Magic Square

SQR Token FAQs

Q: How will the distribution of SQR tokens be?
Q: Are Magic Square beta tokens claimable?
A: Magic Store Beta is a testnet version for testing purposes only. This means that it uses testnet tokens to learn how the app works and provide feedback to improve the product. While the store is on testnet, it is not possible to use real tokens. These tokens have no real-world value.
Q: When is SQR going to be listed?
A: We do not have an exact date, tentatively on Q4 2022 but it depends on various factors, information regarding this will be shared later in due time.
Q: Where can I buy SQR token right now?
A: SQR token will be available on exchanges after listing, but it's not possible to buy at the moment. If someone offers you to sell you SQR tokens be aware because it is a scammer
Q: How is SQR token sustainable in the long run against dumps from people who earn Karma points in the community?
A: We have a %30 SQR token buyback with a lockup period of 12-24 months when people sell, in the long run this balances sellers with buyers.
Q: Is SQR token inflationary?
A: SQR token is not inflationary because the supply is limited but the process of releasing tokens to the market is considered “inflationary” because we are distributing more rewards to the users
Q: Does SQR token have a burning mechanism?
A: no because this mechanism is considered by many regulators as a Security instrument
Q: Beside using $SQR token for grants, rewarding users based on their Karma; will there be other use cases for $SQR token?
A: not for now
Q: How are we planning to distribute SQR token to our Magic users based on their karmas? Will we distribute them on a daily basis? If so, What will be the daily pool limit of SQR tokens that will be distributed among the users?
A: Yes, they will be distributed on a daily basis. The reward pool will start with 25.000 SQR tokens a day for 6 months, after that period of time it will be halved to 12.500 tokens a day for another 6 months and so on…
Q: Do you have plans to integrate a staking platform for SQR?
A: Yes, in the future
Q: How can you briefly explain the utility behind SQR token?
A: Governance, advertising, affiliation, membership
Q: Can users who have staked less than 150 SQR tokens get Karma score? Do they receive daily rewards?
A: Users that didn’t stake at least 150 will collect Karma but will not get daily rewards.
Q: why does the Daily Rewards Pool decrease over time?
A: It decreases to mitigate inflation impact
Q. Can users earn more rewards from the daily rewards pool (Karma score) by referring friends?
A. Yes, by having active members from referral, users can earn a bigger stake from the Rewards pool