Magic Square integrates 1 inch swap API and launches SQR token swap competition with $25,000 reward.
Web3 application marketplace Magic Square has now released an implementation of its search and routing algorithm that integrates the 1-inch Swap API for self-managed asset swaps. Along with this integration, Magic Square has launched a $25,000 SQR token swap contest to encourage user participation and trading activity within the platform.
Magic Square is focused on solving the obstacles associated with user acquisition, improving user engagement, and delivering rewarding experiences through a community-driven platform. The platform's user base has over 4.5 million registered users and hosts over 1,300 applications and games.
Andrey Nayman, founder and CEO of Magic Square, expressed enthusiasm for the integration and emphasized its importance to the platform. According to him, Magic Square's main goal has always been to improve user experience. Meanwhile, integrating the 1inch Swap API will expand our service offerings and add value to our community through additional rewards.
The latest integration gives Magic Square users access to swap functionality powered by 1inch, spanning 12 blockchains and over 380 liquidity sources. Additionally, the new tools will improve the functionality and efficiency of customers leveraging Magic Square's application marketplace.
The Magic Swap competition will offer a prize of $25,000 and distribute 10,000 SQR tokens.
Magic Swap competitions offer incentives to participants based on overall swap size. 1st place will receive $2,500, 2nd to 5th place will receive $1,250, 6th to 25th place will receive $500, 26th to 50th place will receive $100, and 51st to 1st place will receive $50. Hundredth place.
As part of the contest, 10,000 SQR tokens will be distributed to Magic Store users based on their accumulated Karma points. Magic Square's unique rewards system, Magic Karma, awards users points for contributions and activities, including inviting friends, participating in campaigns, claiming special offers, and making Magic Swap transactions. Every swap transaction earns participants Karma points, further encouraging active participation in the ecosystem.
Karma rewards for competition and swaps will further amplify the usefulness of the Magic Store and SQR tokens. By providing additional Karma points to exchange for SQR, these features may also stimulate increased demand for the token.
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