Magic Eden Acquires Slingshot Finance Multi-Chain Mobile Trading App
Magic Eden Expands into DeFi Market with Acquisition of Slingshot Finance
Emerging from the Ordinals and Solana NFT market, Magic Eden is ready to move into the larger DeFi market. Magic Eden has announced the acquisition of Slingshot Finance, aiming to embody the decentralized spirit of DeFi to attract new users.
Jack Lu, the founder of Magic Eden, stated that users will be able to trade tokens through the Magic Eden wallet, but it will not operate like the mainstream centralized cryptocurrency exchange Coinbase in the United States. Slingshot Finance is a decentralized exchange that allows users to trade without intermediaries. The Slingshot Finance application does not force users to undergo a series of operations to transfer cryptocurrency from one place to another but computes on the backend, making the trading experience similar to trading on Coinbase while enabling cross-chain transactions.
Jack Lu mentioned that Slingshot Finance will not be integrated into the existing Magic Eden team but will first support this startup in maintaining its operations. Slingshot Finance’s CEO, Clinton Bembry, will report to Lu’s co-founder and Magic Eden’s Chief Product Officer, Zhuoxun Yin.
Introduction to Slingshot Finance
Slingshot is an application supporting multi-chain mobile trading, allowing seamless trading of over 8 million tokens on each chain using Slingshot’s Abstraction Protocol without the need for bridging.
One of Slingshot’s features is a Universal Balance, enabling users to spend dollars on any chain at any time.
How to Use Slingshot?
Download the app from the iOS or Android store. The first screen will prompt for a Referral Code, which can be skipped if you don’t have one. An account can be created using an email along with a user-defined username and password. During account creation, users can choose to utilize Microsoft Authenticator or facial recognition; these can be skipped if not needed.
The system’s default personal data protection is Pincode, which can be modified in the Security page of the application. Users can also establish a backup on the Security page by writing down the six mnemonic phrases, which can be used to recover account access in case the Pincode is forgotten. On the Security page, users can also opt for facial recognition login and enable camera access, which is set to off by default, allowing the user to choose whether to enable these features.
Depositing into Slingshot can be done via Apple Pay, credit card, debit card, PayPal, Venmo, or by transferring tokens from other exchanges or wallets to the Slingshot app’s Ethereum or Solana wallet address.
This article is for academic research purposes only and does not constitute investment advice.
Risk Warning
Investing in cryptocurrencies is highly risky, and prices can be extremely volatile, potentially resulting in the loss of your entire principal. Please evaluate the risks carefully.
