Magic Square, a Web3 app store, has announced the integration of the 1inch Swap API into its platform, according to the information shared with Finbold on April 16.
Alongside the integration comes the launch of the SQR Swap Competition, valued at $25,000 and tailored to incentivize users for their active engagement and transactions within the platform.
Groundbreaking swap conditions
With the integration of the 1inch Swap API, Magic Square users will have access to unparalleled swap conditions.
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Renowned for supporting 12 networks and boasting over 380 liquidity sources, 1inch has facilitated more than 30 million total swaps with a volume exceeding 300 billion.
This integration is thus poised to enhance the utility and efficiency for the Magic Square user base.
Andrey Nayman, the Founder and CEO of Magic Square, expressed his excitement about the integration, stating:
“This collaboration with 1inch marks a significant milestone for Magic Square. Our goal has always been to provide our users with the most seamless and rewarding experience possible. By integrating the 1inch Swap API, we’re not only expanding our service offerings but also enhancing the overall value for our community through additional rewards.”
— Andrey Nayman, the Founder and CEO of Magic Square
Alexandra Fetisova, Partners & Community Lead at 1inch, echoed Nayman’s sentiment, emphasizing 1Inch’s goals of making decentralized finance (DeFi) smoother and more accessible for all users.
User rewards and the path forward
The SQR Magic Swap Competition will also reward users based on their total swap volume, and every swap transaction will earn users Karma points, further encouraging active participation.
Magic Karma allocates points for various contributions and activities, including participating in campaigns, inviting friends, claiming hot offers, and now, through Magic Swap.
At the close of each day, 10,000 SQR will be distributed among users based on the Karma points accumulated.
Both the Magic Swap Competition and Karma Rewards for Swap significantly enhance the utility of the Magic Store and the SQR token.
By offering additional Karma points for swapping to SQR, the platform hopes to drive up demand for the SQR token, benefiting the entire ecosystem.
