Is Abracadabra Money (SPELL) a good investment?

Abracadabra Money coin

I hope the information above has helped you understand what Abracadabra Money is and how it functions. There is no financial advice because this essay is meant to offer you a thorough understanding of the project. Before making any investments, you should conduct your own research and manage your own money. To offer you the greatest understanding possible so that you can make your own decisions, Coin98 will share some noteworthy project details.

Abracadabra Money is a component of the new wave brought about by DeFi 2.0 in the market. The second area that protocols might focus on is capital efficiency, and Abracadabra Money has been excelling in this area.

MIM is essentially a Decentralized Stablecoin, to get into further detail. Only a small number of completely decentralised stablecoins have been seen; well-known examples include DAI (MakerDAO) and UST (Terra). Decentralized Stablecoins could be the engine that drives the following exponential development thanks to the recent collaboration between MIM and UST.

The TVL (Total Value Locked) in Abracadabra Money has grown dramatically from $146M to $2.82B (1,931%) in just 2 months, demonstrating both how successful its business concept is and how significant the community support is. It is anticipated that the project’s value would increase even more sharply after it goes multichain.

In terms of the legal element, centralised stablecoins (full-reserve stablecoins) like USDT or USDC have over time demonstrated their inadequacies. Decentralized stablecoins like MIM have benefited from this and may eventually outperform them. MIM might be a good fit for this vision.

What is Abracadabra Money?

The phrase “DeFi 2.0” has recently sparked controversy in the crypto community and given rise to a whole new wave of creative concepts that may eventually replace the “probably” outmoded original DeFi. The invention of Abracadabra Money is one of such.

In order to borrow MIM (Magic Internet Money), a stablecoin pegged to the USD, Abracadabra Money requires interest-bearing tokens (ibTKNs) like yvWETH, yvUSDC, yvYFI, yvUSDT, xSUSHI, etc. as collateral. Similar to other stablecoins, MIM serves the same purpose.

The use of interest-bearing tokens by Abracadabra Money is a novel concept. Previously, the tokens sat unused. Users of Abracadabra Money can leverage their money to the next threshold with the least amount of risk, creating a wide range of new models and opportunities.

What are SPELL and MIM token?

The Abracadabra Money ecosystem primarily uses two tokens:

The governance token is SPELL (Abracadabra Money Token).

Abracadabra Money’s lending model depends heavily on MIM (Magic Internet Money).

How does Abracadabra Money work?

Isolated loan markets, first presented by Kashi/Bentobox, a SushiSwap product, are now offered by Abracadabra Money. When opposed to using conventional lending markets, this enables customers to change their collateral ratio more flexibly. More information on the variations is available here.

The novel strategy used by Abracadabra Money is to exponentially leverage both the use of interest-bearing tokens as well as their borrowing. How? Read on.

Deposit USDT into yEarn in step 1 to obtain yvUSDT (an interest-bearing token).

Step 2: Make a collateral deposit of yvUSDT into Abracadabra Money.

Step 3: Choose a leverage level (I’ll use 4x as an example) and take out a MIM loan in that amount.

Change those MIM to USDT in step four.

Step 5: Fund your account with USDT to receive yvUSDT (repeat Step 1).

Step 6: Provide Abracadabra Money with yvUSDT as security to borrow further MIM (repeat Step 2).

This concept is very effective, especially with the usage of interest-bearing tokens, as long as users control their collateral ratio and risk tolerance adequately. Abracadabra Money increases users’ capital efficiency while still allowing them to earn returns on their tokens.

Detailed information about SPELL and MIM

Key Metrics

Spell Token is its name.
Symbol: SPELL.
The ERC-20 token standard.

Governance token type.

SPELL maximum supply: 420,000,000,000.

Supply in circulation: 70,631,239,342 SPELL.

0x090185f2135308BaD17527004364eBcC2D37e5F6 is the contract address.

MIM Token

Magic Internet Money is its name.
Symbol: MIM.
The ERC-20 token standard.

Utility-type tokens.

Supply is limitless.

Supply in circulation: 1,678,352,207 MIM.

0x99d8a9c45b2eca8864373a26d1459e3dff1e17f is the contract address.

SPELL Token Allocation

Tokens for MIM-3LP3CRV LP: 45%.
30% of the team’s budget.
ETH-SPELL LP tokens for SushiSwap: 18%.

IDO: 7% (half on Uniswap v3 and half on Sushiswap)

SPELL Token Sale

There is no Token Sale for SPELL tokens.

SPELL Token Release Schedule

Currently, weekly SPELL emissions totaling 853,879,084 include the following:

In addition, each year, 63% of the Total Supply used as incentives will be cut in half.

The team will receive 30% of the total supply, which will be distributed as follows: 50% in the first year, 25% in the second year, 12.5% in the third year, and 12.5% in the fourth year.

SPELL Token Use Cases

The SPELL token is only used for governance at this time. By staking SPELL, owners of SPELL have the ability to vote on proposals and get platform fees.

How to get SPELL and MIM Token

SPELL and MIM are available through a variety of channels:

Uniswap, Sushiswap, etc.

MEXC, Gate, and CEXs.

How to buy SPELL & MIM token

Decentralized exchange (DEX), multi-chain liquidity aggregator Coin98 Exchange provides users with a variety of DeFi services (swap, stake, lend, borrow, etc.) through user-friendly and straightforward interfaces.

Connect your Coin98 Extension Wallet in step one.

Select SushiSwap in step two.

Choose the trading pair in step 3:

a SPELL or MIM search

You can paste the token’s contract into the search box if the desired outcome is not returned:

The spell is 0x090185f2135308BaD17527004364eBcC2D37e5F6.

Identifier for MIM: 0x99d8a9c45b2eca8864373a26d1459e3dff1e17f3

Step 4: Modify the quantity you want to exchange.

Step 5: Modify the gas tax, then select OK.

How to store SPELL & MIM Token

Following these procedures will allow you to store SPELL & MIM token in Coin98 Wallet:

Open Coin98 Wallet and select Receive from the home screen in step 1.

Step 2: Look up MIM or SPELL Token.

Step 3: Select the appropriate result by clicking on it, copy the wallet address, and send the token to that address.

Team, Investors and Partners


Squirrel (Popsicle Finance and Abracadabra Money).
Danielesesta (Popsicle Finance, Abracadabra Money and WonderlandDAO).
0xMerlin (Abracadabra Money).

Georgiy (Popsicle Finance and Abracadabra Money).


There is no token sale for Abracadabra Money, hence there is no investor.


Numerous initiatives, including Convex Finance, Loot, Popsicle Finance, Olympus DAO, SpiritSwap, and others, have partnered with Abracadabra Money.


You’ve read an article on SPELL token and Abracadabra Money. I sincerely hope that has assisted you in acquiring more insightful knowledge about this project and appreciating its potential.