- Magic Square’s IDO platform is backed by Binance Labs.
- Users stake SQR tokens to gain investment allocations.
- Magic Square emphasizes community involvement in IDOs.
Magic Square, with the backing of Binance Labs, has introduced its innovative initial DEX offering (IDO) platform. This new platform, Magic Launchpad, constructed on a decentralized exchange, focuses on providing Web3 investors with limited funds more equitable access. Michael Landsberger, COO of Magic Square, emphasized the platform’s commitment to inclusivity by employing allocation strategies that consider user activity and ecosystem contributions.
Community-Driven Investment
To participate in the investment rounds, users must stake Magic Square (SQR) tokens to accumulate SQR points, which influence their allocation size for certain projects. Additionally, Magic Square encourages engagement through its “Road-to-IDO” campaign, rewarding users for their activity within the protocol’s community before each project’s launch. This method aims to foster a more involved and supportive community around new protocols.
The platform seeks to offer more than financial assistance; it aims to support community building and long-term success for emerging Web3 protocols. Landsberger pointed out that treating an IDO as merely a fundraising event misses its potential to significantly impact the growth and sustainability of new projects.
Magic Square joins the expanding sector of decentralized crowdfunding, currently comprising 109 IDO launchpads. Among these, Oxbull stands out for delivering the highest investor returns, showing the strength and potential of well-managed IDO strategies.
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