Crypto Lending Platform Gains over 100% Despite Market Downturn
The price of an altcoin fueling the cryptocurrency venture Abracadabra has soared by more over 100% this week, leaving traders captivated. Token (SPELL) is now valued at $221 million, according to information from CoinGecko, and its price has increased by 116% in the last week, from a 7-day nadir of $0.00197753 to a peak of $0.00428190.
The currency has rocketed up the market to rank as the 245th biggest. While everything was going on, the price of Bitcoin rose by 20% from a 7-day low of $40,554.38 to a peak of $48,852.87. In the time it took me to write this piece, the number one cryptocurrency was trading at $42,491, up 2% in the last 24 hours.
Utilizing interest-bearing tokens as collateral, Abracadabra acts as a lending platform that enables users to borrow USD-pegged stablecoin Magic Internet Money (MIM). Rest of the stablecoins, such as Tether (USDT), Dai (DAI), and USD Coin, can be traded for MIMs (USDC).
A user may use SPELL to earn sSPELL tokens, which will give them network voting rights and a stake on protocol fees. In response to the announcement that Olympus (OHM), a decentralized reserve currency system, will be partnering with Abracadabra to establish the sSPELL loan market, SPELL surged.
We are excited to finally reveal that we will be one of the flagship partners for Olympus Pro!🔥🏛
— 🧙🏼♂️ (@MIM_Spell) September 24, 2021
Avalanche and Fantom ecosystems were added after the project started on Ethereum.
The $sSPELL lending market is finally here!🔥
-Liquidation Fee 5%
-Opening Fee 0.5%
🔮Single-side stake you SPELL tokens here:https://t.co/LGU5WDvrNk
— 🧙🏼♂️ (@MIM_Spell) September 22, 2021