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Web3 App Store Magic Square Unveils $66M Grant Program
Magic Square's Ecosystem Grant Program consists of 120 million SQR, equivalent to 12% of the token's total supply.
Mar 6, 2024, 2:00 p.m. 1 min read
Web3 app store Magic Square is dedicating $66 million worth of its native SQR token for grants to projects listed on its platform.
The Ecosystem Grant Program consists of 120 million SQR, equivalent to 12% of the token's total supply, according to an emailed announcement shared with CoinDesk on Wednesday.
The grants will help to finance the initial marketing costs of the selected apps and games to help them improve their visibility on the platform and connect with their target audience.
SQR tokens were priced at $0.55 at the time of writing and have a total market cap of around $550 million, according to data from CoinMarketCap.
Magic Square, which counts Binance Labs and Crypto.com Capital among its backers, is an app store focused on Web3. It offers more than 1,100 apps and games and over 3.6 million unique wallets.
Read More: Web3 Attribution Platform Spindl Teams Up With AppsFlyer to Improve Blockchain Gaming Analytics
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The Ethereum treasury firm cut weekly purchases by more than 75% after the previous week's 112,000 ETH buying spree.
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- Bitmine purchased 26,497 ETH last week, worth about $53 million at current prices.
- The purchase pace slowed sharply from the prior week's 120,000 ETH acquisition.
- The firm now holds 5.42 million ETH, or 4.49% of Ethereum's circulating supply.
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