Web3 application marketplace Magic Square revealed its implementation of a discovery and routing algorithm, which now incorporates the 1inch Swap API for self-custodial asset swaps. In conjunction with this integration, Magic Square has initiated a $25,000 SQR Token Swap Competition to incentivize users’ engagement and transactional activity within the platform.
Magic Square is focused on addressing the obstacles related to user acquisition, improving user engagement, and providing a rewarding experience through its community-oriented platform. The platform’s user base exceeds 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, highlighting its significance for the platform. According to him, Magic Square’s primary objective has always been to enhance user experience. Meanwhile, integrating the 1inch Swap API expands service offerings and adds value for the community through additional rewards.
The recent integration enables Magic Square users to access swap features offered by 1inch, covering 12 blockchains and more than 380 liquidity sources. Additionally, the new tool will improve the functionality and effectiveness of customers utilizing Magic Square’s application marketplace.
Magic Swap Competition To Offer $25,000 In Rewards And Distribute 10,000 SQR Tokens
The Magic Swap Competition will incentivize participants in accordance with their overall volume of swaps. It will provide a prize of $2,500 for the top spot, $1,250 for the second to fifth places, $500 for the sixth to twenty-fifth places, $100 for the twenty-sixth to fiftieth places, and $50 for the fifty-first to one-hundredth places.
As part of the competition, 10,000 SQR tokens will be distributed to Magic Store users based on their Karma points accumulated. Magic Square‘s unique reward system, Magic Karma, grants users points for contributions and activities, encompassing friends invitations, campaign participation, special offers claiming, as well as via Magic Swap transactions. Every swap transaction earns participants Karma points, which further encourages active involvement in the ecosystem.
The competition and Karma Rewards for Swap will further amplify the utility of the Magic Store and the SQR token. By providing extra Karma points for swapping to SQR, these functionalities may also stimulate an increase in token demand.
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