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Magic Eden (ME)

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Magic Eden (ME) is a multi-chain NFT marketplace across Solana, Bitcoin, and Ethereum, powered by the $ME token.

What Is Magic Eden (ME)?

Magic Eden (ME) is a leading decentralized NFT and multi-chain asset marketplace that aims to make digital ownership universal. Initially focused on Solana NFTs, Magic Eden has expanded to support NFTs and fungible tokens on Bitcoin, Ethereum, Polygon, and other blockchains. It facilitates seamless trading, minting, and collection of NFTs, as well as token trading, across a wide range of blockchain ecosystems.

 

The platform is recognized for its user-friendly interface, mobile-first design, and dominance in NFT and Bitcoin Runes trading, boasting over 22 million monthly visitors and a trading volume exceeding $1.9 billion.

 

Core Features of Magic Eden

  1. Multi-Chain Marketplace

    • Supports NFTs and fungible tokens across Bitcoin, Solana, Ethereum, Polygon, and more.

    • Integrates Bitcoin Ordinals and Runes alongside other blockchain collectibles.

  2. Launchpad

    • Provides creators with tools to mint and launch NFT collections.

    • Selective admission ensures only high-quality projects are featured.

  3. Magic Eden Wallet

    • A secure multi-chain wallet for trading NFTs and tokens directly.

    • Tracks portfolio value and provides exclusive benefits, including access to whitelist opportunities.

  4. Flexible Royalty System: Allows NFT creators to set royalties and ensures fair distribution among stakeholders.

  5. Low Transaction Fees: Charges a flat 2% fee for secondary market trades, with blockchain-specific low gas fees.

Security and Governance

Magic Eden will establish a Security Council to oversee critical protocol functions and safeguard the ecosystem. Governance will be conducted through ME DAO, empowering the community to shape the platform’s future.

 

ME Token Utility and Tokenomics 

$ME Token Overview

Magic Eden (ME) recently announced its ecosystem token, $ME, as a Solana-based SPL token designed to power its cross-chain trading platform. The token aims to:

 

  • Reward trading activities on all chains.

  • Offer staking and governance rights to holders.

  • Incentivize community-driven growth within the Magic Eden ecosystem.

ME Total Supply and Tokenomics

 

  • Total Supply: 1 billion $ME tokens.

  • Initial Claim (12.5%): Fully unlocked at the Token Generation Event (TGE) and distributed to eligible users.

  • Community and Ecosystem Allocation (37.7%):

    • 22.5% for user rewards via trading incentives.

    • 15.2% for ecosystem development, including grants and liquidity provision.

  • Contributors and Strategic Participants (49.8%):

    • Contributors (26.2%) locked for 18 months post-TGE.

    • Strategic participants (23.6%) locked for 12 months.

Token Release Schedule 

Source: ME Foundation blog 

 

Earning Opportunities with $ME Tokens

  1. Trading Rewards

    • Users earn $ME for trading NFTs and tokens across supported blockchains.

    • The program aims to encourage trading activity while increasing user engagement.

  2. Staking

    • Stake $ME to earn additional rewards and support protocol stability.

    • Rewards incentivize long-term holding and active participation.

  3. Governance: Token holders influence key protocol developments and strategic decisions.

Magic Eden ($ME) Airdrop Details

  • Eligibility: Traders of Bitcoin, Solana, and Ethereum products, active users of Magic Eden’s protocols, and participants of the Diamonds rewards program.

  • Airdrop Allocation: 12.5% of total supply (~125 million $ME tokens).

  • Claim Period: Opens on December 10, 2024, via the Magic Eden Wallet.

Magic Eden Roadmap and Key Milestones

 

2024

  • Launch of $ME token and TGE in December.

  • Conversion of Magic Eden Diamonds (existing loyalty program) into $ME tokens.

  • Expansion of trading rewards and staking opportunities.

2025 and Beyond

  • Broader cross-chain integration for NFTs and tokens.

  • Enhancement of governance features through ME DAO.

  • Partnerships with creators and developers to bolster the ecosystem.

Conclusion

Magic Eden (ME) is poised to redefine multi-chain trading with its $ME token, robust ecosystem, and innovative incentives. By integrating fungible and non-fungible assets across chains, the platform is set to further its dominance in decentralized trading and onboard the next wave of crypto users.

 

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