TL;DR
- Magic Square has launched a $750,000 rewards program aimed at increasing participation and activity on its Web3 platform.
- The “Engage-to-Earn” program was launched on February 12th, with an allocation of over 1.5 million $SQR tokens, valued at more than three quarters of a million dollars.
- Users must register as Magic Store members, actively engage with the platform, accumulate Karma points, and stake $SQR tokens to qualify for the program’s daily rewards.
Magic Square, a Web3 space web store, has announced a rewards program worth a total of $750,000. This program’s main goal is to increase participation and activity within its platform, seeking to more actively involve users in the Web3 ecosystem.
The program, named “Engage-to-Earn,” was launched on Monday, February 12th, with an allocation of over 1.5 million $SQR tokens, valued at over three quarters of a million dollars. The central idea of the program is not only to distribute rewards but also to strengthen and grow the Magic Square community.
🚀 We are excited to announce Magic Square's Engage-to-Earn Campaign! 🌟
💰 1.5M $SQR Reward Pool!
🎟️ Exclusively for Plus, Premium, & Premium Plus Magic Store MembersJoin #MagicSquare now ➡️ https://t.co/se5Q8T9Jp0 pic.twitter.com/EfBhbtYmKx
— Magic Square (@MagicSquareio) February 12, 2024
To qualify and benefit from this program, users must follow some steps. First, they must register as Magic Store members. Which involves joining the platform and actively participating in its activities. This includes interacting with various applications, contributing to the community, and accumulating Karma points. Which are essential for receiving daily rewards from the pool.
Additionally, users must stake $SQR tokens to obtain Premium or Premium Plus membership. This token staking requirement is a way to demonstrate the user’s commitment to the platform and increases their chances of receiving rewards from the prize pool.
Magic Square Program May Encounter Difficulties Due to Token Lockup
The rewards program has a daily allocation of 10,000 $SQR tokens. Which are awarded to users with the highest participation karma. To ensure the integrity of the program, Magic Square has implemented advanced measures against bots, using the Zealy community engagement platform to prevent fraudulent participation.
However, the program also faces challenges. The need to stake $SQR tokens may be a barrier to entry for some users. Limiting their participation in the rewards program. Additionally, ensuring fairness in an environment where bots can mimic human behavior presents an additional challenge.
Ultimately, this rewards program highlights the importance of active participation in decentralized ecosystems like Web3. By providing tangible incentives, Magic Square hopes to not only increase activity on its platform. But also drive the growth and expansion of the Web3 ecosystem as a whole.
