DAOMaker Supports Magic Square with Oversubscribed IDO
Magic Square sought help from token launchpad DAOMaker after the overwhelming interest in its initial DEX offering (IDO). Due to the high demand, DAOMaker stepped in to host the $SQR token sale, which will power the Magic Square project. Notable crypto VCs like Binance Labs, Republic Capital, and Crypto.com Capital have invested in Magic Square.
Switching to DAOMaker for a Successful IDO
Originally planned to take place on TokenSoft, the Magic Square IDO faced server issues due to the massive interest, forcing a switch to DAOMaker. DAOMaker also faced challenges, receiving 40 million database calls in the first five minutes. Nevertheless, the $SQR token sale was completed without interruption. Over 8,000 participants oversubscribed the IDO by 27x, pledging over $20M in USDT.
Listing on Bybit and Future Plans
Following the IDO, the $SQR token was listed on Bybit and has performed well, currently trading at $0.68. Magic Square, a BNB Chain-native project, is also available on PancakeSwap and has hinted at future listings on other CEXes. With over 31,000 token holders, Magic Square continues to gain traction and offer opportunities for investors.
Launchpad Tokens in High Demand
Launchpad tokens, like $DAO, have experienced significant growth due to the demand created by IDOs hosted on their platforms. For example, $DAO has seen a more than 100% increase in value in three months. This trend demonstrates the market’s interest in launchpad projects and their associated tokens.
Magic Square’s Path Forward
Having successfully navigated the token sale, Magic Square aims to promote its web3 gaming store and launch various applications. These include FreeBnk, a trading platform, Petrip, a P2R metaverse, and Tocen, a DeFi marketplace. With $SQR as a key component, Magic Square aims to bring web3 gaming to a wider audience and increase the visibility of its platform and products.
Hot Take: Magic Square Harnesses DAOMaker to Tackle Oversubscription Challenge
Magic Square faced overwhelming demand during its IDO, leading to a switch to DAOMaker’s launchpad. Despite the influx of users and database calls, the $SQR token sale was successfully completed. With its listing on Bybit and growing number of token holders, Magic Square is poised to expand its reach in the web3 gaming industry. The success of launchpad tokens like $DAO further highlights the market’s interest in IDO projects. Moving forward, Magic Square plans to introduce new applications to its web3 gaming store, showcasing the potential of $SQR to revolutionize the gaming experience.
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