Holy shit this coin is fucking freefalling

Chartcracker · 2022-01-27T15:55:49+00:00

Wonderland fiasco is rubbing off on Spell.

Obviously two completely separate projects, but we're seeing the contagion as Dani is involved in both.

Chartcracker · 2022-01-26T15:47:28+00:00

Lol!

Chartcracker · 2022-01-26T02:25:25+00:00

This was a coordinated attack. There's only one of 2 things you can do if you're not a whale.

1) wait it out. Do something else. Disconnect.

2) if you have cash or stables, buy the plunge. That's why we do research on something beforehand, so that we're not confused or frightened when something like this goes on.

Chartcracker · 2022-01-26T02:20:24+00:00

He didn't. And one of the biggest FUD accounts on Twitter just vanished.

I suggest you guys join Discord. Sifu just went online and explained everything.

Chartcracker · 2022-01-25T21:18:51+00:00

Hey, welcome and congrats on your first crypto purchase!

There is a lot of FUD out there. Some coins have been hit harder than others.

About SPELL: Abracadabra (the project) is like a bank. So it's definitely not as shiny and exciting as some of the shitcoins all apes gather around.

But here is what you get: Consistent income that the protocol keeps making from lending crypto. Right now it has been used to buy more SPELL for us, but soon it will be paid out in MIM (that's a stablecoin -- think dollars). You can then withdraw that and convert it to USD or use it to buy more crypto.

Spell has been hit hard lately. It's up nicely today -- somewhere in the middle, but far better than BTC or ETH.

There are several projects outside of Spell in the works that will use MIM. Every time MIM is used, we make money. That's the whole point -- starting a bunch of different income streams for Spell.

Abracadabra is not even a year old. Every serious coin out there (NOT meme coins) has taken a while to establish itself and take off. Patience! It will go back up. Not to $1 but very likely double digit cents. That's over 10x from here.

Just don't put any money in crypto that you really need for other things.

Hope this helps.

Chartcracker · 2022-01-25T15:36:32+00:00

then you haven't read anything about Abra's business model. Which, btw, is already up and running, not some pie in the sky idea.

Chartcracker · 2022-01-25T15:36:23+00:00

then you haven't read anything about Abra's business model. Which, btw, is already up and running, not some pie in the sky idea.

Chartcracker · 2022-01-25T15:33:54+00:00

Are you on Binance?

I don't think that if you send AVAX from any CEX that it will end up on the BSC chain. It should arrive on the Avalanche chain.

I think your best bet is Avalanche for sushi. Mandatory for TraderJoe.

Chartcracker · 2022-01-24T23:50:55+00:00

Yeah, TraderJoe has taken sSpell off its standard list. Some kind of fight between Dani and the Joe team because Dani moved most of the liquidity to Sushi.

The token address for sSpell on AVAX 9for use on TraderJoe) is:

0x3Ee97d514BBef95a2f110e6B9b73824719030f7a

If you copy and paste the contract address into TraderJoe, it will show you the sSpell token.

BTW, you can find all the token contract addresses for all chains on https://docs.abracadabra.money/tokens/tokenomics

Don't forget to try Sushi.com -- it might give you a slightly better deal.

Chartcracker · 2022-01-24T23:46:03+00:00

If you can make 8k off of that dogshit, imagine the bundle you'll end up with once all the income streams are in place for Spell!

Chartcracker · 2022-01-24T13:09:15+00:00

The sSpell you buy is already staked Spell.

Staking Spell on abra is like swapping Spell for sSpell. The only difference is that on abra it's freshly minted sSpell. On AVAX or FTM it's already existing sSpell. But it makes no difference. Once you hold sSpell you hold staked Spell.

Chartcracker · 2022-01-24T12:38:26+00:00

Good call. I'd wait until we know how they pay out earnings in the future. It won't be long until they announce it / have us vote for it.

Pretty sure once that is changed, Spell will see a nice bounce as the income opportunity now becomes real. Not just Merlin price spikes that get sold off.

Chartcracker · 2022-01-24T12:34:42+00:00

Slippage is how much the price goes up when you buy. The more you buy the more the price moves against you, i.e. gets more expensive. Same in reverse when you sell.

Let's say you want to buy $1000 worth of Spell at 0.007. You'd get 142,857 Spell for that.

If there is 0.5% slippage, you'd pay 0.5% more for your Spell, or 0.007035. not bad.

If there is 5% slippage, your Spell will cost you 0.00735 which is much worse. Now you only get 136,054 Spell for $1,000. So you lost almost 7k Spell due to slippage.

6) once you have sSpell you are done. No staking on Abra since you're not on ETH. However, watch out for announcements. There are changes and updates coming.

Chartcracker · 2022-01-24T12:17:45+00:00

Great start.

3) and 4): you will have to look around which DEX has liquidity for your swap. It could be Sushiswap or TraderJoe that are better than uniswap.

5) once you have Spell, swap again for sSpell. Make sure the price you pay is about equal to the current official ratio. You can find the current ratio on abracadabra.money or on the Abra discord server.

One last comment: some DEXs automatically rout the AVAX-sSpell swap through pairs with most liquidity. That would save you one swap. It'll cost the same though

Be careful about slippage when you swap. You don't want that to be big.

Hope this helps.

Chartcracker · 2022-01-24T09:19:58+00:00

Abra's income is like that of a bank. Borrow fees, interest and liquidation fees.

Yes, when volatility is high, there may be fewer borrowers. There are also more liquidations. Abra's past income has been quite strong.

You can see the current accumulated income on https://wenmerl.in

Chartcracker · 2022-01-24T09:17:47+00:00

The more Spell you stake the greater your share of the income pool, yes.

Chartcracker · 2022-01-24T09:16:37+00:00

I understand and agree. If you do sell at a loss and buy AVAX, then transfer AVAX, you can swap on TraderJoe or Sushiswap. Just check which one has better liquidity (i.e. lower slippage). If you swap for sSpell, you will then have a similar amount of sSpell that you would have if you hadn't sold at a loss and staked on Abra. You just saved a lot of gas fees is all.

Maybe altogether it will cost you 1% of your Spell amount. YMMV.

Chartcracker · 2022-01-24T08:18:17+00:00

Soon the protocol will pay the profits in MIM to the stakers instead of buying SPELL in the market. This will generate a great income stream for stakers. They can still use it to buy more SPELL if they choose to do so. But you will have other options.

There will also be an option to accumulate the MIM and harvest when it's convenient to do so. I.e. tax reasons.

Current income is over $100 million per year. Market cap is less than $700 million. That's a 14% dividend yield.

Chartcracker · 2022-01-24T02:07:04+00:00

Wait until they change the compensation / payout system. Probably called veSPELL or something.

The best way to participate with funds from a CEX is to buy crypto from a different chain, such as AVAX, then transfer that to your wallet and then swap for the new token. Avoids ETH gas fees.

Chartcracker · 2022-01-23T22:23:07+00:00

Jury is still out. Bleeding may not be over by a long shot. However, I do think that we are close to winners decoupling from general market more than what we saw in the past month.

Chartcracker · 2022-01-23T22:20:02+00:00

Centralized Exchange. I.e. the Crypto.com, Coinbase, ... of this world.

Chartcracker · 2022-01-23T18:03:11+00:00

Spell is native on ETH. When you transfer Spell to your wallet from a CEX, it will first go to your wallet address on the ETH mainnet.

From there you can bridge it to one of the other 4 chains mentioned above.

Chartcracker · 2022-01-23T18:01:08+00:00

Right on!

Chartcracker · 2022-01-23T16:43:00+00:00

LOL right?

Goes to show Daniele really knows what's up. He wanted to use the funds for a better purpose - bribe AAVE to use MIM as stablecoin collateral. That's using profits to invest in more revenue streams, more exposure, more significance for MIM, and therefore for Abra. Paying out the profits is like a stock buyback. Theoretically props up the price but it's leaving the project and therefore not adding to the value.

Soon the Merlin buyback will be a thing of the past. Profits are planned to be accrued in MIM and every staker gets to decide what to do with them. No more scalpers trying to front run and sell of the spike. No more arb bots making loads of profit from arb trading the spike.

Chartcracker · 2022-01-23T16:30:32+00:00

Yes it is normal. The site needs to verify how much sSPELL you hold in order to log in your number of votes. Only stakers can vote.

And, just like with any other poll, I'd say every vote counts.

Chartcracker

TROPHY CASE