Spell
SPELL
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
SPELL (Abracadabra Money) receives an overall weighted score of 3.4/10 based on available evaluations, with Active Development excluded due to insufficient data (-1.0). The protocol experienced a qualifying severe security event on 25 March 2025: "Per CertiK's Quest incident page, a critical vulnerability in the integration between the RouterOrder and CauldronV4 contracts resulted in an approximate loss of $12.9 million due to flawed state management during the liquidation process, enabling repeated unauthorized borrowing." In addition to this recent ~$12.9M exploit, SPELL faces significant structural headwinds, including weak community and governance engagement metrics, inflationary tokenomics with no burn mechanisms, and a ~99.8% decline from all-time highs.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Spell (SPELL)
Spell (SPELL) is the governance and utility token of Abracadabra Money, a decentralized finance (DeFi) lending platform. Created by the team behind Popsicle Finance and led by Daniele Sestagalli, the protocol enables users to provide interest-bearing assets as collateral to mint and borrow its native stablecoin, Magic Internet Money (MIM). SPELL is an ERC-20 token deployed across networks including Ethereum, Fantom, Avalanche, and Arbitrum.
The SPELL token is utilized within the protocol for governance voting and fee-sharing through staking mechanisms. It was established with a total supply of 210 billion tokens, with approximately 30% allocated to the team under vesting schedules. The tokenomics lack automated deflationary mechanisms such as token burns or protocol-level buybacks, tying token demand primarily to internal platform usage in the collateralized debt position lending market. The token is actively traded on centralized platforms including Coinbase, Kraken, and Crypto.com.
The protocol has faced significant security and market setbacks. On March 25, 2025, Abracadabra Money suffered an exploit resulting in an approximate loss of $12.9 million. The breach stemmed from flawed state management in the integration between the protocol's RouterOrder and CauldronV4 lending contracts, which enabled repeated unauthorized borrowing during liquidation actions. In addition to this security failure, SPELL has experienced an approximate 99.8% price decline from its all-time high and exhibits low verifiable social and governance participation.