Road Town, British Virgin Islands, November 19th,
2024, Chainwire
Binance Labs-backed web3 app store is embracing
decentralization
Web3 platform Magic Square has announced the launch of Magic
DAO, a governance platform that empowers community members to
actively participate in shaping the future of its
ecosystem.
Among other benefits, the new DAO introduces a sophisticated
governance structure where $SQR token-holders and stakers can
propose fresh ideas, vote on key decisions through Snapshot Labs,
and participate in exclusive discussions via a dedicated Discord
channel.
A proportional voting system will ensure users’ influence,
measured as Total Voting Power (TVP) or SQRv, accords with their
$SQR holdings and staking commitment. Users can calculate their
voting power by participating in the
first proposal.
“The launch of the Magic DAO marks a pivotal moment in our
ongoing evolution,” said Magic Square Founder and CEO Andrey
Nayman. “By putting governance firmly in the hands of our awesome
community, we are ensuring that Magic Square’s development aligns
with the collective vision and goals of users and
stakeholders.”
The Magic DAO will immediately begin addressing important
ecosystem decisions related to the implementation of $SQR burn
mechanisms, buy-back and burn strategies utilizing Magic
revenue streams, the exploration of new revenue sources, and the
strategic development of Magic’s Web3 app store and Launchpad. The
$SQR token is a vital part of the Magic ecosystem, powering
multiple functionalities and providing utility for projects and
users.
Interested parties can join the DAO through a straightforward process
that includes claiming a Magic DAO Discord role, introducing
themselves to the rest of the community, and participating in
regular community calls and discussions. To vote on team proposals,
one must join the Magic Square Snapshot Labs
community and cast votes in the specified timeframe.
“What this governance structure does is effectively guarantee
that every single voice is heard in proportion to their overall
commitment to the platform,” adds Nayman. “As we move through Q4,
Magic DAO will play a meaningful role in elevating $SQR and helping
us to build a stronger and more vibrant Magic Square ecosystem for
everyone.”
Five guiding values will inform the DAO’s direction, from
community empowerment and real value and utility to informed
decision-making, transparency and integrity, and action-oriented
leadership.
It has been a banner year for Magic Square, which announced a
$66 million ecosystem grant program back in March and subsequently
partnered with wallet provider Exodus, integrating the latter’s
Passkey Wallet into its app store and launchpad.
About Magic Square:
Magic Square is a Binance Labs-backed Web3 App
Store that provides a seamless and integrated platform for users to
access a wide range of decentralized applications (dApps). Backed
by Binance Labs and Crypto.com, Magic Square provides over 5
million unique wallets as well as over 1,600 web3 apps and
games.
Contact
Edelstein
Dan
PR@marketacross.com