MagicSwap v2 is the first AMM in crypto backing NFTs &all ERC-20s via a single router
MagicSwap v2 happens to be the very first AMM in crypto, which suitably backs pools, in the case scenario of ERC-20s, as well as NFTs, all through just a sole router. It also happens to be providing the opportunity of carrying out the trading of all items existing in a game economy (fungible and non-fungible). Following the deliverance of the protocol, it will be backing ERC-20s, 721s, and 1155s. It will also possess the added capability of swiftly bringing in fresh NFT types with the usage of custom vaults.
It also happens to have automated royalties which are able to be attached to every pool-a feature that has been incorporated into the procedure related to poll building. In the near future, there are plans to integrate it into the Trove marketplace, providing users with a way to utilize the swap minus the need to interact with the AMM.
Plans are afoot to deliver MagicSwap in the early part of the second quarter of 2023 on Arbitrum. At the present moment in time, there is an audit in progress being conducted by Macro. Following this, the plans are to position it on Arbitrum Nova and slowly scour further avenues of connecting with other chains on Web3 gaming.
MagicSwap makes use of $MAGIC in terms of governance and fee tokens in the case of the Arbitrum execution. MagicSwap was designed with the intention of making it an instrument for the creation of engaging gameplay experiences, keeping players engrossed.
Amongst the most prominent features of MagicSwap happens to be the one connecting the whole of Web3 game economies with the help of a sole router. It also provides pools with separate types of NFTs. This feature is not prevalent in the present AMMs. It also helps to improve the overall trading experience by making the provision for users to trade NFTs minus the handling of an ERC-20. The protocol happens to have a three-layered royalty framework, consisting of protocol fee, liquidity provider fee, as well as creator royalties.
In the present scenario, players need to manually make a listing of their items in the marketplace, hampering the smoothness of the game itself. MagicSwap was created to remove such interruptions. It provides users the chance to be able to swoop any amount of NFTs from the pool. There is also the provision for game economies which help in auto-balancing in terms of player trading. Further, the protocol comes with a decentralized TWAP oracle based on Uni-V3. It provides projects with the option of building pools that utilize an ERC-1155 in the form of the base pair.
The protocol happens to have a vault permissioning option, which can be utilized by developers of games to formulate rules in the case of trading beyond the pool. However, the feature of permissioning may seem to be anti-crypto on an initial level. However, players need to have a certain extent of control over their games. It facilitates the new Web3 games as well.
Previous games came with features like location-specific marketplaces, such as bazaars where players were able to buy and sell between each other. As of date, they are able to trade beyond the in-game location. In the case of MagicSwap, game developers are able to use it for building a web of tokens that are possible to be traded amongst one another. The protocol also makes use of $MAGIC in terms of token fee. It takes 0.5% in terms of trade in MAGIC made through MagicSwap pools.