Spell Token (SPELL): Can This Crypto Really Work Magic?
Dec 8, 2021
7 min read
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Like its fiat counterpart, the crypto world is all about getting returns on your investments. What if we told you there was a way to borrow tokens and earn interest on your collateral at the same time? Imagine you take out a bank loan on your house, but are getting paid rent for it every month. Abracadabra! Let’s learn about this new DeFi protocol and its native token, SPELL.
What Is Abracadabra?
The launch of DeFi 2.0 has unfortunately seen a repeat of the inefficiencies that existed in its predecessor, with capital inefficiency key among them.
is a lending protocol that aims to solve this problem by using interest-bearing tokens like yvWETH, yvUSDC and xSUSHI to serve as collateral to borrow Magic Internet Money, otherwise known as MIM.