Related Pages:

Check out [Dai](https://coinmarketcap.com/currencies/multi-collateral-dai/) (DAI) — a crypto asset-backed stablecoin.

Check out [Tether](https://coinmarketcap.com/currencies/tether/) (USDT) — a popular stablecoin pegged to USD. 

Read our [in-depth article](https://coinmarketcap.com/alexandria/article/how-to-mine-ethereum) about mining [Ether](https://coinmarketcap.com/currencies/ethereum/) (ETH).

Get the latest crypto news and latest trading insights via the [CoinMarketCap blog](https://coinmarketcap.com/alexandria/categories/blog).


## How Many Spell Token (SPELL) Coins Are There in Circulation?

The total supply of [Spell Token](https://coinmarketcap.com/currencies/spell-token/) (SPELL) is 210 billion, with 210 billion having been burned after token generation. The token distribution is as follows: 



* 63% (132.3B SPELL): global farming incentives
* 30% (63.0B SPELL): team allocation (4 year vesting schedule)
* 7% (14.7B SPELL): initial DEX offering

SPELL will follow a ten-year [halving](https://coinmarketcap.com/alexandria/glossary/halving) model, which will cut in half the rewards distributed every year. 50% of team tokens are to be issued in the first year, 25% in the second, and 12.5% in the third and fourth years. Each week, 624 million SPELL are emitted. SPELL is also used as a governance token, with users having voting power according to how much they have staked.


## How Is the Spell Token Network Secured?

Abracadabra is a multichain [protocol](https://coinmarketcap.com/alexandria/glossary/protocol), with [Spell Token](https://coinmarketcap.com/currencies/spell-token/) (SPELL) therefore available on [Ethereum](https://coinmarketcap.com/currencies/ethereum/) (ETH), [Avalanche](https://coinmarketcap.com/currencies/avalanche/) (AVAX), [Fantom](https://coinmarketcap.com/currencies/fantom/) (FTM), and Arbitrum. 

Ethereum is one of the most popular [blockchains](https://coinmarketcap.com/alexandria/glossary/blockchain) out there and is the go-to solution for many [decentralized application](https://coinmarketcap.com/alexandria/glossary/decentralized-applications-dapps) (DApp) developers. A set of [nodes](https://coinmarketcap.com/alexandria/glossary/node) validate transactions and secure the Ethereum blockchain, and the network is in the process of transitioning from using a [proof-of-work](https://coinmarketcap.com/alexandria/glossary/proof-of-work-pow) (PoW) [consensus mechanism](https://coinmarketcap.com/alexandria/glossary/consensus-mechanism) to [proof-of-stake](https://coinmarketcap.com/alexandria/article/proof-of-work-vs-proof-of-stake) (PoS).

Unlike PoS or PoS, Avalanche uses a directed acyclic graph ([DAG](https://coinmarketcap.com/alexandria/glossary/directed-acyclic-graph-dag)) protocol, in which all nodes process and validate transactions. 

Fantom uses its own proprietary [consensus mechanism](https://coinmarketcap.com/alexandria/glossary/consensus-mechanism), which allows both for higher capacity and two-second transaction finalization, alongside security improvements.

Arbitrum is a [layer two](https://coinmarketcap.com/alexandria/glossary/layer-2) scaling solution for Ethereum that uses [optimistic rollups](https://coinmarketcap.com/alexandria/glossary/optimistic-rollup) to achieve faster transaction times and near-zero [gas](https://coinmarketcap.com/alexandria/glossary/gas) fees. 


## Can Spell Token Hit $1?

Although [Spell Token](https://coinmarketcap.com/currencies/spell-token/) (SPELL) has been in a continuous uptrend and has an impressive market capitalization of almost 2 billion dollars, it is unlikely that it will ever hit $1, due to its enormous total supply. If the community decided to [burn](https://coinmarketcap.com/alexandria/glossary/burned) more SPELL from the total supply and if Abracadabra integrated with more protocols, SPELL could continue its uptrend in the future and reach new all-time highs. 


## Where Can You Buy Spell Token (SPELL)?

[Spell Token](https://coinmarketcap.com/currencies/spell-token/) (SPELL) is available on [SushiSwap](https://coinmarketcap.com/exchanges/sushiswap/) and [Gate.io](https://coinmarketcap.com/exchanges/gate-io/).

Spell Token

HyperPay

Trust Wallet

MetaMask

SolFlare

Backpack

Phantom

Ethereum

Shiba Inu

Chainlink

Uniswap

Pepe

Stargate Finance

Bancor

Guild of Guardians

Banana Gun

Orbs

Adventure Gold

Orchid

Gearbox Protocol

CUDOS

XDAO

Work X

Donald Trump

Arbius

Monkas

Amp is an open-source, decentralized protocol that provides collateral as a service. Amp is described as the new digital collateral token offering instant, verifiable assurances for any kind of value transfer. Using Amp, networks like Flexa can quickly and irreversibly secure transactions for a wide variety of asset-related use cases.

The project, which launched in 2020, aims to provide a fast, efficient, and secure transaction platform. It claims to solve a number of network problems, including slow confirmation times, price volatility and broad adoption.

Amp claims to offer a straightforward but versatile interface for verifiable collateralization through a system of collateral partitions and collateral managers.

Collateral partitions can be designated to collateralize any account, application, or even transaction, and carry balances which are directly verifiable on the Ethereum blockchain.

Collateral managers are smart contracts that can lock, release and redirect collateral in these partitions as needed in order to support value transfer activities.

Amp supports a wide variety of use cases for collateralization, and also introduces the concept of predefined partition strategies, which can enable special capabilities such as collateral models through which tokens can be staked without ever leaving their original address.

JasmyCoin (JASMY) is a cryptocurrency project of a Tokyo-based Internet of Things (IoT) provider Jasmy Corporation. As a system, the Internet of Things includes mechanical and digital elements endowed with an identifier and the ability to transmit data. The IoT company Jasmy specializes in buying/selling data, and the Jasmy platform connects two categories: service providers and data users.

The Jasmy platform was built to restore and protect the sovereignty of individual data by combining IoT technology with blockchain technology and giving users full control over their personal information. The main goal of the project is to establish a secure environment on the platform where users can exchange data in a trustless manner between IoT devices (computers, cars, phones) and decentralized protocols.

The mission of Jasmy developers is to create an environment by shaping an infrastructure where users can easily, safely and smoothly use data. As a result, Jasmy aims to provide its users with a powerful infrastructure, an intuitive interface and a secure environment for storing and sharing data. In the Jasmy space, information can be transformed into personal assets.

Jasmy decentralizes the workflow with edge computing and storing data on IPFS (InterPlanetary File System). The philosophy of the project is based on the democratization of data using a decentralized model, where data is securely protected and owned by an owner, and service providers get the opportunity to promote their services/business using data (owned by users).

JasmyCoin

Gala is a web3 ecosystem powered by a layer-1 blockchain (GalaChain) built to power the Gala entertainment ecosystem that originally included Gala Games, Gala Music and Gala Film. More recently however, GalaChain has opened its doors to external developers and projects from any applicable industry, providing open source developer resources to simplify the process.

On a mission to empower users and creators across multiple industries throughout the world, Gala’s goal is to become the first billion user blockchain in the world. Innovators can extend the benefits of web3 to their users and communities more easily than ever before by leveraging open source tools like the GalaChain SDK and Creator Portal.

By elevating their ideas to web3 through GalaChain, developers can create custom tokens, smart contracts, reward opportunities and node networks for their communities and projects. Assets built on GalaChain can also be bridged to other blockchains, such as Ethereum, Binance Smart Chain and more. Developers who wish to learn more about getting involved with GalaChain are welcome to reach out via GalaChain.com.

The core of GalaChain is powered by its DePIN (Decentralized Physical Infrastructure Network) of Founder’s Nodes, whose operators earn daily $GALA rewards for actively providing resources to the ecosystem and enjoy governance voting rights on certain core Gala decisions. In addition to the Founder’s Node network’s foundational workload, individual projects can also create Node networks on GalaChain with more specific workloads.

Gala.com
News.Gala.com
Games.Gala.com
Music.Gala.com
Film.Gala.com

Gala

Harmony is a blockchain platform designed to facilitate the creation and use of decentralized applications (DApps). The network aims to innovate the way decentralized applications work by focusing on random state sharding, which allows creating blocks in seconds.

According to the project’s website, Harmony is expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.

Harmony

Convex Finance is a DeFi protocol that allows Curve liquidity providersto earn a share of trading fees on Curve without staking liquidity there. Instead, LPs can stake with Convex and receive boosted CRV and liquidity mining rewards. This provides CRV stakers with better capital efficiency and positions Convex Finance as an important player in the Curve wars.

Convex has entered a competitive race to obtain as much control as possible of the Curve Finance stablecoin exchange. The more CRV tokens a protocol has, the more influence it has over interest rates on Curve, which is the largest DEX in the world by TVL. Consequently, the “Curve wars” are an ongoing race for influence over what is probably the most important protocol in DeFi.

Convex Finance

eCash (XEC) is the rebranded version of Bitcoin Cash ABC (BCHA), itself a fork of Bitcoin (BTC) and Bitcoin Cash (BCH). It calls itself a “cryptocurrency that’s designed to be used as electronic cash.” eCash strictly aims to be a means of transaction used to pay for goods and services. The coin was rebranded on July 1, 2021, and has since tried to distinguish itself from its predecessor. The base units of eCash are called “bits” and replace the unwieldy decimal places of Bitcoin Cash ABC. Instead of sending 0.00001000 BTC, you would send 10 bits with eCash. ECash integrates a proof-of-stake (PoS) consensus layer called “Avalanche,” which is not to be mistaken for the blockchain Avalanche (AVAX). Upon rebranding, eCash announced that it would convert all BCHA coins to XEC at a ratio of one to one million.

The cryptocurrency’s developers have set their sights on three main improvements:

Scaling transaction throughput from 100 transactions per second to more than five million transactions per second

Improving the payment experience by reducing transaction finality time

Extending the protocol and establishing fork-free upgrades

eCash

Smooth Love Potion (SLP) tokens are earned by playing the Axie Infinity game. This digital asset serves a replacement for experience points.

SLP are ERC-20 tokens, and they can be used to breed new digital pets that are known as Axies. The cost of breeding begins at 100 SLP but increases gradually — rising to 200 SLP for the second breed, 300 for the third, 500 for the fourth, 800 for the fifth and 1,300 for the sixth. Axies can be bred a maximum of seven times, and the seventh breed costs 2,100 SLP. This limit exists in order to prevent hyperinflation in the marketplace.

It can take time to accrue SLP through the game, and a player may need to win 15 competitions in order to gain enough tokens to perform their first breed. Purchasing SLP on the open market is a way for gamers to get a headstart.

Smooth Love Potion

SKALE, described as a modular blockchain network, is designed to bring scalability to Ethereum. SKALE is the only blockchain network capable of running an unlimited number of fast, on-demand, pooled-security Blockchains with zero gas fees to end users. These individual chains are known as SKALE chains and can be dapp-specific or shared.

The project’s website says it wants to enable people to build and run DApps in a “decentralized modular cloud built for real-world needs and configured for your requirements.” This emphasis on decentralization isn’t at the expense of security.

According to SKALE, those who build on this platform can run Solidity smart contracts “thousands of times faster at a fraction of the mainnet cost” — with games and content streaming services among the projects that already take advantage of its infrastructure.

SKALE

Yield Guild Games (YGG) is the world’s first and biggest web3 gaming guild where players can find their community, discover games and level up together. Its mission is to become the leading community-based user acquisition platform in web3 gaming.

As a network of gaming guilds focused on web3 games, YGG is committed to providing opportunities for its members to achieve success in web3 gaming through questing initiatives such as Superquests and the Guild Advancement Program (GAP). These enable members to build their on-chain identity through its achievement-based reputation system.

From its roots in the Philippines to its global network of regional guilds and partnerships with over 80 blockchain games and infrastructure projects, YGG caters to an ever-expanding community of gamers and blockchain enthusiasts.

Yield Guild Games

LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralized crypto exchanges.

In 2020, the average daily trading volume of the entire cryptocurrency market fluctuated in the approximate range of $50-$200 million. Most of that trading is conducted on centralized cryptocurrency exchanges — online platforms operated by private companies that store users’ funds and facilitate the matching of buy and sell orders.

Such platforms have a number of downsides common to all of them, so a new type of exchange — decentralized— has emerged to try to alleviate these disadvantages. However, fully decentralized exchanges are not without their own flaws.

Loopring’s purported goal is to combine centralized order matching with decentralized on-blockchain order settlement into a hybridized product that will take the best aspects of both centralized and decentralized exchanges.

LRC tokens became available to the public during an initial coin offering (ICO) in August 2017, while the Loopring protocol was first deployed on Ethereum mainnet in December 2019.

Loopring

What Is Ankr (ANKR)?

Ankr is a decentralized blockchain infrastructure provider that operates an array of nodes globally distributed across over 50 Proof-of-Stake networks. This infrastructure helps drive the growth of the crypto economy while powering a full suite of multi-chain tools for Web3 users:

Ankr Build
Ankr provides comprehensive blockchain developer solutions, including traditional APIs, a decentralized multi-chain network of public RPC nodes used to access blockchain data and execute code, and tools like Ankr Scan to view on-chain information across blockchains.

Ankr Earn
Ankr Earn makes staking, liquid staking, and other yield-earning opportunities easy and accessible to any crypto investor. Ankr creates the most scalable and decentralized staking infrastructure solution that aims to solve the capital inefficiency of Proof-of-Stake networks and similar blockchain consensus mechanisms.

Ankr Learn
Through Ankr’s learning tools, tutorials, and docs, anyone can become a better user or developer of blockchain-based systems.

Ankr

Holo is a peer-to-peer distributed platform for hosting decentralized applications built using Holochain, a framework for developing DApps that does not require the use of blockchain technology. The goal of Holo is to serve as a bridge between the broader internet and apps built using Holochain, offering an ecosystem and marketplace in which DApps are easily accessible, as they are hosted on the internet by Holo network participants.

The Holo network will be facilitated using a token called HoloFuel, which is actively being tested and will act as an accounting system to pay hosts for their services. In 2018, the project minted an ERC-20 token, HOT — also known as HoloToken — as an "IOU" that will be redeemable for HoloFuel upon launch.

Holo is still in development and is expected to launch for open alpha and beta testing by 2021.

Holo

Curve is a decentralized exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity.

Launched in January 2020, Curve is now synonymous with the decentralized finance (DeFi) phenomenon, and has seen significant growth in the second half of 2020.

In August, Curve launched a decentralized autonomous organization (DAO), with CRV as its in-house token. The DAO uses Ethereum-based creation tool Aragon to connect multiple smart contracts used for users’ deposited liquidity. Issues such as governance, however, differ from Aragon in their weighting and other respects.

Curve DAO Token

Celer is a blockchain interoperability
protocol enabling a one-click user experience accessing tokens, DeFi, GameFi, NFTs, governance, and more across multiple chains. Developers can build inter-chain-native Dapps using the Celer Inter-chain Messaging Framework to gain access to efficient liquidity utilization, coherent application logic, and shared states. Users of Celer-enabled dApps will enjoy the benefits of a diverse multi-blockchain ecosystem with the simplicity of a single-transaction UX, all from a single chain.

Celer Network

Audius is a decentralized music streaming protocol initially built on POA network, but now living on Solana. Audius was launched to remedy the inefficiencies of the music industry, which is plagued by intransparent music rights ownership and intermediaries standing between artists and their audience.

Audius aims to align the interests of artists, fans, and node operators through its platform powered by its native AUDIO token. Artists can upload music, stored and distributed by content and discovery nodes, that fans can listen to for free. Currently, Audius rewards content creators through rewards like featuring in the weekly trending lists. In the future, it plans to integrate stablecoins for artists to offer paid content, as well as artist tokens that give fans the ability to access exclusive content, potentially cooperating with platforms like Rally.

Audius

Reef is a Reliable Extensible Efficient Fast Layer-1 Blockchain for DeFi, NFT & Gaming. Built using Substrate Framework, it provides high scalability, enabling almost instant low-cost transactions, and supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from Ethereum without any change in the codebase.

Reef Chain is the most advanced EVM-compatible blockchain. It's self-upgradable and has on-chain governance. Its infrastructure also allows for EVM extensions which allows for native token bridge, scheduled calls (ie. recurring payments), and smart contract in-place code upgrades. In the near future, it will support additional VMs which will allow developers to write code in multiple programming languages. The network runs on a Nominated Proof-of-Stake (NPoS) consensus mechanism, which offers scalability and low fees.

REEF is the native token that is used for:

Fees for processing transactions and storing data.

Running validator nodes by staking REEF tokens.

Nominating which validator nodes should be part of the network.

Reef is backed by multiple leading funds and venture capitalists including NGC, QCP, Bitcoin.com, Kenetic Capital, LD Capital, TRG Capital, Krypital Group, Genesis Block, Woodstock Fund and others.

Reef Chain development tools include:

Remix and EVM integrated development environments for uploading and deploying smart contracts.

Reefscan blockchain explorer to assist with deploying validators, bonding and nominating validators, debugging contracts, and understanding network performance.

Reef command line tools that allow developers deploy applications from local environments.

Reef wallet for accessing and interacting with the blockchain

Reef

WINkLink

JOE (JOE) is the native token of Trader Joe, a decentralized exchange (DEX) on the Avalanche (AVAX) blockchain that offers DeFi services, including swapping, staking and yield farming. The exchange has been growing rapidly, attracting over $4 billion in total value locked (TVL) since it was launched in June 2021. Trader Joe claims to take a community-first approach, and to prioritize innovation, speed and safety. It aims to provide a one-stop-shop DeFi experience and to integrate new products without compromising on security. To achieve this, Trader Joe has outlined an ambitious roadmap that focuses on token-holder growth. It plans to have improved staking, non-fungible-token (NFT) exchange listings, the collateralization of the JOE token, and leveraged trading –– all during 2021.

Reserve Rights (RSR) is an ERC-20 token that will serve two main purposes for the Reserve Protocol: overcollateralization of Reserve stablecoins (RTokens) through staking and governing them through proposing & voting on changes to their configuration.

The Reserve Rights (RSR) token was launched in May 2019 following a successful initial exchange offering (IEO) on the Huobi Prime platform.

Reserve Rights

Secret (SCRT) is a privacy-oriented blockchain built on Cosmos. Its smart contracts are called Secret Contracts and allow DApps to use private data on Secret, similar to how smart contracts operate on other blockchains. However, Secret Contracts transfer encrypted inputs into encrypted outputs without exposing data. This is made possible thanks to the encrypted contract states during the execution.

Data privacy is guaranteed by combining encryption protocols and key management within a Trusted Execution Environment (TEE). This allows Secret Contracts to compete for several privacy-related use cases that traditional blockchains have found difficult to accommodate. For instance, private voting mechanisms or credit scoring applications become possible since they do not expose sensitive user data on-chain with Secret.