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What Is Spell Token?

Oct 24, 2022
3 min read

This blog post will cover:

  • About Spell Token (SPELL)
  • Where did Spell Token (SPELL) come from?
  • What are the advantages of Spell Token (SPELL)?
  • What are the disadvantages of Spell Token (SPELL)?
  • How to buy Spell Token (SPELL)?

About Spell Token (SPELL)

SPELL is a token of the lending platform called Abracadabra exploits the special Kashi Lending Technologyin order to deliver isolated lending markets that give people an opportunity to fix their risk tolerance in accordance with the deposit they want to utilize. 

The project also gives clients a chance to use yield farming possibilities. Therefore, users are able to stake their liquidity provider tokens with the aim of farming SPELL. The SPELL token is initially used for incentivization. 

Where did Spell Token (SPELL) come from?

The Abracadabra’s protocol was introduced in 2021. There’s not much information about the project's team. However, we know that Daniele Sesta is a founder, he has previously been a part of Wonderland Money, Magic Internet Money and few more. The other one is someone nicknamed “Squirrel”. Neither his real name nor his background were revealed yet.  

What are the advantages of Spell Token (SPELL)?

  1. Offered opportunities. Abracadabra gives its users leverage and farming opportunities so that they can enjoy the stable yield due to the built-in engine and the team’s Decentralized Finance 
  2. Wide range of tools. Abracadabra offers many different instruments for users, such as Borrow, Markets, Farm, Bridge, Swap and Analytics. 

What are the disadvantages of Spell Token (SPELL)?

  1. Popularity level. This is quite a fresh project which yet hasn’t earned enough reputation in the crypto community. However we could notice a few references to its tokens in Twitter, so if the project develops, sometime later we could see a wave of mentions around the Internet. 
  2. Token price. As for today, SPELL costs $0.0008 which is an obviously low rate. The price mostly depends on the further team’s actions — and the reaction of project’s community. 

How to buy Spell Token (SPELL)?

Want to buy SPELL? Go to the SimpleSwap homepage. Follow the guide to purchase SPELL:

  1. For example, you plan to exchange BTC for SPELL. Select the currency you want to swap (BTC) in the first drop-down list. Enter the quantity you want to swap.
  2. Select SPELL in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  3. Click the Exchange button.
  4. Enter the Recipient's Address. SPELL will be sent to this address. Be careful and make sure you use the correct address.
  5. Create the exchange.
  6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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