Spell will publish a roadmap in July with next steps for MIM. The roadmap is expected to outline actions aimed at restoring the peg and improving protocol health.
Refer to the official tweet by SPELL:
We're hard at work putting together an action plan for $MIM to help restore peg and improve protocol health.
Roadmap coming this week regarding next steps.
Thank you all for your support and patience.
— ??â€â™‚ï¸ (@MIM_Spell) July 5, 2026
SPELL Info
Spell Token is associated with Abracadabra, a multichain DeFi lending protocol that uses interest-bearing tokens as collateral to mint Magic Internet Money (MIM), a USD-pegged stablecoin. The project addresses the need for liquidity access while allowing users to retain yield on their collateralized assets.
Technically, Abracadabra lets users deposit collateral and mint MIM through its lending market, including support for yield-bearing assets as collateral. The platform uses SushiSwap’s Kashi Lending Technology to create isolated lending markets, which confines risk to specific collateral types, and that the protocol operates across multiple chains including Ethereum, BNB Smart Chain, Fantom, Avalanche, and Arbitrum.
SPELL is the native token of the project. Its stated functions are staking to receive sSPELL and a share of protocol revenue, governance participation through voting with sSPELL, and liquidity mining, where users can provide MIM or SPELL to DEX liquidity pools to earn SPELL and a share of trading fees. Protocol revenue is used for market buybacks of SPELL, which are then distributed to stakers.
