Reduce Emissions & Token Burn

The calculated approach to continuously reduce emission rates have allowed our protocols earnings to surpass the weekly SPELL emissions on several occasions. Showcasing that profitability can be achieved through carefully managing the emission schedule.

The ultimate goal is to maintain this trend by changing the fundamentals of attracting liquidity through SPELL emissions. The team aims to achieve zero emissions by Q1 2022.

In the last three months the protocol reduced its weekly SPELL emissions from 1,078,505,445 SPELL to 332,308,031 SPELL. An overall reduction of 71.4%. These tokens have not been minted, and can therefore be used for other reasons.

Given the depths of these reserves a proposal was made and 5.25B SPELL tokens have been burned today.

🔥 Burn Tx:
etherscan.io/tx/0xb82be4fb5e66140fd1e34a6ddafb09b5d90665554c9f9125b17a567e83b581ad

The protocol has still some way to go, the overall successful reduction of emissions while keeping liquidity deep and cauldrons replenished shows that our system is becoming more sustainable as well as targeting consistent profitability.

New Exchange Listings

SPELL trading pairs can now be found on all popular centralized exchanges, such as Coinbase, Binance and Huobi. While our products are defi and multichain focused, these exchange listings play a vital role for the protocol to onboard new users.

We want MIM to take centerstage as THE Multichain stablecoin. Connecting DEX’s, CEX’s and different chains including EVM and non-EVM as well as L2s. Introducing a new target group to SPELL and helping them transition from a CEX to defi is a great way to onboard new users to our ecosystem.

Closing Thoughts

SPELL ecosystem is ever expanding with more assets being accepted in our cauldrons. TVL hitting all time highs, and plans to natively launch on non-EVM chains like Terra, Cosmos and Solana.

Following the goal towards zero emissions by Q1 2022, the protocol is targeting consistent profitability within its first year of launch.

If you have any questions or concerns, join our Discord community here and follow us on Twitter!