Magic Eden Acquires Slingshot for Seamless Cross-Chain Trading
Magic Eden has bought slingshot, a crypto app that makes it easy to trade tokens across different blockchains.This move comes as interest in NFTs is falling.
Slingshot’s tech simplifies trading in decentralized finance.Users can swap any token using a single USDC balance, without worrying about gas fees or bridges. This makes trading easier and more accessible.
Jack Lu, Magic Eden’s CEO, sees this as a big step. “Combining Slingshot’s innovative team with Magic Eden’s marketing skills will shape the future of crypto,” he said.
Slingshot will keep running as an independent platform. User accounts, fees, and services won’t change. For now, ther are no plans to launch a new token. However, Magic Eden is looking at ways to add incentives, like referrals and ME token integration.
The timing is key. NFT trading volume dropped 24% in Q1 2025, according to DappRadar’s report. Magic Eden is adapting by focusing on token trading.
By offering better discovery tools and universal trading balances, Magic Eden aims to compete with centralized exchanges. This acquisition shows Magic Eden’s commitment to staying ahead in the crypto world.
