The decentralized platform Abracadabra.money uses SPELL as its governance token. Interest-bearing tokens are used as collateral by Abracadabra to create Magic Internet Money (MIM), a stablecoin that is pegged to the USD. Liquidity provider (LP) tokens from Convex, Curve, and Yearn are just a few examples of interest-bearing tokens that can be used as collateral as of February 2022. Abracadabra's stablecoin/lending protocol varies from others like MakerDAO in that each collateralized debt position (CDP) and its liquidation price are distinct. If the CDP's liquidation price is reached, the position may be purchased by the liquidator by clearing the outstanding MIM. Within the Abracadabra ecosystem, SPELL, an ERC-20 token, functions as a governance and reward token. The Abracadabra protocol's governance and fees are the two main applications for the SPELL coin.

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