Crypto Lending Platform Gains over 100% Despite Market Downturn

The price of an altcoin fueling the cryptocurrency venture Abracadabra has soared by more over 100% this week, leaving traders captivated. Token (SPELL) is now valued at $221 million, according to information from CoinGecko, and its price has increased by 116% in the last week, from a 7-day nadir of $0.00197753 to a peak of $0.00428190.

The currency has rocketed up the market to rank as the 245th biggest. While everything was going on, the price of Bitcoin rose by 20% from a 7-day low of $40,554.38 to a peak of $48,852.87. In the time it took me to write this piece, the number one cryptocurrency was trading at $42,491, up 2% in the last 24 hours.

Utilizing interest-bearing tokens as collateral, Abracadabra acts as a lending platform that enables users to borrow USD-pegged stablecoin Magic Internet Money (MIM). Rest of the stablecoins, such as Tether (USDT), Dai (DAI), and USD Coin, can be traded for MIMs (USDC).

A user may use SPELL to earn sSPELL tokens, which will give them network voting rights and a stake on protocol fees. In response to the announcement that Olympus (OHM), a decentralized reserve currency system, will be partnering with Abracadabra to establish the sSPELL loan market, SPELL surged.

Avalanche and Fantom ecosystems were added after the project started on Ethereum.