Magic Square is a discovery and engagement platform for Web3 applications, functioning as a community-driven app store. It connects users with decentralized applications (dApps), games, and other digital assets, while providing a suite of growth and user acquisition services for project developers. The entire ecosystem is powered by its native utility token, SQR. ^{[1] [3] [4]}

History

Magic Square was established with the goal of creating a centralized hub for the fragmented Web3 application landscape. The project's official X (formerly Twitter) account was created in May 2021, and the beta version of the platform launched in December 2021, promoted as a "crypto app store" with a daily rewards pool for early users. ^[2]​

In July 2022, the project announced the closure of a $3 million seed funding round led by Binance Labs. The funding was intended to scale user growth and accelerate product development. ^[2] The platform gained wider media attention in October 2022 when it was featured in TechCrunch, which highlighted its ambition to create a Web3 alternative to traditional app stores. ^[1]​

The platform's native token, SQR, was introduced in early 2024. A community token sale was held on the Tokensoft platform, and the token was officially listed for trading on the Bybit exchange on January 11, 2024. ^[2] Following the token launch, Magic Square continued its expansion. In February 2024, it acquired the token launchpad TruePNL to integrate its services and broaden its offerings for new projects. ^[1] The following month, in March 2024, the company launched a $66 million grant program to support developers building on its platform. In November 2025, Magic Square announced a partnership with the on-chain analytics firm Nansen. ^{[1] [2]}​

The company is legally registered as Magic Square Int Ltd. in the British Virgin Islands. ^[1]​

The Magic Square Ecosystem

The Magic Square ecosystem is designed to serve both end-users looking for Web3 applications and project founders seeking growth and community engagement. It consists of a central app marketplace complemented by a range of DeFi, gamification, and marketing tools. ^[1]​

The Magic Store

The Magic Store is the core component of the platform, functioning as a marketplace for Web3 projects. It lists over 2,500 community-vetted dApps and games, which are categorized for user discovery. The platform reports having over 4.9 million connected wallets and over 1.5 million users participating in its campaigns. The store is designed to be a comprehensive directory, including sections for:

• Apps: Primarily focused on Decentralized Finance (DeFi) and other utility dApps.
• Games: A dedicated section for GameFi projects.
• AI Agents: A category for applications built using artificial intelligence.
• Memes: A space for meme-related projects and tokens.
• Telegram Mini-Apps: A collection of applications that run within the Telegram messaging app.

The projects listed in the store undergo a community validation process to ensure a level of quality and legitimacy. ^[1]​

User Engagement and Rewards

To encourage user activity and retention, Magic Square has implemented several features that reward users for their participation on the platform.

Hot Offers

The "Hot Offers" feature is a campaign system where users can earn token rewards by completing specific tasks for projects listed on the store. These tasks typically involve social media engagement (e.g., following an account) or performing on-chain actions within a specific dApp. This system serves as both a user acquisition tool for projects and an earning mechanism for users. ^[1]​

Reward Pools and Magic Karma

Magic Square provides daily rewards to users through its Reward Pools. The distribution of these rewards is based on a user's "Magic Karma" score. Magic Karma is a reputation system that quantifies a user's on-chain and off-chain activity across the ecosystem. Actions such as voting, participating in campaigns, and regularly using the platform contribute to a higher Karma score, which in turn leads to greater daily rewards. ^[1]​

Gamified Features

The platform includes several gamified elements to enhance user engagement:

• Magic Board: A quest system that presents users with a series of tasks to complete across the platform. Completing these quests unlocks exclusive benefits and rewards.
• Magic Raffles: A lottery-style feature where users can purchase tickets using USDT or the native SQR token for a chance to win large prize pools.
• Magic Predictions: A game where users can speculate on the future price movements of various cryptocurrencies. Correct predictions are rewarded from a prize pool. ^[1]

Mystic AI

Mystic AI is an integrated artificial intelligence assistant designed to help users navigate the Web3 space. It is powered by credits that can be acquired using SQR tokens. ^[1]​

Services for Developers

For Web3 project founders, Magic Square offers a "Go-to-Market" suite of services aimed at fostering growth at different stages of a project's lifecycle. The platform has reportedly launched over 250 growth campaigns for various projects. ^[1]​

Key services include:

• User Acquisition: Projects can run targeted campaigns, such as through the Hot Offers feature, to drive measurable, on-chain user activity.
• Brand Awareness: The platform provides promotional opportunities through banner advertisements, sponsored content, and access to a network of Key Opinion Leaders (KOLs) for marketing campaigns.
• Token Launch Preparation: Magic Square assists projects in building community momentum and engagement in the lead-up to a Token Generation Event (TGE) or Initial DEX Offering (IDO).
• Token Utility and Retention: Post-launch, projects can utilize the platform's reward structures and campaign tools to create ongoing incentives for holding and using their tokens, thereby improving user retention. ^[1]

DeFi Integration

The platform incorporates several DeFi functionalities to support its ecosystem and the projects within it.

• Magic Launchpad: Following the acquisition of TruePNL, Magic Square integrated a launchpad for new projects to conduct token sales and IDOs directly on the platform.
• Magic Staking & Farms: Users can stake SQR tokens and other project tokens to earn yield. The SQR token can be used to boost the Annual Percentage Rate (APR) in liquidity farms.
• Magic Swap: An integrated token swap feature allows users to trade digital assets without leaving the platform.
• Magic DAO: A Decentralized Autonomous Organization governs certain aspects of the platform. SQR token holders can participate in this governance by voting on platform-related proposals. ^[1]

SQR Token

The SQR token is the native utility token that facilitates operations and interactions within the Magic Square ecosystem. ^[1]​

Tokenomics and Technical Details

• Ticker: $SQR
• Blockchain: BNB Smart Chain (BEP-20)
• Contract Address: 0x2B72867c32CF673F7b02d208B26889fEd353B1f8
• Security Audit: The token's smart contract has been audited by CertiK, receiving a reported score of 91.44 (AA). ^{[1] [3] [4]}

Utility

The SQR token has multiple use cases designed to integrate it deeply into the platform's functions:

• Membership: Holding SQR unlocks enhanced benefits and higher reward potential within the Magic Store.
• Governance: The token grants access to the Magic DAO, allowing holders to vote on key platform proposals and decisions.
• Exclusive Access: SQR is required for participation in certain token sales on the Magic Launchpad and for eligibility in exclusive "Magic Drops."
• Staking and Yield Boosting: Users can stake SQR to earn passive yield. It can also be used to receive APR multipliers in the Magic Farms feature.
• Payments: SQR is used to purchase credits for the Mystic AI assistant.
• Incentives and Rewards: The token is the primary asset used to reward users for their activity on the platform, including participation in Hot Offers and daily Karma-based rewards.
• Grants: The platform's ecosystem grant program distributes funds to developers in the form of SQR tokens. ^[1]

Availability

The SQR token is available for trading on both centralized and decentralized exchanges.

• Centralized Exchanges (CEX): Bybit, Gate.io, KuCoin.
• Decentralized Exchanges (DEX): PancakeSwap. The platform also offers a "Buy with Card" option, a fiat on-ramp service facilitated by Banxa. ^[1]

Partnerships and Ecosystem Integration

Magic Square has established a network of investors, partners, and integrated blockchains to support its platform. ^[1]​

Investors and Backers

The project is backed by several venture capital firms and investment arms of major cryptocurrency exchanges. Notable investors include:

• Binance Labs (listed on some materials as yZiLabs, an alias for its incubation projects)
• Crypto.com Capital
• KuCoin Labs
• Gate.io Labs
• Republic Capital
• HTX Venture
• GSR
• Blocore
• Taisu ^{[1] [2]}

Supported Blockchains and Projects

The Magic Store integrates with over 160 blockchain ecosystems, allowing for a wide range of dApps to be listed. Key supported chains include Arbitrum, Avalanche, Base, BNB Chain, Cardano, Ethereum, ImmutableX, Polygon, Solana, and TON.

Prominent projects featured on the Magic Store include:

• DeFi: PancakeSwap, 1inch, MANTRA, OKX Dex
• Games: Heroes Of Mavia, Anichess, BLOCKLORDS, Gala Games, MOBOX
• Other dApps: Arkham, Kraken, Cookie3 ^[1]

Reception and Recognition

Magic Square has received coverage from industry media and positive testimonials from its partners for its role in user acquisition and community growth. ^[1]​

Media Coverage

The platform has been featured in several major technology and cryptocurrency news outlets:

• TechCrunch: Covered Magic Square's concept as a Web3 app store challenging established market players.
• Cointelegraph: Reported on the launch of its IDO platform and its goal to improve access for retail investors.
• The Block: Published news on the strategic acquisition of the launchpad TruePNL.
• CoinDesk: Announced the launch of the platform's $66 million grant program for ecosystem developers. ^[1]