SPELL Surges Following $MIM Going Live on Linea with Rapid Omnistable Transfers; MetaMask Introduces 'Snaps' for Expanded Wallet Functionality and Third-Party Integrations

Daily Top Performer — Abracadabra.money (SPELL)

The SPX index is up 0.57%, tech stocks struggled, particularly Oracle, which dropped over 13% due to weaker-than-expected Q1 revenue. The broader cryptocurrency market is up, with Bitcoin and Ether rising 3.88 and 3.83%, respectively, in the past 24 hours. 

Today’s outperformer is SPELL, which surged 16.5% in the past two weeks after launching on Linea and has been growing its revenue despite the bear market.

Abracadabra.money (SPELL), launched in May 2021, is a DeFi lending platform that specializes in allowing users to use interest-bearing tokens as collateral to borrow Magic Internet Money (MIM) stablecoins. Unlike traditional DeFi platforms focusing on cryptocurrencies, Abracadabra addresses the growing market of yield-bearing tokens, enabling users to borrow without sacrificing yields. The platform is modular and incorporates features from multiple existing protocols. Recently, $MIM beaming is now live on Linea, allowing for rapid transfers using its Omnistable design. On August 29, the beaming revenue for $MIM, contributed to by Moonriver, Linea, and Kava, exceeded $50,000, demonstrating the token's genuine usefulness across various blockchains despite the current bear market.

Check Out the Latest Prices, Charts, and Data of SPELLUSDT!

Talk of the Town:

Consensys, a major Ethereum developer and creator of the MetaMask crypto wallet, has introduced a new feature called "MetaMask Snaps." These Snaps are add-ons created by third-party developers that can be directly installed into users' MetaMask wallets. This feature expands the functionality of MetaMask beyond its native features, allowing users to access a range of 34 different Snaps at launch. These include clearer transaction insights, compatibility with non-EVM blockchains, and notifications related to decentralized applications. For instance, Solflare is launching "Solana Snaps" to enable MetaMask users to manage Solana holdings directly from their accounts. Leap Wallet has also enabled Snaps to allow users to use Cosmos apps using Metamask. Unlike Apple's App Store, Snaps are permissionless, and developers retain ownership of their creations.