Magic Eden Acquires Slingshot to Expand Cross-Chain Crypto Trading

Magic Eden has announced the acquisition of Slingshot, a cross-chain crypto trading application designed to simplify token swaps across multiple blockchains using a single USDC balance. This move represents a significant step for Magic Eden as it diversifies into broader on-chain trading amidst declining interest in non-fungible tokens (NFTs).

Streamlining Cross-Chain Trading

Slingshot’s technology addresses common challenges in decentralized finance (DeFi), where users often need to bridge assets, manage multiple wallets, and hold various gas tokens to transact across blockchains. With its innovative “chain-abstracted” experience, Slingshot allows users to place spot or limit orders for any token using one non-custodial balance, eliminating the need for bridges or gas fee management.

Magic Eden’s Vision for Seamless Trading

Jack Lu, CEO of Magic Eden, emphasized the strategic importance of the acquisition, describing it as a “major step forward” in aligning with the company’s goal to make trading more accessible and user-friendly. Lu stated:

“Pairing Slingshot’s team of product visionaries with Magic Eden’s best-in-class marketing and scaling capabilities accelerates our ability to have an impact on the future of crypto.”

What to Expect Post-Acquisition

Slingshot will continue to operate as an independent platform, ensuring no disruptions to user accounts, fees, or trading services. While the app has no immediate plans to launch a token, Magic Eden is exploring potential incentives, such as referral programs and ME token integration, to enhance user engagement.

Why Now? Insights into the NFT Market

The timing of the acquisition coincides with notable changes in the NFT market. According to recent data, NFT trading volume fell to $1.5 billion in Q1 2025, marking a 24% decrease compared to Q4 2024. Additionally, the number of sales dropped by 10%, signaling a slowdown in high-value trades.

The global NFT market cap currently stands at $3.01 billion, with CryptoPunks accounting for 23% of the total market value. Over the past 24 hours, NFT trading volume reached just $4.9 million, reflecting the ongoing market contraction.

Adapting to Shifting Trends

Magic Eden’s acquisition of Slingshot highlights its strategic pivot towards token trading to remain competitive in the evolving crypto landscape. By integrating Slingshot’s advanced discovery tools, fiat payment options like Apple Pay and Venmo, and universal trading balances, Magic Eden aims to challenge centralized exchanges and maintain relevance in a rapidly changing industry.

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