Magic Eden acquires crypto trading app Slingshot to expand on-chain trading

Magic Eden has acquired Slingshot, a cross-chain crypto trading app that allows users to swap any token on any chain using a single USDC balance. According to an Apr. 9 press release statement , the acquisition marks a huge step for Magic Eden into broader on-chain trading, as interest in non-fungible tokens continues to decline. Slingshot’s technology simplifies cross-chain trading in decentralized finance. Today, users often need to bridge assets, manage multiple wallets, and hold different gas tokens to transact across blockchains. Slingshot streamlines this process with a “ chain abstracted ” experience, enabling users to place spot or limit orders for any token using one non-custodial balance, without worrying about gas or bridges. Magic Eden’s chief executive officer Jack Lu called the acquisition a “major step forward,” saying it aligns with the company’s vision to make trading seamless and accessible. “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.” — Jack Lu, Magic Eden CEO You might also like: Court approves $11m settlement in Shaquille O’Neal’s Astrals NFT lawsuit Slingshot will continue to operate as an independent platform. There are no changes to user accounts, fees, or trading services. The app won’t launch a token for now, though Magic Eden is exploring ways to bring incentives like referrals and possible ME token integration in the future. The acquisition’s timing is notable. According to DappRadar’s Q1 2025 report , NFT trading volume dropped to $1.5 billion, a 24% decrease from Q4 2024. Sales count fell by 10%, reflecting a slowdown in high-value trades. The global NFT market cap now stands at $3.01 billion, with CryptoPunks alone accounting for 23% of that. In the past 24 hours, the total NFT trading volume was just $4.9 million, as per CoinGecko data . Through Slingshot’s acquisition, Magic Eden seems to be adjusting to this shift, betting on token trading to maintain its dominance . By providing improved discovery tools, fiat onramps like Apple Pay and Venmo, and universal trading balances, the two teams hope to compete with centralized exchanges. Read more: Russian social network VK closes NFT marketplace as net loss almost triples