{
  "url": "https://blockindex.ai/coin/spell",
  "name": "Spell Token",
  "links": {
    "github": null,
    "website": "https://app.abracadabra.money/#/beam",
    "whitepaper": null
  },
  "dScore": 29,
  "market": {
    "priceUsd": 0.00012514573977343,
    "marketCapUsd": 22112287.715776578,
    "volume24hUsd": 5717076.86407234,
    "priceChange7dPct": 1.64312823,
    "priceChange24hPct": -4.08748585
  },
  "source": "BlockIndex.AI",
  "supply": {
    "max": null,
    "circulating": 176692292968.26096,
    "circulatingPct": null
  },
  "ticker": "SPELL",
  "founder": "Poolpi, Leo Cheng, Michael, Julien, C2tp, Sifu, Georgiy, 0xmerlin, Danielesesta, Squirrel",
  "vcFunded": false,
  "updatedAt": "2026-06-19T06:00:35.755006+00:00",
  "fairLaunch": false,
  "launchYear": 2021,
  "description": "Spell Token (SPELL) is the native reward and governance token of the Abracadabra.money protocol, a composable multichain DeFi lending and yield-farming platform built around interest-bearing tokens (ibTKNs) used as collateral to borrow Magic Internet Money (MIM), a USD-pegged stablecoin. The protocol leverages Kashi isolated lending markets that compartmentalize risk per collateral pair, enabling users to deposit yield-bearing assets and open leveraged farming positions in a single transaction. SPELL primarily functions as a liquidity mining reward and governance token; holders who stake SPELL accrue a share of protocol fees and gain voting power via Snapshot-based governance. Operational controls for certain sensitive actions (notably MIM minting) are executed through a documented 6-of-10 multisignature structure composed of partially pseudonymous contributors rather than a single corporate executive.\n\nTechnically, SPELL is an ERC-20 token with multichain deployments (notably on Ethereum, Avalanche, Fantom and Arbitrum) and does not have a native consensus or block production cadence of its own. Abracadabra’s product design is notable for Kashi isolated markets that localize liquidity and liquidation risk to individual cauldrons, plus Beam — a cross-chain mover for MIM documented as LayerZero-powered — which enables fungible use of MIM across multiple chains. The protocol’s tokenomics use a scheduled weekly emission model (documented as 624 million SPELL/week in source snapshots) and a long-term halving schedule over a multi-year horizon; these mechanics are intended to incentivize sustained liquidity provision while phasing emission over time.\n\nIn practice, SPELL’s ecosystem use-cases center on DeFi lending, leveraged yield strategies, and governance. Users deposit yield-bearing tokens into cauldrons to borrow MIM and can use borrowed MIM to engage in further yield strategies across integrated DeFi rails. Multichain deployments and cross-chain tooling increase the token’s accessibility and allow liquidity and position management to span multiple chains. Analytics coverage (CoinMarketCap, Dune dashboards and other trackers referenced in the sources) and wide exchange availability provide market-level visibility, while the multisig + Snapshot governance model balances off-chain voting with an operational security posture for protocol-level actions.\n\nTokenomics and distribution are emphasized in the provided sources: distribution tables and snapshots reference a total supply figure in the high hundreds of billions (sources show conflicting 196B vs 210B figures), a circulating supply snapshot of ~171.51B SPELL, and a notable team allocation and initial DEX allocation that lead to a sizable pre-issued percentage (PIP) in the distribution breakdown. Governance is off-chain (Snapshot) with multisig operational control for critical actions, the protocol is described as not an official on-chain DAO, and the documentation in the sources does not enumerate a named CEO or registered corporate entity. The provided inputs lack some classic DSCORE metadata (explicit TGE date, contract decimals on every chain, precise premine wording), and Node/NodeLevel metrics are handled by the Node Tracker agent in the broader pipeline.",
  "methodology": "https://blockindex.ai/dscore",
  "classification": {
    "layer": "Layer 2",
    "isToken": true,
    "consensus": "Other",
    "parentChain": "ETH"
  },
  "dScoreComponents": {
    "autonomy": 0,
    "ageHistory": 9,
    "governance": 20,
    "nodeDistribution": 0,
    "initialDistribution": 0
  },
  "decentralizationVerdict": "Centralized Leaning"
}