Nikolas Sargeant
From IDOs and IGOs to INOs and IAOs, the world of Web3 financing throws up a perplexing word salad of esoteric terms – or maybe that should be letter salad. After familiarizing oneself with the acronyms though, there’s only one question worth asking: is the launchpad in question good at connecting projects with serious investors? In the case of DAOMaker, the answer is a resounding Yes.
For evidence, look no further than the launchpad’s recent Strong Holder Offering (SHO) for crypto app store Magic Square. The event not only showcased the robustness of the platform but also the burgeoning potential of Magic Square, a convenient gateway to the wonders of Web3.
DAOMaker Comes to Rescue for Magic Square
An IDO and IGO launchpad with over a million users, DAOMaker conducted Magic Square’s SHO with impressive aplomb. The SHO – a unique fundraising mechanism that determines investors’ eligibility based on their on-chain activities – attracted 8,232 participants, facilitated over 1,400 transactions, and raised a staggering 22,057,789 $USDT for an $800,000 allocation. To set these numbers in context, that’s an eye-popping 27.57x oversubscription for Magic Square’s $SQR token; a clear indicator of the project’s potential and investors’ confidence.
DAOMaker operates according to a distinctive model, wherein investors stake $DAO tokens to access exclusive sales, high allocations, discounted fees, and non-inflationary yield. The Magic Square SHO saw 1,760,780 $DAO raised for a 181,818 $DAO allocation, marking a 9.68x oversubscription. Following this bootstrapping phase, $SQR launched on the ByBit exchange, where it is now trading at over 4x the listing price having amassed 37,000+ holders. Its popularity even led to it trending on CoinGecko.
All of which is to say that the Strong Holder Offering did exactly as advertised. But that’s not even the most noteworthy part of this story. Because DAOMaker wasn’t actually the first launchpad Magic Square tasked with handling the sale. That responsibility fell to TokenSoft, which experienced myriad technical difficulties following huge demand. Unable to cope, the launchpad made way for DAOMaker, an early investor in Magic Square, to step in and save the day.
DAOMaker’s success in handling the Magic Square SHO was a major win for the platform. In particular, its ability to handle 40 million database calls in the first five minutes underscored the quality of the engine resting beneath the hood, so to speak. Investors were able to grab a bag, Magic Square became the talk of the town, and DAOMaker made sure everything ran smoothly.
Magic Square: The Future of Web3 App Stores?
Backed by a slew of high-profile VCs, Binance Labs, Republic Capital and Crypto.com Capital among them, Magic Square seeks to redefine the Web3 landscape, acting as a user-friendly portal to everything the industry has to offer. Designed to address user acquisition challenges head-on, Magic Square connects users with top-tier projects and offers rewarding experiences into the bargain. This is achieved via incentives for user interactions with various projects, among other things.
The Magic Square utility token ($SQR), meanwhile, provides numerous benefits, particularly by granting access to the eponymous Premium Membership Program. Members get to enjoy various perks, such as increased daily rewards, karma points, priority access to ‘hot offers’, and more. With further utilities soon to be announced, $SQR could represent a key that unlocks many tasty rewards for playing in the Web3 sandbox.
DAOMaker’s Magic Square SHO is a testament to the innovation at the heart of Web3, particularly where fundraising is concerned. Describing itself as “the launchpad for real founders,” the DAOMaker platform is building a reputation as a go-to destination for next-gen projects, a fact illustrated by the numbers it proudly touts on its homepage ($56m contributions, 126+ startups, $556m distributions). As for Magic Square, it’s fair to say the project is enjoying a ‘moment’ – one it hopes will eventually see it become the iOS App Store for Web3 users globally.
