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Investments3 reasons why DeFi users are bullish on Abracadabra, Magic Internet Money...

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



Stablecoins and their use in decentralized finance (DeFi) have performed a key function within the 2021 cryptocurrency bull market as a result of enable buyers to take part within the ever-growing variety of protocols that provide excessive yield staking swimming pools and they ease the method of transacting while not having to make use of a centralized change.

One mission that has seen a big quantity of adoption because of its focus on creating a very decentralized ecosystem and asset-backed stablecoin is the Abracadabra.cash DeFi protocol and its native SPELL token.

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