Spell
Current price
$0.000084
−6.35%24h
LiveUpdated 18s ago
TodaySpell drops 6.4%, trailing the market.
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View as table
| Time | Price |
|---|
Change by period
- 1 hour−0.24%
- 24 hours−6.35%
- 7 days−12.04%
- 30 days+2.44%
- 1 year−76.40%
Spell's move in context
Lagging the market today
−6.35% today against −3.24% for the market as a whole, a gap of 3.1 points. A gap this wide suggests something specific to Spell may be moving it, not just the market mood.
Trend has turned
−12.0% over 7 days and +2.4% over 30 days: the last week went against the monthly direction.
This is analysis of past prices, not a prediction or financial advice.
About Spell
Overview
Spell is a cryptocurrency that serves as the native token for the Abracadabra platform, designed specifically to facilitate decentralized finance (DeFi) solutions. Its core mission is to enable users to leverage their crypto assets to generate stablecoin liquidity, while simultaneously participating in the broader DeFi ecosystem. One of the distinguishing features of Spell is its ability to create the stablecoin Magic Internet Money (MIM), which can be issued by users as they collateralize their assets on the platform. Additionally, Spell is built with an emphasis on user accessibility and optimizing yield farming opportunities, granting users the freedom to harness the full potential of their cryptocurrencies.
Technical Features
Spell operates on the Ethereum blockchain, utilizing the robust security measures inherent in the Ethereum network. The platform employs a unique liquidity engine that allows users to deposit various cryptocurrencies as collateral and, in return, mint MIM. One of the key technical features of Spell is its automated market maker (AMM) model, which ensures that the liquidity of the stablecoin remains intact. The system relies on a combination of smart contracts to facilitate trustless interactions, manage governance, and automate various financial operations. Moreover, Spell utilizes an innovative risk assessment mechanism to evaluate collateral and ensure that the collateralization ratio remains stable.
Use Cases
Spell's primary use case involves its role within the DeFi landscape, particularly in providing liquidity and allowing users to generate the MIM stablecoin. Users can utilize Spell to create leverage positions, enabling them to engage in yield farming more efficiently. Additionally, Spell supports governance functions, where token holders can participate in decision-making regarding platform upgrades and the protocol’s future. This feature fosters a decentralized governance model, empowering the community. Moreover, Spell can be utilized in cross-border payments due to the stability offered by MIM, and it enables users to integrate easily with other decentralized applications (dApps) in various markets.
Development Background
Spell was launched in 2021 as part of the broader DeFi movement, with an emphasis on providing unique solutions for liquidity provisioning. The development of Spell is backed by notable contributors within the DeFi space, including the creator of the successful lending protocol, Abracadabra. Over the years, Spell has seen several significant milestones, including collaborations with other DeFi protocols and updates to enhance its underlying technology. Key events that have shaped its development include strategic partnerships formed within the DeFi ecosystem and further integrations with various layer-2 solutions to improve scalability.
Community and Ecosystem
The Spell community is vibrant and actively engaged in governance through the Spell token ownership. The ecosystem around Spell includes partnerships with other well-established DeFi platforms, enhancing its utility and adoption within the space. Numerous projects have leveraged the Spell protocol to build additional applications focused on yield generation, lending, and liquidity provisioning. Additionally, community-driven initiatives and educational resources have emerged to help new users understand how to navigate the Spell ecosystem effectively.
Future Potential
The future potential of Spell is substantial, considering its innovative approach to DeFi and continuous updates to enhance its platform. Upcoming features and improvements include further integrations with diverse blockchain technologies, expansion of its collateral offerings, and advanced risk management tools. As the DeFi sector grows, Spell's unique value proposition positions it well to capture significant market share. The emphasis on community-driven governance and user empowerment suggests that Spell will play a pivotal role in shaping the future of decentralized financial solutions.
Spell market
- Position by market cap among the coins we track.
- #335
- Position by market cap among the coins we track.
- Price × coins in circulation. It measures a coin's size, not its quality.
- $16.4M
- Price × coins in circulation. It measures a coin's size, not its quality.
- The lowest and highest price in the last 24 hours. The dot marks the current price.
- Low $0.0000827High $0.0000905
- The lowest and highest price in the last 24 hours. The dot marks the current price.
- The highest price this coin has ever reached. The bar shows today's price as a share of it.
- $0.0351
- Now 0% of itReached 2 Nov 2021 · Needs +41,642% to get back
- The highest price this coin has ever reached. The bar shows today's price as a share of it.
- Coins that exist now and can be traded.
- 195.24B SPELL
- 93% of max
- Coins that exist now and can be traded.
- Every coin created so far, minus any destroyed, including coins that are locked up.
- 196.01B SPELL
- Every coin created so far, minus any destroyed, including coins that are locked up.
- The most coins that can ever exist. Some coins have no limit.
- 210B SPELL
- The most coins that can ever exist. Some coins have no limit.
Spell converter
1 Spell = $0.000084
