Token launchpad DAOMaker has ridden to the rescue of Magic Square after the latter’s IDO was majorly oversubscribed. High demand for the Magic Square token sale prompted the project to switch to a launchpad that could accommodate the unprecedented interest, whereupon DAOMaker stepped up.
With major backing from crypto VCs including exchange-affiliated funds, Magic Square’s token sale was always destined to be a hot ticket. Binance Labs, Republic Capital, Crypto.com Capital, KuCoin Labs, Gate.io Labs, HTX Ventures, GSR, and DAOMaker all invested in the project. DAOMaker’s involvement has since extended to hosting the $SQR token sale, the utility token that will power Magic Square.
Second Time’s the Charm
Magic Square had initially planned to hold its IDO on TokenSoft, but so high was the level of interest, which saw 31,000 registered users apply, that servers buckled under the load. In the event, Magic Square switched to DAOMaker, though its launchpad didn’t have it any easier either: its database received 40 million calls in the first five minutes alone. Nevertheless, it held firm, allowing the $SQR sale to be completed without interruption.
In the event, over 8,000 people participated in the Magic Square IDO, which was oversubscribed by 27x. More than $20M in USDT was pledged, despite the public allocation only being $800K. It was a similar story for $DAO holders, who also had a chance to gain entry to the IDO. The tranche made available to holders of DAOMaker’s native token was oversubscribed by 10x.
To Bybit and Beyond
Following completion of the Magic Square IDO, the $SQR token was listed on Bybit. It’s performed well since being added, pulling a 7x, and is currently trading at $0.68 with healthy 24-hour volume. As a BNB Chain-native project, Magic Square is also available on DEXes including PancakeSwap, while other CEX listings are believed to be in the works.
Aided by its Bybit listing, coupled with the FOMO surrounding its token sale, Magic Square has demonstrated strength in recent days. It now numbers more than 31,000 holders, with those who missed out on the IDO still having been given an opportunity to capitalize on $SQR’s uptrend on secondary markets.
Launchpad Tokens Take Off
It’s not just the projects launching IDOs whose tokens have performed well recently; so have launchpad tokens. These are typically staked by users to gain an allocation for sales hosted on the corresponding platform. As a result of these mechanics, there has been high demand for launchpads’ native asset. $DAO, for example, is up more than 100% in three months.
As for Magic Square, with its token now in general circulation, it’s on a mission to boost visibility of its web3 gaming store. Forthcoming apps that are scheduled to launch there include trading platform FreeBnk, P2R metaverse Petrip, and DeFi marketplace Tocen. With the tricky part of the token sale successfully navigated, Magic Square aims to prove that $SQR can play a key role in bringing web3 gaming to a wider audience.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/01/daomaker-delivers-magic-square-ido-despite-unprecedented-demand