TL;DR
- The public offering for Magic Square at DAOMaker garnered recording-breaking participation, with over $22M in contributions and more than 1400 transactions in less than 24 hours!!
- The sale on TokenSoft was called off due to very high demand, and DAOMaker offered last-minute support, ensuring a smooth launch.
Magic Square $SQR Token Sale Cancelled on ChainGPT
Web3 accelerator and an early investor of Magic Square, DAOMaker, is setting the bar high as the best crypto launchpad platform.
On Jan 10th, 2024, Magic Square prepared for its first-ever $SQR token public sale on ChainGPT. Unfortunately, the sale on TokenSoft was unexpectedly canceled due to high demand.
The platform couldn’t launch another new sale on another platform due to their TGE that was scheduled for Jan 11th, 2024.
DAOMaker came to Magic Square’s rescue, agreeing to increase the public sale allocation from 600,000 to 800,000 $SQR.
The move would ensure a larger $SQR allocation for everyone who contributed. For those contributing for the first time, DAOMaker offers two contribution methods.
One is a guaranteed contribution where the final allocation is based on a user’s deposit—you receive what you see. The other method is a lottery, where users’ chances are based on their deposits. Users can win multiple 50 USDT allocations.
It enabled the public sale to continue without fail on the two platforms, with its listing on Bybit Exchange.
In addition, Magic Square members who already registered and passed the KYC will not have to worry about staking $DAO or $CGPT tokens.
This is because their wallets will already be whitelisted for the event.
Launching Done Right with DAOMaker
In a record-breaking turn of events, DAOMaker went above and beyond in less than 24 hours of the announcement.
The public offering garnered over $22,000,000 in contributions and a 27.57x deposit-to-allocation ratio.
It speaks volumes about the excitement and trust in the $SQR token. More than that, it reflects a smooth DAO Pad experience.
DAOMaker has proven to work super-efficiently in finding solutions for these challenging circumstances due to the high demand to buy $SQR tokens.
As a token of appreciation for providing last-minute support and hosting their sale, Magic Square will give DAOMaker holders a $200,000 allocation.
The platform also highlighted that users were only allowed to deposit if they had passed the KYC on DAOMaker or TokenSoft SQR ICO.
What Happened Next?
The Magic Square community had mixed reactions to this update, with some blaming the ChainGPT pad, while others praised the quick response to solving the issue.
With the backing of DAOMaker, Magic Square believes its $SQR token sale will be a smooth experience from here on.
The platform will be home to Crypto Apps, offering blockchain technology’s benefits without undermining performance.
It comes at a time when institutional investors prepare to enter the crypto market with Bitcoin ETFs.
And Magic Square would want to steer fragmented user experience away from these newcomers in the crypto sphere.
DAOMaker will be there, guiding the platform every step of the way to sculpt the future of Web3.
Will Magic Square’s $SQR public token sale have a smooth sail?
Suchet Salvesen
Suchet is a Norwegian economist, entrepreneur, and investor, serving as the CFO and COO of Brainfund. With over a decade of experience in global expansion, venture capital, and emerging technologies, he earned his MBA from the NMBU School of Business & Economics. He held dual bachelor's degrees from the University of South-Eastern Norway. His career spans roles at NextToMe, Get, and Conax before joining Everipedia, now Brainfund, in 2017.
