Magic Eden has taken over Slingshot, a cross-chain crypto-trading app with which users can exchange any token in each chain using a single USDC balance.
According to a press release of April 9 rackThe acquisition marks a huge step for Magic Eden in wider trade on chains, because the interest in non-fungal tokens continues to fall. Slingshot technology simplifies cross-chain trade in decentralized financing.
Nowadays, users often have to bridge assets, manage multiple portfolios and retain various guest drivers to transfer over block chains. Slingshot streamlines this process with a “chain breaking” experience, so that users can spot or order for each token with one non-guardianship balance, without worrying about gas or bridges.
Jack Lu, Chief Executive Officer of Magic Eden.
“The team of Slingshot’s team of product visionaries with Magic Eden’s best-in-class marketing and scale opportunities accelerates our ability to have an impact on the future of crypto.”
– Jack Lu, Magic Eden CEO
Slingshot will continue to work as an independent platform. There are no changes in user accounts, costs or trading services. The app is not launching token for the time being, although Magic Eden is investigating ways to bring stimuli as references and possibly me -token integration in the future.
The timing of the acquisition is remarkable. According to the Q1 2025 from Dapradar reportNFT trade volume fell to $ 1.5 billion, a decrease of 24% compared to Q4 2024. The sales count decreased by 10%, which reflected a delay of high-quality transactions.
The global NFT market capitalization is now $ 3.01 billion, with cryptopunks alone for 23% of that. In the last 24 hours, the total NFT trading volume was only $ 4.9 million, according to Coingecko facts.
Due to the acquisition of Slingshot, Magic Eden seems to adapt to this shift, which betting on token trade to retain its dominance. By offering improved discovery aids, Fiat OnRamps such as Apple Pay and Venmo and Universal Trading Baldi, the two teams hope to compete with centralized exchanges.
