Magic Eden has acquired Slingshot, a cross-chain cryptocurrency trading application that empowers users to swap any token on any blockchain utilizing a single USDC balance.
A press release from April 9 indicates that this acquisition represents a significant move for Magic Eden as it expands into broader on-chain trading amidst a diminishing interest in non-fungible tokens. Slingshot’s technology enhances the cross-chain trading experience in the decentralized finance ecosystem.
Currently, users often find themselves needing to bridge assets, manage multiple wallets, and hold various gas tokens to transact across different blockchains. Slingshot simplifies this with a “chain-abstracted” approach, allowing users to place spot or limit orders for any token using one non-custodial balance, without the hassles of gas fees or bridges.
Jack Lu, the CEO of Magic Eden, described the acquisition as a significant advancement, aligning with the company’s mission to create a more seamless and accessible trading experience.
“Combining Slingshot’s innovative team with Magic Eden’s top-tier marketing and scaling expertise enhances our ability to shape the future of crypto.”
— Jack Lu, CEO of Magic Eden
Slingshot will continue to function as an independent platform, with no changes to user accounts, fees, or trading operations. The app will not be introducing a token for the time being, but Magic Eden is considering options for future incentives, such as referral programs and potential ME token integration.
The timing of this acquisition is particularly noteworthy. According to a recent Q1 2025 report, NFT trading volume has plummeted to $1.5 billion, marking a 24% decline from Q4 2024. Additionally, the number of sales has decreased by 10%, illustrating a slowdown in high-value transactions.
The global market capitalization for NFTs currently sits at $3.01 billion, with CryptoPunks representing 23% of this total. In the last 24 hours, the overall NFT trading volume reached only $4.9 million, based on data from CoinGecko.
With the acquisition of Slingshot, Magic Eden appears to be adapting to the changing landscape, betting on token trading to sustain its market position. By enhancing discovery tools, offering fiat onramps like Apple Pay and Venmo, and providing universal trading balances, the collaboration aims to compete effectively with centralized exchanges.