Abracadabra
SPELLLending protocol that mints MIM stablecoin with yield-bearing collateral
Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.89% | 3.98% | 8.77% | 3.34% | 4.79% | 32.73% |
Revenue & Burn
Protocol income
$9.54Buyback funds
$4.77Burn funds
--Buyback ratio
50.0%Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $9.54 | $4.77 | -- | 50.0% |
| Sep 2026 | $3.51K | $1.75K | -- | 50.0% |
| Aug 2026 | $5.82K | $2.91K | -- | 50.0% |
| Jul 2026 | $101.48K | $75.84K | -- | 74.7% |
| Jun 2026 | -$1.85M | $86.4K | -- | -- |
| May 2026 | -$13.58K | $0 | -- | -- |
Comparison
Tokenomics
Unlock Progress
Data source: CoinGecko
On-chain Holding
| Holding Token | Price | Amount | Total Value |
|---|---|---|---|
| No Data | |||
Top Holders
| Address | Token | Quantity | Percentage | Value |
|---|---|---|---|---|
| 0x0901...e5f6 |   SPELL | 224,092,195,374.02 | 114.33% | $19.08M |
| 0x76ec...fbd3 | SPELL | 52,722,669,829.69 | 26.9% | $4.48M |
| Binance 8 (acec) | SPELL | 27,826,640,676.01 | 14.2% | $2.36M |
Open Markets
| # | Exchange | Pair | Price | +2% depth | -2% depth | Volume (24h) | volume % |
|---|---|---|---|---|---|---|---|
| 1 | SPELL/USD | $0.0002417 | $14,629 | $20,859 | $122,776 | 5.46% | |
| 2 | SPELL/WETH | $0.0002476 | $26 | $26 | $6 | 0.00% |
Follow Updates
Follow Lists
People
About Abracadabra
Abracadabra is a decentralized lending protocol that allows users to deposit interest-bearing tokens (such as yvUSDC, yvDAI) as collateral to mint the USD-pegged stablecoin MIM. Its core innovation lies in the "Cauldron" isolated market design, where each collateral type operates in an independent lending pool with its own risk parameters, preventing a single asset's failure from cascading across the entire protocol. Additionally, the BentoBox vault ensures collateral continues generating yield while being locked.
The primary pain point Abracadabra addresses is capital inefficiency in DeFi: users traditionally sacrifice yield when borrowing against assets. Here, borrowers retain yield on collateral while gaining liquidity via MIM, which can be used across chains. The protocol also employs a liquidation mechanism with fees to maintain MIM's peg.
Over the past six months (2026-03-01 to 2026-09-01), Abracadabra faced a severe MIM depeg event in June 2026, when the stablecoin dropped to approximately $0.49. In response, the DAO implemented emergency measures including raising interest rates across all Cauldrons (including deprecated ones) to encourage debt repayment and reduce MIM supply, injecting $100,000 into Curve pools, and distributing 140 million SPELL tokens as liquidity incentives. These actions were taken amid broader market downturns and thin DEX liquidity.
However, the protocol has also suffered multiple security breaches within two years, including a $13 million flash loan attack on GMX Cauldron in March 2025 and a $1.8 million exploit via a cook() function vulnerability in October 2025, totaling over $21 million in losses. Despite these challenges, the DAO has used treasury funds to repurchase stolen MIM and stabilize the token.
Abracadabra launched in 2021, allowing users to mint the stablecoin MIM using interest-bearing tokens as collateral and incentivizing liquidity with SPELL, pioneering a cross-chain lending model.
Key milestones: SPELL went live for trading in 2021, laying the foundation for the MIM ecosystem; in January and June 2024, consecutive smart contract precision vulnerabilities led to losses of about $6.5 million each, causing temporary MIM depegs and prompting DAO treasury buybacks; in March 2025, a flash loan attack on the GMX Cauldron caused roughly $13 million in losses, while user funds remained safe, and the DAO repurchased MIM and absorbed bad debt in phases; in October 2025, a flaw in the deprecated Cauldron V4 cook() function led to losses of about $1.8 million, after which the protocol paused affected markets and used treasury funds for buybacks.
Long-term significance: these security incidents pushed the protocol to strengthen isolated markets, solvency checks, and risk governance. Repeated DAO treasury interventions helped defend the MIM peg and demonstrated resilience in decentralized lending. The founder later launched the on-chain analysis browser extension HUD, expanding the ecosystem's tooling dimension.
Positive:
- After MIM depegged in June, Abracadabra urgently raised rates across all Cauldrons to encourage borrowers to repay at a discount and burn MIM, reducing supply; paused Curve bribes/incentives until the peg recovers; and planned a 140M SPELL liquidity incentive program starting June 18.
- On June 15, injected $100k into the Curve MIM pool for short-term relief.
Negative:
- MIM depegged to ~$0.49-0.50 in June, repeatedly losing its $1 peg; the $100k injection failed to hold the peg.
- SPELL hit an all-time low of $0.00008851 on June 30, down 99.7% from peak; TVL fell from over $6B to $100-250M.
- SPELL has no supply cap; ~12.5% (24.5B) unlocked via liquidity mining creates sell pressure; only stakers share 20% of protocol fees; lending competition intensified.
Daniele Sestagalli: Co-founder; Italian-born engineer and early Bitcoin investor. He founded or co-founded DeFi projects including Popsicle Finance, Wonderland, and Abracadabra Money, and is a leader of the Frog Nation community. In 2023, he launched Hey Anon, a DeFai project.
Squirrel: Co-founder; known only by alias, real identity undisclosed. He co-founded Abracadabra Money with Daniele and championed its design philosophy of a stablecoin (MIM) backed by interest-bearing assets.