What is Spell Token (SPELL)? Magic Spells for the Abracadabra Platform

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Bittime - The cryptocurrency market always presents new opportunities. One newcomer that is attracting attention is Spell Token (SPELL). SPELL is a governance token and reward associated with Abracadabra.money, an innovative decentralized lending (DeFi) platform.

What is Spell Token (SPELL)?

SPELL is an ERC-20 token that has several important functions in the Abracadabra ecosystem:

• Governance: SPELL holders can vote on proposals related to Abracadabra's future, such as the development of new features and changes to platform parameters.
• Rewards: SPELL is distributed to users who provide liquidity to the Abracadabra platform.
• Staking: Users can stake their SPELLs to earn interest and increase their income.
• Fees: SPELL can be used to pay for Abracadabra platform fees, such as loan fees and liquidation fees.

Key Products & Features of Spell Token (SPELL)

• Abracadabra.money: A DeFi lending platform that allows users to borrow MIM stablecoins by using various crypto assets as collateral.
• SSPELL: Staking SPELL to earn interest and increase income.
• xSPELL: Strengthens SPELL to gain leverage and increase yield.
• SPELL/MIM Farm: Provides liquidity for SPELL/MIM pairs and earn SPELL rewards.

Also read: What Are Tokenomics? Guide For Beginner Crypto Traders

Tokenomic Token SPELL

• Total Supply: 196.008.739.620 SPELL
• Circulating Supply: 107.405.628.969 SPELL (per 23 Februari)
• Max Supply: 196.008.739.620 SPELL

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Analisis Fundamental Spell Token (SPELL):

• Total Value Locked (TVL): $145.46 million (as of February 23, 2024)
• Market Cap: IDR 1,533,560,655,216 (as of February 23, 2024)

Spell Token (SPELL) Comparison & Competitors:

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Founder & Tim Spell Token (SPELL):

• Daniele Sesta: Founder dan CEO Abracadabra.money
• Sushiswap: The top team of developers who support Abracadabra

Expert Opinion About Spell Token (SPELL):

• Hasu: "SPELL is an attractive governance token with great upside potential."
• Spartan Black: "Abracadabra is one of the most innovative DeFi platforms and SPELL is an undervalued token."

Conclusion

Spell Token (SPELL) is a promising token with a lot of potential. Abracadabra.money is an innovative DeFi platform with high TVL and SPELL has some interesting features such as governance, staking, and farming.

How to Buy Spell (SPELL) on Bittime

You can buy and sell Spell (SPELL) in an easy and safe way via Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.  

Spell (SPELL) is available on Bittime with the SPELL/IDR  market pair. To be able to buy SPELL IDR  on  Bittime,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Spell (SPELL) on Bittime.

Monitor price  chart movements  for Spell (SPELL) ,  Bitcoin (BTC) ,  Ethereum (ETH ),  Solana (SOL )  and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. The price of crypto assets is volatile, where prices can change significantly from time to time and Bittime is not responsible for fluctuations in the exchange rate of crypto assets.