Web3 App store Magic Square has integrated the 1inch Swap API and is launching a $25,000 competition called $SQR Swap to encourage user transactions, Investing.com has learned.
Backed by major players like Binance Labs and Crypto.com Capital, Magic Square operates as a Web3 app store and boasts a lineup of over 1,100 apps and games, along with more than 3.6 million unique wallets.
The 1inch API, known for its extensive liquidity sources across 12 networks, is expected to improve service offerings for Magic Square's users.
Magic Square CEO Andrey Nayman pointed out that this integration is a major milestone to upgrade both user experience and rewards.
He noted: “This collaboration with 1inch marks a significant milestone for Magic Square. Our goal has always been to provide our users with the most seamless and rewarding experience possible. By integrating the 1inch Swap API, we’re not only expanding our service offerings but also enhancing the overall value for our community through additional rewards.”
Similarly, Alexandra Fetisova, Partners & Community Lead at 1inch, stressed on how this partnership could make navigating decentralized finance (DeFi) smoother for users.
“We are thrilled to collaborate with Magic Square. The 1inch API, offered by our developer portal, aims to make users’ DeFi journey smoother and more efficient,” she added.
Magic Karma gives out points for various activities such as taking part in campaigns, inviting friends, claiming offers, and now, through Magic Swap too. The $SQR competition will reward users based on their swap volumes.
Moreover, every swap transaction will earn users Karma points, which contribute to daily distributions of 10,000 $SQR among users based on their accumulated points.
This new feature not only adds utility to the Magic Store and its $SQR token but could also boost demand for the token by offering additional points for swapping to $SQR.
Earlier in March, Magic Square set aside $66 million worth of its native SQR tokens for grants to support projects listed on its platform. The Ecosystem Grant Program is loaded with 120 million SQR, which amounts to 12% of the total supply of the token.
The marketplace is also preparing to launch the Magic Launchpad to expand its offerings in user acquisition and brand awareness.
At the time of writing, SQR tokens were trading at $0.44 each.