Spell Token

<p style = "max-width: 100%; clear: both; min-height: 1em; SPELL tokens are Abracadabra's governance tokens. The main function of SPELL tokens is to pledge them to Abracadabra in order to obtain sSPELL tokens. They have several uses. Second, the holder is granted access to the fees incurred by the agreement. 
<span class="ql-author-58030660 ql-size-12 The core mechanism of Abracadabra is similar to That of MakerDAO, but the main difference is that the project mainly uses interest-bearing assets as collateral to cast MIM, and the project is more aggressive in cross-chain deployment and composition with other projects. 

 
 A user chooses the interest-bearing asset of Yearn yvWETH (the voucher that users get by depositing ETH in Yearn, which will change back more ETH in redemption with the increase of fund pool income, so it is called the interest-bearing asset of ETH), Then yvWETH deposited in Abracadabra and lent out MIM. Then MIM was sold and changed into ETH, and ETH was deposited in Yearn and the interest-bearing asset yvWETH was obtained. Continue to deposit yvWETH in Abracadabra to obtain a new MIM loan amount and lend out MIM, and then repeat the above cycle (this set of actions is called a LOOP). The above actions are completed in one block through the lightning loan operation, which can save a lot of Gas costs and improve the use experience. 
 
MIM is similar to DAI in terms of stability mechanism, mainly from excess mortgage and seigniorage rate (similar to the stability fee of DAI). Excess mortgage ensures that there is sufficient asset support behind MIM, and seigniorage is used to control the cost of capital of MIM. Thus affecting the money supply and demand balance of MIM. 
 Unlike DAI, Abracadabra does not have a stablecoin deposit module (DSR). In addition, MIM will charge a one-time 0.5% seigniorage when minting coins. Assuming that users return MIM after borrowing for a month, this 0.5% seigniorage is equivalent to an additional 6% annualized interest on borrowed coins. 
 In the case of no special stabilization mechanism, the stability of MIM largely depends on the consensus of users. There will be users to buy debt and sell coins for arbitrage. 
<span class="ql-author-58030660 ql-size-12 In order to maintain this confidence and consensus, Abracadabra established MIM and 3CRV (DAI\USDT\USDC) stable currency exchange pool on Curve platform. And continue to provide additional SPELL token incentives for the liquidity of the stabocoin pool. 
 
<span class="ql-author-58030660 ql-size-12 In addition, Abracadabra also set up MIM+2CRV Factory Pool on Arbitrum Curve, in addition to the basic market making fee income, An LP pledging to make a market also receives an additional 38% SPELL bonus. 
Abracadabra provides additional subsidies for LP in Curve (Arbitrum) market making, although MIM does not have much innovation in stable currency mechanism, but its investment in the depth of exchange can be said to spare no effort.

Ethereum，Avalanche，Fantom，Arbi，Solana

0x090185f2135308bad17527004364ebcc2d37e5f6

0xce1bffbd5374dac86a2893119683f4911a2f7814

0x468003B688943977e6130F4F68F23aad939a1040

0x3e6648c5a70a150a88bce65f4ad4d506fe15d2af

BCsFXYm81iqXyYmrLKgAp3AePcgLHnirb8FjTs6sjM7U

https://github.com/Abracadabra-money/magic-internet-money

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By applying to become an order recipient and binding the trading API, you agree to the following disclaimer:

1. API Usage Responsibility: The individual operator acknowledges and confirms that binding the trading API is for executing contract trades. All transactions executed via the API are independent of the order recipient’s decisions, and the order recipient assumes full responsibility for the trading results.

2. Security: The order recipient is responsible for safeguarding their API key. Unauthorized access or use may result in financial loss. Brokers must immediately notify the platform in writing of any unauthorized use.

3. Trading Risks: Using the trading API involves market risks, including but not limited to price fluctuations and slippage. Leaders should independently assess market risks. Individual members should also independently assess market risks, and the platform bears no responsibility for losses caused by market fluctuations.

4. Technical Issues: The use of the trading API may be affected by technical issues, including but not limited to system failures and network interruptions. The platform is not responsible for losses resulting from technical issues.

5. API Key Protection: The order recipient must properly safeguard their API key and not share it with any third party. Any loss caused by the leakage of the API key shall be borne by the order recipient.

6. Compliance: Leaders using the API must comply with all applicable laws and regulations. Violations may result in the termination of the order recipient’s qualification.

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8. Disclaimer Changes: The platform reserves the right to modify the disclaimer at any time. Changes will be notified by the platform. By continuing to use the API, the order recipient agrees to any modifications to the disclaimer.

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