Web3 application marketplace Magic Square (SQR) announced the official launch of its Magic Launchpad–an initial DEX offering (IDO) platform is built on a decentralized exchange (DEX) that aims to democratize retail access for Web3 investors with limited funds.
In an IDO, a blockchain project launches its token publicly on a DEX to secure funding from retail investors. In recent months, IDOs have gained popularity among protocols as a means to raise funds and attract participants.
The platform will implement unique allocation strategies that benefit users with limited funds by considering factors such as user activity and contributions to the ecosystem. Furthermore, it will provide more than financial support for emerging Web3 protocols, including post-IDO assistance and community-building initiatives. Magic Launchpad will focus on facilitating participant attraction, considering the IDO a valuable tool for establishing a robust community and user base, aiming for long-term project success.
Users interested in taking part in investment rounds must first stake SQR tokens to earn SQR points, which will determine their allocation size for certain projects that require participation points. Additionally, users can accumulate points by taking part in the “Road-to-IDO” campaign before each project’s IDO launch. This campaign rewards users based on their activity within the new protocol’s community.
Upcoming sales on Magic Launchpad include the liquid restaking token financial application AutoLayer and the TON-based fantasy football play-to-earn game Fanton, alongside other opportunities.
It's here. https://t.co/wFIAbEzjqx pic.twitter.com/3G7zD4yNCK
— Magic Launchpad (@MagicLaunchpad) May 17, 2024
What Is Magic Square?
Magic Square is a Web3 application store that enables users to create a personalized dashboard with all applications in one convenient location. The platform uses a rewards system to encourage user participation in community events and application marketing. It aims to promote the widespread adoption of Web3 decentralized applications (dApps), offering features such as Magic Store, Magic ID, Magic Spaces, Magic Karma, Magic Community, and Magic Boost. Currently, the project has more than 4.5 million registered users and over 1,300 applications listed.
The SQR token is central to the Magic Square ecosystem, facilitating the integration of users, developers, and validators. It is used for governance, user access packages, advertising, and referral rewards. Additionally, SQR tokens can be traded on DEXs and CEXs for other cryptocurrencies or fiat money.
As outlined in its 2024 roadmap, Magic Square aims to develop and promote its token for governance and loyalty programs. Additionally, the platform plans to integrate community chat features, introduce on-chain crypto wallets, and launch a mobile application.
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