About Spell Token
SPELL is the governance token of the Abracadabra.Money decentralized lending platform.
SPELL is an ERC-20 token used as a governance and incentive token within the Abracadabra.money ecosystem. The SPELL token’s primary use cases are (1) governance in the Abracadabra protocol and (2) fees earned from the protocol. Abracadabra uses interest-bearing tokens like CRV, CVX and YFI as collateral to mint Magic Internet Money (MIM), a USD-pegged stablecoin. The maximum supply of SPELL is 210,000,000,000, which are distributed for global farming incentives, team allocation, and during the initial DEX offering.
Why Donate SPELL?
Since SPELL has appreciated significantly, donating SPELL and other cryptocurrencies can save you money on your taxes. Because the IRS classifies cryptocurrency as property, this means you don’t have to pay capital gains tax on your donation and can deduct the amount on your tax return. This is why financial advisors recommend you donate your most highly appreciated assets first. Users who donate and enter their email address will automatically get a compliant tax receipt.
Don’t want your SPELL stack to decrease? Repurchase the same amount of SPELL afterward and still get the same tax benefits to offset some (or all) of your gains.