Total Supply: 210,000,000,000 SPELL (initial burn halved the supply)
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.
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:
SPELL Token Farming Emissions
The SPELL token is used to incentivize users, in order to keep deep liquidity on our markets!
The current emissions per week are:
ETH-SPELL SLP on Ethereum Mainnet: 15,627,684 SPELL
MIM3POOL rewards on curve: 50,000,000 SPELL
Bribes System: 189,631,782 SPELL
MIM-ETH SLP on Arbitrum: 18,536,727 SPELL
ETH-SPELL SLP on Arbitrum: 5,104,840 SPELL
MIM + 2Crv Curve LP on Arbitrum: 16,239,787 SPELL
3poolV2 on Fantom: 16,239,787 SPELL
The new weekly benchmark is 911,501,384 SPELL tokens following the passing of this proposal here.
A Total of 311,380,608 SPELL per week are currently emitted!
Please note this graph will be updated weekly!
The sSPELL Token
You can stake and lock your SPELL to get sSPELL using the Wizard Dashboard! Staking SPELL has a 24 hour time lock (Every time a user stakes SPELL token, he will not be able to withdraw for the next 24 hours).
All the bridging of these tokens will go through Anyswap Network!
Firstly fees (interest, borrow fee and 10% of the liquidation fee for certain markets) are deposited in the SPELL fee pool in the form of SPELL tokens. When users single-side stake their SPELL tokens they receive sSPELL tokens. sSPELL tokensrepresent your share of the SPELL fee pool with a mechanism similar to the SUSHI/xSUSHI one.
10% of all liquidation fees are also hardcoded to be taken out and used to purchase SPELL tokens in certain markets. These SPELL tokens are also added to the SPELL fee pool.
Your sSPELL tokens are continuously compounding! When you unstake, you will receive all the originally deposited SPELL tokens plus any additional SPELL earned from the fees.
75% of the protocol revenue will be used to buyback SPELL tokens, while 25% will be used to build up a treasury.
sSPELL will also allow wizards to take part in governance as soon as the governance portal will be live.
The MIM Token
The Magic Internet Money token is a USD pegged stable coin that is backed by interest bearing tokens!
Abracadabra always considers this token to be worth 1USD. MIM is a multichain token, find the MIM address on the other chains here:
Use Anyswap to bridge MIM across different networks!
Since MIM is a USD pegged stable coin, it needs to remain pegged to the USD. The mechanics used rely on arbitrage, keeping it simple. This can happen in several ways.
Users that hold debt, in MIM, might notice that MIM is trading on some market below 1 USD and decide to buy some MIM at this discount to repay some of their debt. This purchase of MIM will have a price rising effect relative to their volume.
Users that hold components (valid collateral), might notice that MIM is trading on some market above 1 USD and decide to open a position and sell the MIM borrowed to put to use elsewhere. This transaction will have a price lowering effect relative to their volume.
Users that hold other cryptocurrencies, (stablecoins or not) might see MIM trading differently on two of the above mentioned markets and decide to buy MIM on one market where the price is below 1USD and sell on another where the price is either at 1USD or above. This can also happen in reverse.
In most cases, a lot of the Market to Market arbitrage is done by automated bots that constantly monitor pools for opportunities to capitalize on these price differences. This has the benefit of having price pegs being corrected quite rapidly.
MIM tokens are minted by aMultisign, deposited in the Kashi Markets smart contracts, and then injected into circulation only after the user deposits the collaterals!