Magic Eden Acquires Slingshot Finance

Magic Eden, the leading Solana NFT marketplace by volume, is acquiring the Slingshot trading application as it looks to expand its onchain trading footprint.

The move marks Magic Eden’s first step into token trading as it strives to become one of the most extensive and all-encompassing trading platforms in DeFi.

“Pairing Slingshot’s team of product visionaries with Magic Eden’s best-in-class marketing and scaling capabilities accelerates our ability to have an impact on the future of crypto,” said Jack Lu, the CEO and co-founder of Magic Eden

Slingshot offers a simple and retail-friendly way to buy and trade cryptocurrency onchain. Users can sign up for Slingshot using an email address and fund their purchases with credit cards or traditional digital finance apps such as Venmo, Apple Pay, and PayPal.

The app is available in the iOS and Google Play app stores, and features abstracted in-app bridging for cross-chain transactions, instant listings for tokens across more than ten different blockchains, and a fiat onramp solution that mitigates the need for a third-party centralized exchange (CEX).

Magic Eden is the top Solana NFT marketplace by volume and commands just over 70% of the total Solana market. Magic Eden also led the Bitcoin Ordinals sector for most of 2024, regularly processing between 60% and 80% of the market's daily volume.

Slingshot was founded in 2020 and is approaching one million cumulative users on its platform. The company raised $34 million across four funding rounds led by Ribbit Capital, Framework Ventures, and Electric Capital.

“Slingshot is pioneering the most comprehensive trading infrastructure in the industry, and alongside Magic Eden, we are raising the bar higher,” said Clinton Bembry, the co-founder of Slingshot.