This proposal is expected to appear on Snapshot for voting on 2021-10-11T12:00:00Z . Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
- Proposal to whitelist Spell Tokenn (SPELL).
- Proposed co-investment is 1M BNT.
- There are no apparent security concerns that would prohibit whitelist status.
Token Address: 0x090185f2135308bad17527004364ebcc2d37e5f6
Project Website: abracadabra.money
SPELL does not have an elastic supply or rebase mechanism. The token contract appears to implement the standard openzeppelin libraries
The top 10 holders of SPELL are all contracts and the highest concentration of SPELL tokens are the spell contract itself (rank 1, see note below), Proxy contract (rank 2), sSPELL for those staking SPELL on the platform (rank 3), Sablier for streaming tokens to team members? (rank 4, 5), Arbitrum bridge (rank 6), Anyswap (rank 7), Sushiswap (rank 8), Curve/Convex Rewards (rank 9, 10)
Note Rank 1: The total Supply of SPELL has been reduced from 420B SPELL to 210B SPELL by performing a unique token burn event. 210B SPELL was minted to the SPELL contract itself. The contract has no way of accessing these tokens which ultimately turns the Token Smart Contract into a Burn Address.
Abracadabra.money is a lending platform that uses interest-bearing tokens (ibTKNs) as collateral to borrow a USD pegged stablecoin (Magic Internet Money - MIM ), that can be used as any other traditional stablecoin.
Currently, a lot of assets, such as yVaults have locked in capital that can’t be put to further use. Abracadabra offers an opportunity to use it.
Abracadabra has 3 main tokens.
SPELL : the protocol’s token which is used for incentivization.
sSPELL : obtained by staking SPELL tokens and used for fee-sharing and governance!
MIM : a USD pegged stable coin
SPELL Token Distribution:
63% (132.3B SPELL): Gloabl Farming Incentives
30% (63.0B SPELL): Team allocation (4 Year Vesting Schedule)
7% (14.7B SPELL): Initial DEX Offering
SPELL tokens are distributed as follows:
63% of the total supply will be used to incentivise particular LP pairs or other liquidity mining programs. Read more about the weekly allocation of SPELL incentives in the following section! A 10 Year halving model will be followed, which will cut in half the rewards distributed every year.
7% of the total supply has been distributed via an IDO, half on Uniswap v3 and half on Sushiswap.
30% of the total supply is allocated to the team members which is vested as follows:
The abracadabra team operates an official Twitter and medium account. The repositories for their code is hosted on GitHub. There is a Telegram and Discord channel that is available to their community. The official documentation is hosted on GitBook. There is also a snapshot space that’s available to their community members for governance.
None that I could find at the moment but given the the 1.2B MIM (stablecoin) in circulation and the adoption in DeFi protocols inspires a lot of confidence.
- SPELL price at the time of writing is $0.01492532
- All-time high: $0.01534594 (October 9, 2021)
- All-time low: $0.00029812 (August 5, 2021)
- Price 90 days ago: $0.0008
- 59,889,900,619 tokens in circulation
- 210,000,000,000 maximum supply.
- The current market capitalization is $894,041,888
- Token Fully Diluted market Capitalization is around $3,134,899,117
- The SPELL token is available on DEX (Uniswap, Sushiswap, and Trader Joe)
- The highest 24-hour volume on DEX (Sushiswap) is around $42M.