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3 reasons why DeFi users are bullish on Abracadabra, Magic Internet Money and SPELL By




Stablecoins and their use in decentralized finance (DeFi) have played a key role in the 2021 cryptocurrency bull market because they allow investors to participate in the ever-growing number of protocols that offer high yield staking pools and they ease the process of transacting without needing to use a centralized exchange.

One project that has seen a significant amount of adoption thanks to its focus on creating a truly decentralized ecosystem and asset-backed stablecoin is the Abracadabra.money DeFi protocol and its native SPELL token.

SPELL/USD 4-hour chart. Source: TradingView
Total value locked on Abracadabra.money. Source: Defi Llama