Binance Labs-backed Magic Square launches IDO platform Magic Launchpad for fairer crypto fundraising

After weeks of anticipation, Magic Square, a Web3 app store backed by Binance Labs, has unveiled a decentralized fundraising platform that sets a new benchmark for project launches in the Web3 space. Today, Magic Square announced the launch of Magic Launchpad, an initial DEX offering (IDO) platform designed to help early-stage Web3 projects build and grow.

Unlike traditional IDOs which favor investors with larger sums of money, Magic Launchpad promises to be more democratic for investors, particularly those with smaller amounts of capital. Launchpad plans to address this by using unique allocation strategies that consider factors like user activity and contributions to the Magic Square ecosystem. This could give regular users a fairer shot at participating in promising new projects.

The launch of Magic Launchpad isn’t Magic Square’s first foray into the fundraising space. They previously acquired another IDO platform, TruePNL, which likely provided the groundwork for Magic Launchpad’s development. The new platform enables projects to rapidly grow their community while raising capital from a savvy base of 4.5 million Magic Square users.

In addition to its launchpad, Magic Square offers a curated selection of web3 apps, including decentralized applications (dApps), CeFi and DeFi platforms, NFTs, and blockchain games. Users are rewarded for interacting with the platform, further incentivizing participation within the Magic Square ecosystem.

This launch positions Magic Square as a comprehensive hub for web3 enthusiasts. Users can now explore and discover new projects, invest in them through IDOs, and connect with the broader web3 community – all within the Magic Square platform.

To guarantee optimal leverage of the platform’s capabilities for both users and projects, the Magic Launchpad multi-chain platform is designed to ensure high-quality projects through a rigorous application process managed by the Magic Square team. The platform also provides fair access to investment opportunities and emphasizes transparency, allowing projects of all sizes and development stages to compete on equal footing.

“By deeply integrating with Magic Square’s existing infrastructure, we are poised to redefine how early-stage projects raise funds and gain support in the Web3 ecosystem,” Magic Square founder and CEO Andrey Nayman said.

“Magic Square has democratized the App Store process, and now we are doing the same for investing by lowering the barriers for our community to back cutting-edge Web3 projects,” Nayman added. “Projects that raise through Magic Launchpad don’t just secure capital; the deep integration with our infrastructure allows them to build a community like never before.”

Additionally, Magic Launchpad will feature various types of IDOs, providing the community with broad access to all sectors of exciting Web3 innovation. Users stake $SQR tokens to earn SQRp points, which determine their allocation sizes in certain project launches that require points. Additionally, some launches may be structured as whitelist events, while others as private rounds, offering diverse participation avenues for potential investors.

A standout feature of Magic Launchpad is the Road-to-IDO campaign, hosted before every IDO. This campaign allows users to earn token rewards by actively engaging with the project’s community and platform before it launches on Magic Launchpad.

The first IDO on Magic Launchpad will be for Storm Trade, a groundbreaking perpetual DEX on the TON blockchain. Supported by Ton Ventures, Storm Trade integrates directly with Telegram to offer trading with up to 50x leverage across various markets. To celebrate the launch of Magic Launchpad and the upcoming release of the $STORM token, Storm Trade has allocated 5,000,000 $STORM tokens (approximately 0.05% of the total supply) to the Road-to-IDO campaign. Storm Trade features high-yield liquidity pools, social-fi elements, and a user-friendly interface, all underpinned by top-tier security through full decentralization.

As the first Web3 App Store, Magic Square addresses user acquisition challenges, boosts engagement, and offers a rewarding, community-driven experience. By connecting high-quality users with projects, the platform fosters meaningful interactions and growth. Supported by Binance Labs, Magic Square boasts over 4.5 million registered users and more than 1,300 listed apps and games. With the launch of Magic Launchpad, Magic Square is set to become a comprehensive growth hacking solution, encompassing brand awareness, user acquisition, and fundraising.