The post NFT marketplace Magic Eden acquires Slingshot trading app appeared on BitcoinEthereumNews.com.

This is a segment from The Drop newsletter. To read full editions, subscribe. NFT marketplace Magic Eden is acquiring trading app Slingshot. As of Tuesday, the deal has been signed and is expected to close soon, a spokesperson for Magic Eden confirmed to Blockworks. Jack Lu, Magic Eden’s CEO and cofounder, also spoke to us about the deal. “Why Slingshot, right? The way we would think about it is, if you look at the market today, there was a time everyone was launching L2s,” Lu told Blockworks. “But it was pretty obvious that the market was pretty over it. And our conviction in this cycle — but also over the long term — is [in] the apps. It’s the apps that are going to win and get the most attention.” Lu explained that he enjoys a number of Slingshot’s features, including what he describes as super-fast trading and the ability to trade across any chain without bridging tokens. He also likes that more tokens are available to trade on Slingshot, compared to a centralized exchange like Coinbase. Magic Eden is also planning social features for Slingshot in the future.  “Our vision for Magic Eden has always been all chains, all assets,” Lu said. “This is not just an app that allows you to trade memecoins.” Support for HyperLiquid, XRP, Cardano, Sui, TON and Chainlink is in the works on Slingshot, he added.  Lu clarified that while there might be integrations between Slingshot and Magic Eden in their long-term vision, nothing’s imminent in the short-term. However, there could be a user identity tie-in at some point in the future, where users of both trading platforms are able to see all their assets in one place, under one account. “We don’t want to create too much interdependency between Magic Eden and Slingshot.…

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Filed under: News - @ April 9, 2025 7:27 pm