Magic Eden acquires Slingshot to expand on-chain trading

Magic Eden acquired Slingshot, a cross cryptographic trading application that allows users to exchange any token on any chain using a single USDC balance.

According to a press release of April 9 statementThe acquisition marks a huge step for Magic Eden in wider trading on the chain, while interest in non -butties continues to decrease. Slingshot technology simplifies cross trading in decentralized finance.

Today, users often need to reject assets, manage several wallets and contain different gas tokens to transform through blockchains. Slingshot rationalizes this process with a “chain distractedExperience, allowing users to place orders in cash or at the limit of any token using a non -guardian balance, without worrying about gas or bridges.

Magic Eden’s chief executive officer Jack Lu qualified the acquisition of “not in front major”, saying that she aligns about the business vision to make trading transparent and accessible.

“The association of the Slingshot products visionary team with the best marketing capacities and Magic Eden scale accelerates our ability to have an impact on the future of crypto.”

– Jack lu, CEO of Magic Eden

Slingshot will continue to operate as an independent platform. There is no change in user accounts, costs or trading services. The application will not launch a token for the moment, although Magic Eden explores means of providing incentives such as references and integration of possible tokens in the future.

The timing of acquisition is notable. According to Dappradar Q1 2025 reportThe NFT negotiation volume fell to $ 1.5 billion, a drop of 24% compared to T2 2024. The sales count has dropped by 10%, reflecting a to slow down in high -value trades.

NFT’s global market capitalization now amounts to $ 3.01 billion, cryptopunks, representing 23% of this alone. In the past 24 hours, the total volume of NFT exchanges was only $ 4.9 million, according to Coingecko data.

Thanks to the acquisition of Slingshot, Magic Eden seems to adapt to this change, betting on the trading of tokens to maintain its dominance. By providing improved discovery tools, Fiat onramps like Apple Pay and Venmo and universal commercial sales, the two teams hope to compete with centralized exchanges.