Magic Square Partners with 1inch, Launches $25K 'SQR Swap' Contest

Web3 app store Magic Square has integrated the 1inch Swap API and launched a $25,000 competition called $SQR Swap to incentivize user transactions. This integration is expected to enhance user experience and rewards, while the competition rewards users based on their swap volumes and earns them Karma points, which contribute to daily distributions of 10,000 $SQR.

Magic Square Integrates 1inch Swap API, Launches $25,000 'SQR Swap' Competition

New York, NY (March 31, 2023) - Magic Square (NYSE:SQ), a leading Web3 app store, has announced a strategic integration with the 1inch Swap API. This collaboration marks a significant milestone for Magic Square, enabling enhanced service offerings and rewarding user transactions.

Magic Square, backed by industry giants Binance Labs and Crypto.com Capital, boasts an expansive platform featuring over 1,100 apps and games, catering to a vibrant community of over 3.6 million unique wallets. The integration of the 1inch API, recognized for its comprehensive liquidity sources across 12 networks, is poised to elevate user experiences within the Magic Square ecosystem.

"This integration with 1inch represents a pivotal moment for Magic Square," said Andrey Nayman, CEO of Magic Square. "Our steadfast commitment to delivering an unparalleled user experience is reinforced by this collaboration. By leveraging the 1inch Swap API, we not only broaden our service offerings but also amplify the value proposition for our community through additional rewards."

Alexandra Fetisova, Partners & Community Lead at 1inch, echoed the significance of this partnership, emphasizing its potential to streamline decentralized finance (DeFi) navigation for users. "We are delighted to join forces with Magic Square," stated Fetisova. "The 1inch API, accessible through our developer portal, is designed to empower users with a seamless and efficient DeFi experience."

Magic Karma, Magic Square's reward system, recognizes user engagement through various activities, including campaign participation, friend invitations, offer redemptions, and now, Magic Swap transactions. The 'SQR Swap' competition, with a prize pool of $25,000, will further incentivize user participation based on swap volumes.

Each swap transaction not only generates Karma points but also contributes to daily distributions of 10,000 $SQR tokens among users, proportionally allocated based on accumulated points. This innovative feature not only enhances the utility of the Magic Store and its $SQR token but also holds the potential to stimulate demand for the token by offering additional rewards for swaps to $SQR.

Earlier this year, Magic Square earmarked $66 million worth of its native SQR tokens for grants allocated to support projects listed on its platform. The Ecosystem Grant Program, with a total value of 120 million SQR, represents 12% of the token's overall supply.

Furthermore, the marketplace is actively preparing for the launch of Magic Launchpad, a strategic initiative designed to expand its offerings in user acquisition and brand awareness.

As of the time of writing, SQR tokens are trading at $0.44 apiece.