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 stability.
Based on 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 know-how simplifies cross-chain buying and selling in decentralized finance.
Immediately, customers typically have to bridge property, handle a number of wallets, and maintain completely different gasoline tokens to transact throughout blockchains. Slingshot streamlines this course of with a “chain abstracted” expertise, enabling customers to put spot or restrict orders for any token utilizing one non-custodial stability, with out worrying about gasoline or bridges.
Magic Eden’s chief government officer Jack Lu known as the acquisition a “major step forward,” saying it aligns with the corporate’s imaginative and prescient to make buying and selling seamless and accessible.
“Pairing Slingshot’s team of product visionaries with Magic Eden’s best-in-class marketing and scaling capabilities accelerates our ability to have an impact on the future of crypto.”
— Jack Lu, Magic Eden CEO
Slingshot will proceed to function as an unbiased platform. There are not any adjustments to consumer accounts, charges, or buying and selling providers. The app gained’t launch a token for now, although Magic Eden is exploring methods to deliver incentives like referrals and doable ME token integration sooner or later.
The acquisition’s timing is notable. Based on DappRadar’s Q1 2025 report, NFT buying and selling quantity dropped to $1.5 billion, a 24% lower from This autumn 2024. Gross sales rely 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. Up to now 24 hours, the whole NFT buying and selling quantity was simply $4.9 million, as per CoinGecko knowledge.
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.
