Magic Eden has acquired Slingshot, a cross-chain crypto buying and selling app that enables customers to swap any token on any chain utilizing a single USDC steadiness.
In accordance with an Apr. 9 press launch assertion, the acquisition marks an enormous step for Magic Eden into broader on-chain buying and selling, as curiosity in non-fungible tokens continues to say no. Slingshot’s expertise simplifies cross-chain buying and selling in decentralized finance.
At this time, customers typically have to bridge property, handle a number of wallets, and maintain completely different fuel tokens to transact throughout blockchains. Slingshot streamlines this course of with a “chain abstracted” expertise, enabling customers to position spot or restrict orders for any token utilizing one non-custodial steadiness, with out worrying about fuel or bridges.
Magic Eden’s chief government officer Jack Lu referred to as the acquisition a “main step ahead,” saying it aligns with the corporate’s imaginative and prescient to make buying and selling seamless and accessible.
“Pairing Slingshot’s crew of product visionaries with Magic Eden’s best-in-class advertising and scaling capabilities accelerates our potential to have an effect on the way forward for crypto.”
— Jack Lu, Magic Eden CEO
Slingshot will proceed to function as an impartial platform. There are not any adjustments to consumer accounts, charges, or buying and selling companies. The app received’t launch a token for now, although Magic Eden is exploring methods to carry incentives like referrals and doable ME token integration sooner or later.
The acquisition’s timing is notable. In accordance with DappRadar’s Q1 2025 report, NFT buying and selling quantity dropped to $1.5 billion, a 24% lower from This fall 2024. Gross sales depend fell by 10%, reflecting a slowdown in high-value trades.
The worldwide NFT market cap now stands at $3.01 billion, with CryptoPunks alone accounting for 23% of that. Prior to now 24 hours, the whole NFT buying and selling quantity was simply $4.9 million, as per CoinGecko information.
By way of Slingshot’s acquisition, Magic Eden appears to be adjusting to this shift, betting on token buying and selling to take care of its dominance. By offering improved discovery instruments, fiat onramps like Apple Pay and Venmo, and common buying and selling balances, the 2 groups hope to compete with centralized exchanges.
