Magic squarea pioneering Web3 App Store, introduced the 1inch Exchange API in its platform, thereby enhancing its strong range of offerings with superior swap conditions. This integration is accompanied by the $SQR Swap competition which offers a prize pool of $25,000 in SQR tokens. The goal is to reward people who use the platform a lot and transact.
With this latest update, Magic Square users gain access to the impressive capabilities of the 1inch Swap API, which supports 12 networks and aggregates over 380 liquidity sources. The API facilitates more than 30 million trades, with a cumulative volume exceeding $300 billion, and promises to significantly increase the utility and efficiency of transactions within the Magic Square ecosystem.
Celebrate User Engagement with the Magic Swap Contest
The $SQR Magic exchange competition is designed to encourage user participation by rewarding them based on their total trading volume. This initiative encourages more active use of the new redemption capabilities and integrates seamlessly with Magic Square's unique rewards system, Magic Karma.
“This collaboration with 1inch marks an important milestone for Magic Square. Our goal has always been to provide our users with the smoothest and most rewarding experience possible.
—said Andrey Nayman, founder and CEO of Magic Square.
He emphasized that onboarding serves to expand service offerings and increase community value through additional rewards.
Alexandra Fetisova, Head of Partners and Community at 1inch, also expressed her excitement about the partnership, saying: “We are delighted to collaborate with Magic Square. The 1inch API, offered by our developer portal, aims to make users' DeFi journey smoother and more efficient.
Each transaction in the Sweepstakes propels participants toward potential prizes and earns them Karma Points, which are part of Magic Square's comprehensive rewards system. Users accumulate Karma Points through various activities, such as participating in campaigns, inviting friends, and through every trade executed on the platform. At the end of each day, a total of 10,000 $SQR tokens are distributed to users based on the Karma points they have collected.
Wrap
The introduction of the Magic Swap competition and additional Karma rewards for swaps significantly increases the appeal and functionality of the Magic Store and its native $SQR token. These features could also foster greater demand for the token. Magic Square's strategic goals of improving user engagement and expanding its ecosystem of services align with this.