What Happened?
NFT trading platform Magic Eden announced the acquisition of the decentralized trading app “Slingshot,” expanding its reach beyond NFTs and wallets into the cryptocurrency domain.
Slingshot features a simple user interface and supports cross-chain and multi-currency trading, even allowing users to purchase cryptocurrencies using a variety of payment methods, attracting nearly a million users.
Magic Eden Acquires the Decentralized Trading App “Slingshot”
Having previously launched cross-chain support, a rewards system, and even a multi-chain wallet, the NFT (non-fungible token) trading platform Magic Eden recently announced the acquisition of the decentralized trading app “Slingshot,” expanding its business scope beyond the NFT market.
The appeal of the Slingshot application lies in its user-friendly interface and cross-chain trading capabilities, which have attracted nearly a million users. Users can directly exchange tokens without relying on bridging technology and conduct instant transactions across more than 10 blockchains. This simplifies the cryptocurrency exchange process while reducing operational risks for users.
Additionally, Slingshot supports payments through Apple Pay, Venmo, PayPal, and credit cards, making it easy for even novice users unfamiliar with cryptocurrencies to get started.
We just acquired @SlingshotCrypto!
8M+ tokens. Every chain (Bitcoin soon). No bridges. No CEXs. This is another major step towards our vision of providing the best platform to trade all assets, on all chains.
Oh, and Emmy likes green.
— Magic Eden (@MagicEden) April 9, 2025
Why Choose Slingshot?
In an interview with foreign media outlet Blockworks, Magic Eden CEO Jack Lu pointed out that while many have been launching Layer 2 solutions recently, he believes the market’s enthusiasm for Layer 2 has gradually cooled, and the most promising future will belong to “applications.” Jack Lu is confident that providing the best user experience and innovative applications will win market favor.
As for why he is optimistic about Slingshot, in addition to its ultra-fast transaction speed and support for cross-chain trading without bridges, the variety of tokens listed on Slingshot far exceeds that of traditional centralized exchanges, giving it a competitive edge in the market. According to reports, Slingshot is also preparing to support new tokens such as HyperLiquid, XRP, Cardano, Sui, TON, and Chainlink.
Magic Eden’s vision has always been “all chains, all assets,” meaning that Magic Eden not only hopes to provide NFT trading but also aims to offer users a variety of cryptocurrency trading options, including Bitcoin, stablecoins, and other mainstream DeFi (decentralized finance) assets. Jack Lu revealed that there may be plans for a minor integration between Magic Eden and Slingshot in the future, including linking user identities on both platforms so users can view all their assets in one account.
Even in the current challenging cryptocurrency market situation, Jack Lu still believes that now is the best time for development, as the market’s quietness provides the team with more space for calm reflection and a greater focus on long-term strategies and platform development.
Source: CryptoSlate, Blockworks