Market cap:$0
0%
FGI:0
0%
Cryptocurrencies:--
Markets:--
ETH Gas:--
English
USD
Spell TokenSPELL
Rank #159
Current market value: $159.17M
SPELL ( Global )
$0.00163078
+14.85%
$0.00163078฿0.00000007
Low:$0.00139720
High:$0.00187339
Market Cap
$159,168,091.48
Volume(24H)
$567,732,502.87
All-Time Low$0.00029482
All-Time High$0.03564800
ROI0.00%
Circulating Supply
97,602,749,079 SPELL
27.4%
Max Supply
355,733,904,508 SPELL
Total Supply
355,733,904,508 SPELL
24h
14.85%
7d
34.95%
30d
54.45%
3mo
20.13%
6mo
-72.73%
1y
81.6%
All
- -
K Line
Trend
1d
1w
1mo
6mo
1y
3y
All
Spell Token (SPELL) Intro

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.

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.

Base data
We use cookies to offer you a better experience, analyze site traffic, personalize content, and serve targeted AD. Read about how we use cookies and how you can control them on our Privacy Policy. If you continue to use this site, you consent to our use of cookies.
MyTokenMyToken is a leading one-stop crypto platform that provides global cryptocurrency, real-time tickers, chart, data analysis such as ranking, ratings, wallet and global industry news.

MyToken aims to provide aggregated crypto market information across various exchanges. We aim to build a healthy cryptocurrency investment platform and provide investors with the most objective data, information and tools to help them understand the blockchain industry and projects in-depth. By integrating data, UGC, community and ecosystem services together, we effectively reduce decision-making costs.

Our mission is to create a new ecosystem of cryptocurrency investment. We are growing fast globally.
© 2022 MyToken. All Rights Reserved