Abracadabra is a decentralized finance (DeFi) protocol that allows users to mint the stablecoin Magic Internet Money (MIM), pegged to the US dollar, using interest-bearing tokens as collateral. This innovative approach enables users to efficiently utilize their staked assets to provide additional liquidity and gain more value. Additionally, with the governance token Spell Token (SPELL), users have voting rights on the platform’s development and management while benefiting from the fees generated by the protocol. In this article, you can find answers to two frequently asked questions: What is Spell Token (SPELL) and how to buy Spell Token (SPELL) with TRY.
What is Spell Token (SPELL)?
Abracadabra is a DeFi protocol designed to help users maximize the potential of their staked assets. Users can use interest-bearing tokens obtained from various pools as collateral to mint MIM, a stablecoin pegged to the US dollar. This innovative approach allows users to efficiently utilize their locked capital within the DeFi ecosystem, gaining additional value from their staked assets.
Launched in May 2021, Abracadabra quickly became a significant player in the DeFi world. MIM, the protocol’s primary offering, is currently the sixth-largest stablecoin by market capitalization. As a cross-chain lending protocol, Abracadabra allows users to utilize interest-bearing tokens like xSUSHI and yvUSDT as collateral to borrow MIM, making the most out of these assets.
Interest-bearing tokens are assets earned by users through staking in various DeFi vaults. These tokens accrue interest over time, making them valuable assets. Abracadabra allows users to deposit these tokens as collateral on its platform. Once deposited, users receive a loan allocation and an interest rate, and MIM tokens are then issued to the borrower’s wallet. This process not only provides liquidity to the user but also allows them to use their staked assets more effectively.
In addition to MIM, Abracadabra has introduced the governance token SPELL. SPELL token holders can stake their tokens to obtain sSPELL, which grants them voting rights within the protocol. These voting rights allow users to participate in important decisions regarding the platform’s development and management. Additionally, staking SPELL provides holders with a share of the fees generated by the protocol, offering a financial incentive for active participation in governance.
One of Abracadabra’s core innovations is its ability to unlock the potential of staked assets. In traditional staking models, capital is often locked and underutilized. Abracadabra changes this by allowing users to use interest-bearing tokens as collateral for loans, thus putting otherwise idle assets to productive use. This not only increases individual users’ liquidity but also contributes to the overall efficiency of the DeFi ecosystem.
How to Buy Spell Token (SPELL) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Spell Token (SPELL). On Binance TR, where an account can be quickly created, over 100 cryptocurrencies, including SPELL, can be bought and sold. To buy Spell Token (SPELL) with TRY on Binance TR, follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. You need to go to trbinance.com and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, an email/SMS verification will be conducted to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that need to be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from your phone or through Binance TR’s official website. Note that you will need your mobile phone to perform identity verification from the website as well.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your mobile phone. If you cannot scan the QR code, click on the “Copy URL” option to send the identity verification address to your mobile phone via SMS.
When you enter the address on your mobile phone or scan the QR code, a screen like the one below will open on your phone. From here, continue by tapping on the “Identity” option first.
Then a screen like the one below will appear. To continue the verification process, first select the document type that is suitable for you.
After selecting the document type, continue by tapping on the “Upload Front” option. After taking a photo of the front side of the document you selected, tap on the “Upload Back” option and take a photo of the back side of the document and upload it. When taking photos of the front and back sides of your ID card or driver’s license, make sure the images are clear and the information in the photo is easily readable.
Then continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps accurately and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account through all banks. You can deposit and transact 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. For other banks, you can deposit up to 50,000 TL 24/7 via FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com and hover over the “Wallet” option at the top left of the homepage, then click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is use the information displayed on the bank’s page to send the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
Once your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy SPELL Coin with TL on Binance TR?
After the deposit process, you can proceed to the step of buying SPELL coin with TL by clicking on the “Buy-Sell” option in the top left menu of the Binance TR website.
After clicking on this option, the following page will open. In the search section on the right side of this page, type “SPELL” and click on the SPELL/TRY option from the results to go to the page for buying SPELL with TL.
Now the SPELL trading page will open as shown below. On this page, in the area marked with a red box, you need to enter the price at which you want to buy SPELL in the first box and the number of SPELL you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy SPELL” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct banking channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users with Binance TR can access market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functionalities.
