Magic Square Launches Magic DAO to Empower Community Governance

Road Town, British Virgin Islands, November 19th, 2024, Chainwire

Binance Labs-backed web3 app store is embracing decentralization

Web3 platform Magic Square has announced the launch of Magic DAO, a governance platform that empowers community members to actively participate in shaping the future of its ecosystem. 

Among other benefits, the new DAO introduces a sophisticated governance structure where $SQR token-holders and stakers can propose fresh ideas, vote on key decisions through Snapshot Labs, and participate in exclusive discussions via a dedicated Discord channel.

A proportional voting system will ensure users’ influence, measured as Total Voting Power (TVP) or SQRv, accords with their $SQR holdings and staking commitment. Users can calculate their voting power by participating in the first proposal.

“The launch of the Magic DAO marks a pivotal moment in our ongoing evolution,” said Magic Square Founder and CEO Andrey Nayman. “By putting governance firmly in the hands of our awesome community, we are ensuring that Magic Square’s development aligns with the collective vision and goals of users and stakeholders.”

The Magic DAO will immediately begin addressing important ecosystem decisions related to the implementation of $SQR burn mechanisms, buy-back and burn strategies utilizing Magic revenue streams, the exploration of new revenue sources, and the strategic development of Magic’s Web3 app store and Launchpad. The $SQR token is a vital part of the Magic ecosystem, powering multiple functionalities and providing utility for projects and users.

Interested parties can join the DAO through a straightforward process that includes claiming a Magic DAO Discord role, introducing themselves to the rest of the community, and participating in regular community calls and discussions. To vote on team proposals, one must join the Magic Square Snapshot Labs community and cast votes in the specified timeframe.

“What this governance structure does is effectively guarantee that every single voice is heard in proportion to their overall commitment to the platform,” adds Nayman. “As we move through Q4, Magic DAO will play a meaningful role in elevating $SQR and helping us to build a stronger and more vibrant Magic Square ecosystem for everyone.”

Five guiding values will inform the DAO’s direction, from community empowerment and real value and utility to informed decision-making, transparency and integrity, and action-oriented leadership.

It has been a banner year for Magic Square, which announced a $66 million ecosystem grant program back in March and subsequently partnered with wallet provider Exodus, integrating the latter’s Passkey Wallet into its app store and launchpad.

About Magic Square:

Magic Square is a Binance Labs-backed Web3 App Store that provides a seamless and integrated platform for users to access a wide range of decentralized applications (dApps). Backed by Binance Labs and Crypto.com, Magic Square provides over 5 million unique wallets as well as over 1,600 web3 apps and games.

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