Casting a SPELL - Magic DeFi

The following is not financial advice, always do your own research

I came across a new listing on Binance and went to check it out
SPELL token - I thought it was for a NFT game but turns out it is a concept based DeFi.

What is the SPELL token?

SPELL is the token for abracadabra which storyboards the DeFi space. It has a kitschy website which simplifies borrowing crypto by weaving it into a story.

Abracadabra has 3 tokens

SPELL - main token
sSpell - for fees
MiM - (called magic internet money, love the name!) Pegged token

What makes it different?

The most interesting part for me was the pegged token and the documents mentioning arbitrage as a way to maintain the peg by assuming that debtors buy below the peg to settle debts faster and hodlers consider selling to maintain the relative peg.
Source

Other features:
They also have a dashboard wherein you can check the statistics related to the platform:

Source

What is the verdict?

In my opinion, the stable peg makes it an interesting token to watch. The concept might look gimmicky but it might work on new users as an oversimplification of the DeFi process.