Magic Square Takes Over TruePNL, Prepares for Launchpad and Staking Features
In Brief
In a strategic move, Magic Square has bought TruePNL for an undisclosed amount, aiming to enhance its launchpad that is set to launch later this quarter.
Web3 discovery and engagement platform Magic Square Today, the platform publicly announced the acquisition of TruePNL, a token launch service based in Singapore. This acquisition, whose financial terms were not disclosed, will precede the launch of Magic Square’s launchpad expected later in the first quarter.
During our talks with TruePNL, we identified a promising opportunity that led us to pursue this acquisition. This strategic maneuver perfectly aligns with our overarching vision. By bringing TruePNL into our fold, we're evolving from just a discovery platform to a full-service solution that encompasses discovery, user acquisition, retention, engagement, and now also fundraising,” shared Andrey Nayman, co-founder and CEO of Magic Square with Cryptocurrencylistings.
Magic Square stated that integrating TruePNL would bolster the reliability of its forthcoming launchpad and expedite the addition of new utilities to its $SQR token. This is particularly crucial for current token holders and potential investors, hinting at an earlier enhancement to token functionality than anticipated.
Investors who stake their $SQR tokens will earn allocation points that determine the size of their stake in launchpad sales. The more tokens staked, the larger the allocation. Moreover, staking $SQR tokens will also provide attractive APR rewards, creating a robust incentive for long-term participation in our ecosystem,” Nayman elaborated.
Nayman highlighted that their goal is to craft a launchpad that's not only friendly for developers but also adaptable and custom-built to fit the specific needs of each project. This strategy involves integrating existing ecosystem features seamlessly into the launchpad, ensuring that user acquisition and engagement are central to the fundraising process.
The decision-making for each funding project will heavily depend on the approval of our community. They are set to play a vital role in the due diligence process, actively deciding which projects will get the chance to raise funds through our platform.
Magic Square’s Rapid Expansion
Founded in 2021, Magic Square serves as an application store, providing users with a centralized hub to explore various Web3 applications. Nayman revealed that the company has already distributed over 11 million SQR tokens to its users. cryptocurrency As per the latest figures, the current worth of a single SQR token is around $0.50, with a projected fully diluted valuation of approximately $520 million.
CoinGecko The Magic Square community has displayed remarkable enthusiasm and engagement when it comes to investment opportunities. This is evident from the successful Initial DEX Offering (IDO) facilitated on DAOMaker, which saw over 21,000 KYC-verified participants and funding commitments exceeding $22 million, achieving an incredible 27-fold over its initial offering of $800,000.
With more than 1,000 projects featured on the Magic Store and new ones joining consistently, the prospects for future IDOs are promising. This acquisition, along with the launch of the Magic Square launchpad, is set to create new pathways for developers and investors, nurturing a lively ecosystem of innovation and growth.
We are putting the finishing touches on the code audit for our staking feature, which we aim to roll out shortly, within the next few weeks. This comes ahead of our first launchpad sale, which will highlight one of the most anticipated projects of 2024, promising to make a significant impact,” Nayman told Metaverse Post.
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