Magic Aden, the leading NFT market, achieved a great shot on Wednesday by obtaining the decentralized trading application, Slingshot.
The acquisition aims to transfer Magic Eden to the post -post -NFTS and its establishment as a major player in the chain across the series as well. After this acquisition, Slignshot will now be merged directly into Magic Eden’s Nft Marketplace.
Decoding Magic Eden – Slingshot Acquisition
NFT participants often need to convert between symbols (for example, from ETH to Sol or MATIC) only to interact with various NFT ecosystems.
With this acquisition, Magic Eden aims to get rid of this friction that comes with the use of multiple platforms or bridges to swap symbols – a common pain point for NFTS and Defi users.
Slingshot, renamed to its current name in 2020, is a decentralized trading platform. It is allowed to switch encryption codes via multiple chains, including ETAREUM, Polygon, optimism, definition, etc. without complex preparation.
This means that with the same US dollar, users can trade all symbols, says BTC, Sol, ETH on all EVM L2S, and more.
We just gained SlingshotCrypto!
8m+ symbols. Each series (Bitcoin soon). No bridges. Do not cexs. This is another major step towards our vision to provide the best platform for trading all assets, on all chains.
Oh, Amy loves green. pic.twitter.com/qmalplzszb
– Magic Aden 🪄 (@maguggeden) April 9, 2025
To enable the crossed chain barters, it uses a liquidity collection engine to allow the cross-chain bodies-to bring coded codes from multiple liquidity pools.
Now with NFT Leader, Magic Eden, users will be able to make symbolic symbols directly via NFT Marketplace.
This will greatly help users get the original symbols they need to mint or bids on NFTS.
Consequently, NFT traders will face friction now during trading in the chain because they do not have to worry about the wallet, gas fees and reliable bridges.
Can the new Teamup team compete with CEXS?
In her press statement, Magic Eden clearly stated that she aims to compete with the leading central stock exchanges (CEXS), as the strict concept of centralization moved behind.
The research will bring with the help of artificial intelligence to allow users to have a quick and effective discovery for their favorite code. Moreover, users will be allowed to bring money from Apple Pay or Venmoe or credit card.
CEO Jack Lu in a X post With this acquisition, it aims to bring all 500 meters encryption users to a chain by “making encryption easy” to everyone.
He also said: “With the Slingshot technology technology, we will accelerate the new symbolic trading features to compete with CEXS.”
Competition ambitions can be possible because most CEXS supports a limited number of crossed chain pairs. But Slingshot allows users to swap across chains quickly without bridge or outside ice. This can be a great victory for dealers in Defi-native.
Moreover, with low gas and zero trading fees, it provides a simple login. However, CEXs like Binance, Coinbase and OKX still dominate the speed and speed of the request book. Slingshot collects liquidity from Dexs, but CEXS cannot correspond to the delicate deals of slip.
However, the Magic Eden-Sultshot acquisition can greatly revive the low interest in NFT trading.
With the increase in the NFT trading volume at only $ 4.9 million, the total trading volume of Q1 2025 witnessed a 24 % decrease from the second quarter of 2024 (according to CONINECKO data). Last year, the KAKEN coding platform also decided to stop the NFT distinctive code market (NFT).
Responsibility: The content may include the author’s personal opinion and subject to market conditions. Is market research before investing in encrypted currencies? The author or post does not bear any responsibility for your personal financial loss.
