Bybit has announced that it has decided to list SQR on its trading platform. Bybit is one of the popular crypto exchanges. After the listing, users will be able to trade with SQR via spot grid bots. SQR is the native governance token used on Magic Square – a Web3 platform that focuses on the discovery and engagement of promising projects. The platform hosts various Web3 projects and apps where users can find them in one place. Basically, developers list their projects on Magic Store run by Magic Square.
Magic Square boasts backers from some of the most popular and influential investors in the world. These include Binance Labs, KuCoin Labs, Republic Capital, Gate.io, Huobi Ventures, IQ Protocol, Crypto.com, Forty Two, Alpha Grep, Kyber Network, Banx, deBridge, adnd Chainlink.
There Will Be A Grand Prize Pool On Bybit
The announcement for the listing of SQR on Bybit spot was made via a Twitter/X by the exchange. In the announcement, Bybit hinted that users who show up early for the listing on its platform will earn some free SQR tokens. In other words, there will be a grand prize pool that will be shared among holders of SQR who use Bybit exchange.
The countdown for the listing ends at exactly 10 AM UTC on January 11, 2024, when the listing will take place. Judging from the community’s reactions, a lot of people are excited about the listing.
How Is Magic Square Doing?
Before the listing was announced, Magic Square decided to put its $1 million public sale into DAO Maker. The public offering attracted a whole $22 million in deposits within the first 24 hours while DAO Maker put in an extra $2 million to make it $24 million in 24 hours. Upwards of 9,722 users have already committed deposits to Magic Square.
Why Is This Listing Important?
The thing about tokens being listed on popular exchanges is that they start getting more attention in the industry. In most cases, the demand increases, leading to a corresponding spike in price. The listing by Bybit could lead to more exposure and make the token attractive to other exchanges to list it. Time will tell.