TL;DR
- Binance-backed Magic Square has completed its private and public Beta releases.
- The project has an ongoing campaign of a 1,000,000 $SQR prize pool on Zealy for the community.
- The native token $SQR is expected to launch later this year.
Coming off its Public Beta release, Magic Square, a community-vetted Web3 app and games store, has started a new campaign with Zealy as it gears towards the launch of its official token, $SQR.
Magic Square launched its closed Beta in 2022 after raising a $3 million seed round led by Binance Labs, Republic Capital, and other prominent investors like KuCoin Labs, GSR, IQ Protocol, and Gravity Ventures.
Both private and public Beta is now completed, and Magic Square is currently on the course to launch the $SQR token, which it says powers all aspects of the project’s ecosystem and allows for the seamless integration of users, developers, and validators.
1,000,000 $SQR prize pool on Zealy
In the interim, the campaign with Zealy will reward the “Magic Square Community” members with up to 1,000,000 SQR after they complete certain social and non-social quests on Zealy’s Web3 onboarding platform. The $SQR rewards will be distributed monthly to participants after the launch event.
“The Magic Square Community is designed to reward your support. As we journey from our Public Beta towards the launch of the Magic Square Token, the $SQR Token, we have decided to make it even more rewarding for our dedicated community members.” the company said.
In addition to the Zealy quest, Magic Square said it would host “sprints” where participants can win exciting rewards in USDT, NFTs, and other exclusive prizes until the $SQR token is launched.
Subject to market conditions, the $SQR token is expected to launch in Q4 2023. According to Magic Square, the supply will be distributed through a vesting mechanism in order to “ensure a fair distribution of rewards among our community members.”
Building a community-vetted dApp store
Magic Square’s core mission is to develop a community-driven multi-chain crypto store for Web3 applications and games to bring users to the crypto and blockchain ecosystem. The project is backed by Binance and based on the BNB Chain.
“In addition to providing users with a fun and engaging platform to explore the world of Web3, Magic Square also helps app developers scale their user base and grow their projects more efficiently,” the company added.
