THREAD🧵: Why accumulating $SPELL now could be a path to riches this cycle.
@danielesesta is building a DeFi revolution, and if you're not already on board - now is the time to strongly consider joining or accumulating more. 🐸
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@danielesesta is building a DeFi revolution, and if you're not already on board - now is the time to strongly consider joining or accumulating more. 🐸
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Abracadabra is a revolutionary borrowing/lending platform lead by @danielesesta. It allows users to borrow MIM via providing interest bearing assets as collateral. Its basically yield farming on steroids.
$SPELL is the governance token of Abracadabra.
2/11
$SPELL is the governance token of Abracadabra.
2/11
The $SPELL token price is down -55% from highs despite abracadabra maintaining a TVL of 5b. This is the same TVL at $SPELL ATHs. Via this metric, you're essentially getting twice the relative value when buying at today's prices.
This creates advantageous risk/reward.
3/11
This creates advantageous risk/reward.
3/11
Revenue has been significantly increasing, with $3.38m fees generated last week alone.
As the protocol grows - revenue increases, thus increasing rewards paid to $SPELL stakers and simultaneously increasing demand for $SPELL.
4/11
As the protocol grows - revenue increases, thus increasing rewards paid to $SPELL stakers and simultaneously increasing demand for $SPELL.
4/11
Currently, 52.6% of $SPELL is unallocated, with @danielesesta proposing to use "unallocated $SPELL and reduce inflation to create a 100-200MM treasury to support new projects that help with $MIM adoption".
This would in turn drastically reduce the supply of $SPELL.
5/11
This would in turn drastically reduce the supply of $SPELL.
5/11
The future of crypto is cross-chain. And Abracadabra is a pioneer in this space. Strategic partnerships with major blockchains like $LUNA pave the way forward for Abracadabra's widespread adoption.
6/11
abracadabramoney.medium.com/our-ust-strate…
6/11
abracadabramoney.medium.com/our-ust-strate…
MIM's massive adoption has seen it become a top 6 stable coin in less than a couple months. Its daily trading volume is already higher than UST, and is quickly catching up to DAI's market cap.
7/11
7/11
As previously mentioned, this widespread adoption would create (and is creating) a surge in revenue, which is then distributed to $SPELL holders. This increases demand for $SPELL and enables the treasury to continue increasing MIM adoption via supporting new projects.
8/11
8/11
Despite the future looking extremely bright for $SPELL and the Abra ecosystem: A combination of profit-taking and macro volatility has seen the $SPELL token price drop -55% from ATHs.
This is presenting non-holders and holders alike a MASSIVE opportunity to capitalise.
9/11
This is presenting non-holders and holders alike a MASSIVE opportunity to capitalise.
9/11
When conducting due diligence on any project, the TWO things I look for before any metrics are: The presence of a strong team, and a strong community.
I don't know if there's a stronger community in crypto than the frog nation 🐸, or a more inspiring leader than @danielesesta.
I don't know if there's a stronger community in crypto than the frog nation 🐸, or a more inspiring leader than @danielesesta.
I'll sign off with a tweet from $SPELL's founder and leader of the frog nation. If you enjoyed this thread, make sure to give it a like and retweet.♥️
Now sell me all the $SPELL you want. Then go fuck off.
11/11
Now sell me all the $SPELL you want. Then go fuck off.
https://twitter.com/danielesesta/status/1463622972518842372?s=20
11/11
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