Magic Square, a pioneering Web3 App Store, has introduced the 1inch Swap API into its platform, enhancing its robust array of offerings with superior swap conditions. This integration is accompanied by the $SQR Swap Competition which boasts a prize pool of $25,000 in SQR tokens. The goal is to reward people for using the platform a lot and doing transactions.
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 swaps, with a cumulative volume surpassing $300 billion, and promises to significantly boost the utility and efficiency of transactions within the Magic Square ecosystem.
Celebrating user engagement with Magic Swap Competition
The $SQR Magic Swap Competition is designed to incentivize user participation by rewarding them based on their total swap volume. This initiative encourages more active use of the new swap capabilities and integrates seamlessly with Magic Square’s unique rewards system, Magic Karma.
“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.”
—said Andrey Nayman, Founder and CEO of Magic Square.
He emphasized that the integration serves to expand service offerings and enhance community value through additional rewards.
Alexandra Fetisova, Partners & Community Lead at 1inch, also expressed excitement about the partnership, stating, “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.”
Every transaction within the competition propels participants toward potential prizes and earns them Karma points, which are part of Magic Square’s comprehensive reward system. Users accumulate Karma points through various activities, such as participating in campaigns, inviting friends, and through each swap executed on the platform. At the end of each day, a total of 10,000 $SQR tokens are distributed among users based on the Karma points they have collected.
Wrapping up
The introduction of the Magic Swap Competition and the additional Karma Rewards for swaps significantly elevate 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 enhancing user engagement and expanding its service ecosystem align with that.
