Posted: February 23, 2024 1:05 PM Updated: February 23, 2024 1:42 PM
Correction and fact check date: February 23, 2024, 1:05 p.m.
briefly
Magic Square acquired TruePNL for an undisclosed sum to strengthen its launchpad, which is expected to debut in the second half of the first quarter.
Web3 discovery and engagement platform Magic Square today announced the acquisition of Singapore-based token launch platform TruePNL. The transaction was completed for an undisclosed sum and is expected to launch Magic Square’s Launchpad later in the first quarter.
“During our discussions with TruePNL, we saw an opportunity that led us to pursue the acquisition. This strategic move aligns perfectly with our broader vision. With the acquisition of TruePNL, we are transforming from a simple search platform to providing a comprehensive solution encompassing search, user acquisition, retention and engagement, and now also including financing,” said Andrey, co-founder and CEO of Magic Square. Nayman said. he told MPost.
According to Magic Square, the integration of TruePNL will improve the reliability of the upcoming Launchpad and accelerate the introduction of additional utilities for the $SQR token. These developments are of particular interest to token holders and investors and indicate that token utility may improve sooner than expected.
“Staking $SQR tokens will allow investors to earn allocation points, which will ultimately influence allocation size in Launchpad sales. The more you stake, the larger your potential allocation. Additionally, staking $SQR will provide investors with impressive APR rewards on staked tokens, providing a strong incentive for long-term holding and participation in our ecosystem,” Nayman added.
He explained that the company aims to create a launchpad that is not only developer-friendly, but also flexible and custom-designed to meet the unique needs of each project. This involves integrating existing ecosystem features into the Launchpad structure to integrate user acquisition and engagement directly into the fundraising journey.
“The decision-making process for each fundraising initiative is heavily dependent on the approval of our community. “They will play a critical role in our due diligence process and take an active part in deciding which projects will be given funding opportunities through our platform.”
Magic Square’s rapid expansion
Founded in 2021, Magic Square operates as a cryptocurrency application store, providing users with a centralized platform to explore a variety of web3 applications. According to Nayman, the company has distributed over 11 million SQR tokens to users so far.
According to CoinGecko data, the current price of one SQR token is approximately $0.50, with a fully diluted value estimated at approximately $520 million.
The Magic Square community has shown tremendous enthusiasm and active participation in investment opportunities to date, highlighted by the success of the platform’s initial DEX offering (IDO) on DAOMaker. The event attracted more than 21,000 KYC registered users, with pledges exceeding $22,000,000, 27 times the initial allocation of $800,000 in the public offering.
With over 1,000 projects registered in the Magic Store and more joining every day, the potential for IDOs in the future is significant. This acquisition and the subsequent launch of Magic Square Launchpad are poised to open new opportunities for developers and investors, creating a dynamic ecosystem of innovation and growth.
“We are nearing the final stages of a code audit for our upcoming staking feature, which we plan to launch in the coming weeks. “This development comes ahead of the first LaunchPad sales launch in 2024, featuring one of our most eagerly awaited projects and expected to have a significant impact.” Nayman of Magic Square told Metaverse Post.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.