What is Abracadabra Money?
Abracadabra Money is a decentralized finance (DeFi) lending platform that allows users to leverage their interest-bearing assets to mint a stablecoin known as Magic Internet Money (MIM). By depositing yield-generating tokens as collateral, users can borrow MIM, providing liquidity while still earning yield on their deposits. This system makes otherwise illiquid assets usable, enabling users to maximize the efficiency of their holdings.
Operating across multiple blockchains, including Ethereum, Arbitrum, Fantom, Avalanche, and Binance Smart Chain, Abracadabra ensures broad accessibility and usability within the DeFi ecosystem. The platform uses SPELL as its governance and utility token. SPELL holders can stake their tokens to receive sSPELL, which grants them a share of the platform's fees, including interest, borrowing, and liquidation fees. This staking mechanism automatically compounds rewards, enhancing returns for users. Additionally, SPELL tokens incentivize liquidity providers, encouraging deep liquidity across various pools and platforms like Curve Finance.