Spell Report by Jesse

I was only half concerned that SHIB would take the top spot for the week. Thankfully, gaming is still in focus with The Sandbox and Decentraland (both covered in our top play2earn games article) gaining over 250% this week. Loopring has also been a big focus as news leaked of its possible partnership with Gamestop to build a new NFT platform. With over 50% of all wallets connected to blockchain gaming, there’s no denying this might just be the trojan horse we’ve been dreaming of. Changing the way games are not only developed but the corporate structures surrounding them as well. This week we’ll be discussing a not-so-new project that started to gain attention with some big price movements in October called Abracadabra.Money.

Introduction

Abracadabra.Money is a lending platform that uses interest-bearing tokens (ibTKNs) as collateral to borrow Abra’s USD pegged stablecoin Magic Internet Money (MIM), which can be used just like any other traditional stablecoin. As with most stablecoins, it will eventually be traded on markets with other stablecoins like USDT, DAI, and USDC. 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. On Abracadabra, users can borrow, lend, farm, stake, and swap tokens between MIM and the project’s native staking token SPELL. One of the other features available using Kashi is a lending engine that allows users to leverage their interest-bearing tokens positions. Kashi allows withdrawing more MIMs than should be possible, as long as the collateral required is supplied to the position eventually, within the same transaction. But every position you open on Abracadabra using the same collateral will be combined

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