Magic Eden Acquires SlingShot in Bid to Transcend Cross-Chain Barriers

Magic Eden, Solana’s biggest NFT marketplace, has announced its acquisition of Slingshot, a simplified multichain trading mobile app.

The acquisition will help Magic Eden provide a more complete digital asset trading experience, enabling users to seamlessly swap all assets across all chains.

Magic Eden’s continued push into the multichain world is a natural evolution for the company, which currently dominates its original market, NFTs.

One Step Closer to Complete Chain Abstraction

On April 9, Magic Eden announced its acquisition of Slingshot, marking another milestone on its mission to make the multichain world more accessible. Magic Eden argues that Slingshot reimagines the onchain trading experience, helping users swap any token on any chain using a unified $USDC-based balance.

“This acquisition is a major step forward in advancing the Magic Eden vision, which is to provide users worldwide with a seamless and safe way to buy and sell crypto and digital assets across all chains. 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.” - Jack Lu, Magic Eden CEO and Co-Founder 

While many mobile apps have simplified crypto trading in the past, Magic Eden argues that none have achieved multichain abstraction on the same level as Slingshot. Moonshot, for example, is limited to vetted, Solana-based assets, while Slingshot encompasses a far wider pool of supported chains and tokens.

By abstracting away obstacles like gas tokens, bridges, and chain-specific wallets, Magic Eden and Slingshot will enable a smoother onboarding experience, helping newcomers join internet capital markets faster.

“We are excited to join forces with Magic Eden to change the way the world trades crypto. Slingshot is pioneering the most comprehensive trading infrastructure in the industry, and alongside Magic Eden, we are raising the bar higher. As the world leaves centralization in the past, this move allows us to further empower the individual and make crypto more accessible for everyone.” - Clinton Bembry, Slingshot Co-Founder and CEO

Looking forward, Magic Eden has hinted that it will direct its focus towards making crypto onboarding more accessible through Slingshot. The team has teased a variety of incoming fiat onramps, including Apple Pay and credit card payments, and will implement AI-assisted research tools to improve token discovery within the platform.

Magic Eden Commands 83% of Solana’s NFT Market Share

Magic Eden’s expansion into a wider trading economy comes as the platform affirms its dominance over Solana’s NFT market.

According to NFTPulse data, Magic Eden facilitated over 83% of Solana’s NFT trading volume over the past 30 days, establishing the marketplace as a clear frontrunner in the sector. Additionally, Magic Eden has recorded the highest revenue among NFT marketplaces across all chains, driven largely by its dominance within the Bitcoin Ordinals and Runes market.

Read More on SolanaFloor

Gary Gensler’s pro-crypto replacement has 90 days to divest his positions

SEC Confirms Paul Atkins as SEC Chair, Publishes Fidelity Solana ETF Filing to Federal Register

What Are Solana NFTs?