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SPELL is the native token of the Spell platform and can be earned in several ways: through lending, staking and yield farming.
Lending your SPELL
The easiest way to earn yield on your SPELL in Australia is through an exchange or digital asset lending platform such as Gate.io Cryptocurrency Exchange.
The highest return currently available on SPELL from the products we compared is 8.52% through Gate.io Cryptocurrency Exchange with a lock-up period of 90 days.
Use the table to compare rates on SPELL and use our calculator to forecast how much you could earn.
Staking your SPELL
Alternatively, you can stake SPELL on the Spell platform in return for DeFi staking rewards. This method requires using a web 3.0 wallet on a blockchain like ethereum which is why we have put together a visual step-by-step explainer to help guide you through the process.
You can use our table to compare rates on SPELL or skip to the staking section for a step-by-step guide on how to stake your tokens on the Spell platform with a wallet.
|Go to site|
|Gate.io Cryptocurrency Exchange||8.52%||6%||3-month||Variable||Earn now|
The instructions below are for earning yield on Spell using a cryptocurrency exchange for lending:
All SPELL token holders can stake their tokens in the Abracadabra platform in return for sSPELL tokens.
Users of Abracadabra must pay interest and may potentially have to pay liquidation fees associated with every loan that they withdraw. These fees are rewarded to sSPELL token holders. All rewards are automatically compounded. sSPELL tokens also allow holders to participate in the platform's governance.
For all staked SPELL, there is a 24-hour lock-up period.
To begin staking, you will need access to a Web 3.0 crypto wallet, such as MetaMask. This wallet comes in the form of a browser extension and will act as a bridge between your digital assets and Abracadabra. You will also need SPELL tokens and the native cryptocurrency of the blockchain that will be used for transactions (e.g. ETH for gas fees on Ethereum).
These sSPELL tokens will be shown within the staked dashboard. Rewards will accrue automatically.
The interest earned from those borrowing the Magic Internet Money (MIM) stablecoin is used to reward SPELL stakers. That level of interest will vary depending on the number of borrowers using the Abracadabra platform and the rate at which loans are repaid. 75% of all loan fees go towards rewarding stakers. As a result of the variable conditions, the APY of SPELL staking is subject to high variability. In real-world terms, how much you can earn will also depend on the market price of SPELL. As a young cryptocurrency, the token will likely be subject to periods of high volatility.
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