
In a major development, Magic Square, the Web3 app store, has launched a groundbreaking Ecosystem Grant Program, earmarking an impressive $66 million in its native SQR token to support projects within its platform. This strategic move underscores Magic Square’s commitment to fostering innovation and growth in the Web3 space.
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- Web3 app store allocates $66 million in SQR tokens for the Ecosystem Grant Program, signaling a major move to support projects on its platform.
- The Ecosystem Grant Program, comprising 120 million SQR (12% of total supply), aims to cover initial marketing costs for selected apps and games, enhancing their visibility and connecting with target audiences.
- With a current market capitalization of $550 million, Magic Square, backed by influential investors like Binance Labs and Crypto.com Capital, stands out as a leading Web3 app store with over 1,100 apps, 3.6 million unique wallets, and a commitment to fostering a vibrant Web3 ecosystem.
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Magic Square Unveils $66M Grant Program to Supercharge Web3 App Ecosystem
The Ecosystem Grant Program, disclosed in an email to CoinDesk on Wednesday, comprises 120 million SQR, equivalent to 12% of the total token supply. This substantial commitment exemplifies Magic Square’s dedication to cultivating a thriving Web3 ecosystem.
These small grants were particularly set aside for the marketing costs of some selected games and apps for movement purposes, to highlight them on the interface, and to connect with the target audiences. Such extensive financial assistance is needed to change the exponent of Web3 technology through applications, which will eventually lead to success in most of these Web3 apps.
According to CoinMarketCap data, as of the latest update, SQR tokens are valued at $0.55, contributing to an overall market capitalization of approximately $550 million. This performance reflects Magic Square’s growing significance in the Web3 landscape.
Magic Square, backed by influential investors such as Binance Labs and Crypto.com Capital, is a leading app store focused on Web3 technologies. The platform is extremely varied; with over 1,100 unique apps and games, it has an impressively diverse user base with over 3.6 million unique wallets. This purposeful funding program is due to Magic Square’s aspiration to elevate Web3 to the level where the space will flourish and become a beacon of innovation and exploration.
Among the highest priority levels, the Gapstarter platform aims to promote the brightest minds in creating fresh projects enriched with necessary funds. This pushes towards the sustainability of dApps and creates a better ecosystem for them to prosper, resulting in more business.
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