Spell Token

Abracadabra (SPELL)是一个借贷平台，用户可以在这里质押生息资产借出项目的稳定币 Magic Internet Money，简称 MIM，MIM 锚定价格是 1 美元。SPELL 代币是Abracadabra的治理代币，主要功能是将其质押在Abracadabra 中以获得sSPELL代币，有这样几个用处，首先，他们授予持有人投票权来更改平台参数，例如 TVL、清算费用、未来抵押品期权等。其次，授予持有人对协议产生的费用的获取。
Abracadabra 核心机制与 MakerDAO 类似，主要的差别在用该项目主要采用生息资产作为抵押物来铸造 MIM，此外该项目在跨链部署和与其他项目的组合上比较激进。
目前，Abracadabra 已经在以太坊、Avalanche、Fantom&nbsp;和&nbsp;Arbitrum&nbsp;上部署了服务，BSC 也在计划中，不过还未正式部署。
值得一提的是，Abracadabra 除了常规的抵押铸币之外，还提供了「循环抵押借出」的杠杆功能，用户可以通过闪电贷（指一系列合约交互行为在一个区块内进行完成）的方式，在一个区块内实现：抵押借出 MIM&mdash;&mdash;变现再抵押的多重循环，本质上实现了对该抵押资产的杠杆做多。
举例说明：某用户选择 Yearn 的生息资产 yvWETH （用户将 ETH 存入 Yearn 获得的凭证，该凭证会随着资金池收益的增加，在赎回时换回更多的 ETH，所以称之为 ETH 的生息资产），然后将 yvWETH 存入 Abracadabra 并借出 MIM，然后将 MIM 卖出换为 ETH，再将 ETH 存入 Yearn 获得生息资产 yvWETH，继续将 yvWETH 存入 Abracadabra 获得新的 MIM 借贷额度借出 MIM，然后重复以上循环（这一套动作称为一个 LOOP），以上动作通过闪电贷操作在一个区块内完成，可以节约大量 Gas 成本，也提高了使用体验。
稳定机制
MIM 在稳定机制方面与 DAI 类似，主要来自于超额抵押与铸币利率（类似于 DAI 的稳定费），超额抵押保证了 MIM 的背后有足额的资产支持，铸币利率用来调控 MIM 的资金成本，以此影响 MIM 的货币供需平衡。
与 DAI 不同的是，Abracadabra 没有稳定币的存款模块（DSR）。此外，MIM 在铸币时会收取一笔一次性的 0.5% 的铸币税，假设用户借用一个月就归还 MIM，这 0.5% 的铸币税相当于年化 6% 的额外借币利息。
在没有特殊稳定机制的情况下，MIM 的稳定很大程度上就依赖用户的共识，当用户对 MIM 的稳定有信心，无论当 MIM 是高于 1 美元，还是低于 1 美元，都会有用户去进行买入偿债和铸币卖出来进行套利。
为了保持这一信心和共识，Abracadabra 在&nbsp;Curve&nbsp;平台上建立 MIM 和 3CRV （DAI\USDT\USDC）的稳定币兑换池，并持续为该稳定币池的流动性提供额外的 SPELL 代币激励。
目前在以太坊上的 MIM+3CRV 稳定币做市，除了可以获得最高 13.43% APY 的 CRV 代币奖励外，还可以获得 11.82% APY 的 SPELL 代币奖励，收益非常惊人，这也吸引了近 6.47 亿美金的 MIM 流动性。
此外 Abracadabra 还在 Arbitrum 的 Curve 上搭建了 MIM+2CRV 的工厂池（Factory Pool），除了基础的做市手续费收益外，质押做市的 LP 还能获得额外 38% 的 SPELL 奖励。
Abracadabra 对于在 Curve （Arbitrum）做市的 LP 额外提供补贴，虽然 MIM 在稳定币机制上并无太多创新之处，但其在兑换深度上的投入可谓不遗余力。

Ethereum，Avalanche，Fantom，Arbi，Solana

0x090185f2135308bad17527004364ebcc2d37e5f6

0xce1bffbd5374dac86a2893119683f4911a2f7814

0x468003B688943977e6130F4F68F23aad939a1040

0x3e6648c5a70a150a88bce65f4ad4d506fe15d2af

BCsFXYm81iqXyYmrLKgAp3AePcgLHnirb8FjTs6sjM7U

https://github.com/Abracadabra-money/magic-internet-money

Spell Token (SPELL) 简介

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By applying to become an order recipient and binding the trading API, you agree to the following disclaimer:

1. API Usage Responsibility: The individual operator acknowledges and confirms that binding the trading API is for executing contract trades. All transactions executed via the API are independent of the order recipient’s decisions, and the order recipient assumes full responsibility for the trading results.

2. Security: The order recipient is responsible for safeguarding their API key. Unauthorized access or use may result in financial loss. Brokers must immediately notify the platform in writing of any unauthorized use.

3. Trading Risks: Using the trading API involves market risks, including but not limited to price fluctuations and slippage. Leaders should independently assess market risks. Individual members should also independently assess market risks, and the platform bears no responsibility for losses caused by market fluctuations.

4. Technical Issues: The use of the trading API may be affected by technical issues, including but not limited to system failures and network interruptions. The platform is not responsible for losses resulting from technical issues.

5. API Key Protection: The order recipient must properly safeguard their API key and not share it with any third party. Any loss caused by the leakage of the API key shall be borne by the order recipient.

6. Compliance: Leaders using the API must comply with all applicable laws and regulations. Violations may result in the termination of the order recipient’s qualification.

7. API Privileges: Leaders acknowledge and agree that the privileges granted by API binding will allow contract trading execution. The platform is not responsible for losses caused by the improper use of API privileges.

8. Disclaimer Changes: The platform reserves the right to modify the disclaimer at any time. Changes will be notified by the platform. By continuing to use the API, the order recipient agrees to any modifications to the disclaimer.

I have read, understood, and agreed to all the terms of the above disclaimer.

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