Abracadabra Money

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.

Borrow

Abracadabra uses Kashi Lending Technology to provide isolated lending markets, that allow users to adjust their risk tolerance according to the collateral they decide to use. To read more about how isolated lending Markets and Kashi works, and why they are different from traditional lending protocols, please refer here.

Depositing Collateral and Borrowing MIM

The borrow section of the website displays a variety of ibTKNS that can be used as collateral. Here are some examples:

Across the top, you will see:

• COMPONENT -These are the components you can use as collateral to borrow MIMs.

• Total Value Locked (TVL) -This shows the total value of the components that are deposited in each market by all users.

• LEFT TO BORROW -This shows how many MIMs are still available to be borrowed using that component. Once this number goes to 0, no leverage position or new loans can be opened. In order to borrow more MIM users need to wait for the replenishing of that particular market!

• INTEREST -This is the annualized percentage of which your debt will grow each year.

• LIQUIDATION FEE -This is the discount a liquidator will get when liquidating a position that has been flagged for liquidation.

To borrow some MIMs, simply click anywhere in the frame of the component you want to use as collateral.

Once your component has been selected, the BORROW/REPAY section will appear.

Tokenomics

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

The SPELL Token

Token Symbol: SPELL

Token Address onFantomOpera: 0x468003b688943977e6130f4f68f23aad939a1040

Total Supply: 210,000,000,000 SPELL (initial burn halved the supply)

Token Burn:

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. This burn event has been publicly announced on Twitter by our main dev 0xm3rlin.

SPELL Token Distribution:

• 63% (132.3B SPELL): Global 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: