Outside Source
Crypto Journalist
Anas Hassan
Crypto Journalist
Anas Hassan
The highly anticipated Token Generation Event (TGE) for Magic Newton’s native $NEWT token took place on June 24, marking the debut of the PayPal and Polygon-backed Automated Finance (AutoFi) project.
The token launched across major exchanges at an initial price of $0.524, immediately capturing significant market attention.
Despite securing what many consider an unprecedented listing strategy for a newly launched project, $NEWT’s market performance has been volatile.
The token initially surged 30% from its listing price, reaching an all-time high of $0.8337, before experiencing a dramatic 46% correction to trade at $0.4515 at press time.
Coinbase, Binance, and Tier-1 Exchange Support Drives Magic Newton Rally and AutoFi Vision
The token’s launch strategy distinguished itself through simultaneous listings on tier-1 centralized exchanges, a rarity for newly launched projects.
$NEWT secured day-one listings on Binance and Coinbase, alongside major Korean exchanges Upbit and Bithumb, and other leading platforms including Bybit, Bitget, KuCoin, MEXC, and BingX.
This comprehensive exchange support propelled the token to a peak market capitalization of $156 million during its initial trading session.
The coordinated listing approach generated substantial trading volume, with 24-hour activity exceeding $890 million, nearly ten times the token’s current market cap of $96 million.
Magic Newton operates under Magic Labs, which has raised approximately $90 million from prominent investors, including PayPal Ventures, Digital Currency Group (DCG), Volt Capital, Polygon, and notable figures like Balaji Srinivasan.
The company has established itself in the crypto infrastructure space since 2018, developing embedded wallet solutions through SDKs utilized by major platforms such as Polymarket, WalletConnect, Helium, and Forbes.
Sean Li, founder of Magic Newton, emphasized the company’s extensive experience, stating their seven-year focus on user onboarding and trust, particularly in partnerships with Fortune 500 companies and large-scale applications.
The Newton protocol represents Magic Labs’ latest effort to address what they perceive as fundamental issues in cryptocurrency user experience through AI-powered solutions.
Technical Infrastructure Powers Magic Labs Automated Finance (AutoFi)
Magic Newton’s decentralized infrastructure layer combines trusted execution environments (TEEs) with zero-knowledge proofs (ZKPs) to enable automated on-chain finance operations.
The platform creates what the company describes as a “decentralized economy of verifiable agents,” with $NEWT serving as the protocol’s gas fee for issuing or revoking private, verifiable on-chain sessions and intents to Newton agents.
The AutoFi functionality allows users to establish automated dollar-cost averaging (DCA) strategies for cryptocurrency, including Bitcoin, Ethereum, KAITO, and VIRTUAL.
Users can configure recurring purchases on hourly, daily, weekly, or monthly schedules through AI agent automation.
Since its official May launch following extensive testing phases, Magic Newton has accumulated over 1.1 million signups, processed 747,000 verified agent transactions, and activated more than 362,000 AutoFi agents.
Magic Newton Influencer “Heist”: Top Kaito Users Bag $30K While Early Testers Get Zero
The project has faced significant criticism from early community members regarding its token allocation methodology.
According to the released tokenomics, the top 1,000 accounts on the social platform Kaito received 0.9% of the total 215 million circulating $NEWT supply, a decision that has drawn considerable community criticism.
Social media reports indicate that some crypto influencers received substantial allocations, with one claiming $5,300 worth of $NEWT tokens and another reporting over 38,000 NEWT tokens valued at more than $30,000 at the token’s peak price.
Many Kaito participants reportedly received allocations ranging from $10,000 to $30,000 in $NEWT tokens.
Conversely, early supporters who accumulated over 5,000 credits through Magic Newton’s initial quests and held Discord community roles found themselves ineligible for token distributions.
Additionally, Binance Alpha participants and BNB holders who had not engaged in testnet activities or Kaito discussions received 125 NEWT tokens each.
The community has widely criticized this distribution model as unfair, arguing that it prioritized influencers and high-profile accounts while excluding genuine early adopters and testers who contributed to the platform’s development.
The crypto community now awaits Magic Newton’s ability to retain its substantial user base and demonstrate genuine utility for the $NEWT token beyond speculative trading.
This article first appeared at News
