Key Points:
- Magic Square’s $SQR staking program rewards participants with APR and SQRp Points, enhancing token utility and fostering community growth.
- Staking $SQR tokens allows users to earn rewards and gain exclusive access to launchpad sales on Magic Square’s platform.
- CEO Andrey Nayman emphasizes the importance of the staking initiative in strengthening the Magic Square ecosystem and promoting community involvement.
Magic Square, the Binance Labs-backed Web3 app store, has unveiled its latest endeavor aimed at bolstering community engagement and amplifying the utility of its native token, $SQR. Following its recent acquisition of TruePNL, the company has launched a comprehensive staking program, allowing token holders to stake their $SQR tokens and earn rewards in return.
The staking program offers participants an opportunity to earn an Annual Percentage Rate (APR) by staking their $SQR tokens across various pools, with reward rates varying depending on the chosen pool and duration of staking. This move not only incentivizes community involvement but also contributes to the ecosystem’s growth.
In addition to APR rewards, participants in the staking program will receive SQRp Points, granting them exclusive access to launchpad sales on the Magic Square platform starting from Q2 2024. The accumulation of SQRp Points can be increased by staking more $SQR tokens and extending the staking period.
Andrey Nayman, CEO of Magic Square, expressed his enthusiasm for the staking program, stating, “We’re excited to launch the $SQR staking program, which rewards our community for their loyalty and deepens their engagement with the Magic Square ecosystem. This initiative is crucial for increasing the utility of the $SQR token, building a stronger and more supportive community, and contributing to our platform’s growth.”
To participate in the staking program, users can visit the Magic Staking Platform, connect their wallet, and follow the on-screen prompts to begin staking in less than a minute. The portal provides clear information on expected APR and SQRp Points, allowing users to make informed decisions.
Several leading projects have already expressed interest in hosting token sales on Magic Square’s launchpad, anticipating strong demand once the product launches in Q2. This initiative not only enhances the utility of the $SQR token but also strengthens the Magic Square community, positioning the platform as a hub for web3 discovery and innovation.
