What Happened?
NFT trading platform Magic Eden announced the acquisition of the decentralized trading app “Slingshot,” expanding its reach beyond NFTs and wallets into the cryptocurrency space.
Slingshot features a simple interface and supports cross-chain and multi-currency trading, even allowing users to utilize various payment methods to purchase tokens, attracting nearly a million users.
Magic Eden’s CEO, Jack, believes that in the future, the most promising developments will be those that provide the best user experience and innovative applications, rather than Layer 2 solutions.
Magic Eden Announces Acquisition of Decentralized Trading App “Slingshot”
Having launched cross-chain support, a rewards system, and even a multi-chain wallet, NFT (non-fungible token) trading platform Magic Eden recently announced the acquisition of the decentralized trading app “Slingshot,” broadening its business scope beyond the NFT market.
The app Slingshot is characterized by its simple interface and cross-chain trading capabilities, attracting nearly a million users. Users can exchange tokens directly without relying on bridging technology and conduct real-time transactions across more than ten blockchains, simplifying the cryptocurrency exchange process while reducing user operational risks.
Additionally, Slingshot supports payments via Apple Pay, Venmo, PayPal, and credit cards, making it easy for newcomers to cryptocurrency to get started.
We just acquired @SlingshotCrypto!
8M+ tokens. Every chain (Bitcoin soon). No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains.
Oh, and Emmy likes green.
Why Choose Slingshot?
In an interview with foreign media outlet Blockworks, Magic Eden CEO Jack Lu pointed out that while many have been launching Layer 2 solutions recently, he believes the market’s enthusiasm for Layer 2 has gradually cooled. The future will favor “applications.” Jack Lu is confident that those providing the best user experience and innovative applications will gain market favor.
As for the reasons for favoring Slingshot, in addition to its ultra-fast transaction speeds and support for cross-chain trading without bridging, the variety of tokens available on Slingshot far exceeds that of traditional centralized exchanges, giving it a competitive edge in the market. According to foreign media reports, Slingshot is also preparing to support new tokens such as HyperLiquid, XRP, Cardano, Sui, TON, and Chainlink.
Magic Eden’s vision has always been “all chains, all assets,” meaning that Magic Eden aims not only to provide NFT trading but also to enable users to trade various cryptocurrency assets, including Bitcoin, stablecoins, and other mainstream DeFi (decentralized finance) assets. Jack Lu revealed that there may be small-scale integration between Magic Eden and Slingshot in the future, including linking user identities across both platforms, allowing users to view all their assets within a single account.
Even though the current cryptocurrency market situation is not favorable, Jack Lu still believes that this is the best time for development. The market’s quietness gives the team more space to think calmly and focus on long-term strategies, working hard to develop the platform.
Source: CryptoSlate, Blockworks