Original | Odaily Planet Daily Report (@OdailyChina)
Author | CryptoLeo (@LeoAndCrypto)
At 3 AM Beijing time on December 5th, the Magic Eden Foundation launched the ME token airdrop query page. Previously, Magic Eden released the ME token economics, with a total token supply of 1 billion, of which 12.5% (125 million tokens) will be immediately unlocked and provided to eligible Magic Eden users for airdrop, and another 22.5% of the supply (225 million ME tokens) will be reserved to incentivize future users of the ME Foundation-related protocols and platforms.
For more detailed token economics, please refer to: "《With the Imminent Token Launch, Can Magic Eden Rekindle the NFT Market?》"
Overall Allocation Principles
The ME token aims to reward users who provide economic power to the chain through SOL, BTC and EVM wallets, and will be judged based on real users (referred to as Organic users by Magic Eden), cross-chain activities and loyalty as the three main aspects of ME airdrop allocation.
Organic users can also be referred to as Magic Eden's real users, and Magic Eden's organic usage is a key part of ME distribution. The more the wallet address behavior and transactions are close to real users, the more likely they are to receive rewards, while non-organic transaction addresses have already been discovered, which means that Magic Eden has already screened out some bot users.
Some users on the X platform have stated that they have a large number of diamonds, but they received a relatively small amount of ME tokens, or were deemed to be non-organic users.
The Four Sections of the Query Page
As a multi-chain protocol that covers both tokens and Non-Fungible Tokens (NFTs), and plans to cover 15+ chains by the end of the year, the airdrop query for Magic Eden is different in that it allows users to connect multiple wallets, and the displayed ME is the total that can be claimed from all eligible wallets.
The airdrop is divided into four sections, with the total airdrop token amount calculated by adding up the amounts from each section. The four sections are: one main section Rewards Tiers, and three secondary sections: Launchpad Bonus, Wallet Bonus, and Active OG Bonus.
Rewards Tier Main Section
Rewards Tier is the reward level of the wallet, and is also the main criterion for judging the ME airdrop allocation. Tier is related to the number of ME diamonds we mentioned, and the number of diamonds is related to the transaction activity of the connected wallets. However, if the user has multiple eligible wallets, they can all be connected to the airdrop query interface, and the Rewards Tier will display the highest wallet level among all connected wallets.
The display level of Tier is not related to the number of connected wallets, for example, if a user has multiple eligible wallets and each wallet has a small amount of transactions, then the user can get a higher total ME airdrop allocation, but their Rewards Tier will be lower; conversely, if a user only has a few eligible wallets, but the transaction volume in each wallet is relatively large, the user may have a higher Rewards Tier, but the ME allocation from the few wallets may be lower than the total transaction volume of more wallets. Of course, users who focus on one wallet address and have excellent data in all aspects don't need to go through this trouble.
So far, the highest level I've seen is Tier 1, and the lowest level is Tier 14, but the ME Foundation's allocation rules website has not yet clearly listed the correlation between the number of diamonds and the levels.
The data of the secondary sections will show the best data of all connected wallets. For example, if a user has 3 wallets, one wallet has a large amount of Launchpad activity, another wallet has a large amount of Wallet activity, and the third wallet has been transacting for a long time, then the overall allocation will display the best statistics for each wallet.
Launchpad Bonus
The evaluation criteria for Launchpad Bonus are mainly divided into: High, Medium, Low and - (representing zero). This section mainly includes minting NFTs on the MagicEden Launchpad and cross-chain minting. But the use of Launchpad is considered a secondary criterion for airdrop reward amount, and if the wallet has no diamond balance, only Launchpad activity will not be able to obtain ME airdrop allocation.
Wallet Bonus
The evaluation criteria for Wallet Bonus are also four: High, Medium, Low and - (representing zero), representing wallet activity, including but not limited to cross-chain NFT transactions, cross-chain token swaps in the Magic Eden Wallet, Rune transactions, and Lucky Buy. (Odaily note: Lucky Buy is a new feature launched by Magic Eden in September, allowing buyers to purchase NFTs at below market price. The adoption of this feature is based on a percentage-based system, where the system determines the percentage of the NFT's listed price that the user wants to use as well as the probability of the user winning. Buyers can participate in the bidding when purchasing NFTs, and if the bidding is successful, Magic Eden will make up the difference, and the seller will still receive the full listed price of their NFT. Even if the purchase is ultimately unsuccessful, the NFT buyer can still receive "diamond" incentives, which is also a way to farm Magic Eden diamonds.)
Wallet activity is also a secondary criterion for airdrop reward amount, and if the wallet has no transaction balance, only based on wallet usage will not be able to obtain ME airdrop allocation.
Active OG Bonus
Active OG Bonus represents user loyalty, with the evaluation criteria being: Yes and No. Active OG Bonus represents addresses that were early users of the protocol and have been actively using it until now. This means that if a user was an early user, but their address has not been used for a long time, they will not be judged as Active OG Bonus.
The OG early evaluation criteria can refer to MagicTicket. MagicEden tweeted in February 2022 that MagicEden would airdrop MagicTickets (a total of 30,602) based on the time of its inception (September 17, 2021) to reward the Solana Non-Fungible Token (NFT) ecosystem, specifically:
Users who made their first transaction within one month of its inception will receive OG Ticket (6,348);
Users who made their first transaction between mid-October and mid-December 2022 will receive Degen Ticket (7,162);
Users who made their first transaction after December 2022 will receive Normie Ticket (17,092).
MagicTicket holders have three types of benefits, including community governance, rewards, and social. For example, they can create proposals, vote, and also receive more points (diamonds), whitelists and airdrops.
Airdrop Query Tutorial
The airdrop query is divided into three steps:
- Download the ME wallet app on your mobile device, and then import the Magic Eden wallet using the seed phrase. Previously, MagicEden launched the testME token claiming process, which can be used as a reference: "《Magic Eden Will Soon Open the testME Airdrop Claim, Let Me Take You Through the Process in Advance》";
- Click the scan function on the App to scan the QR code of the ME Foundation, and randomly sign in on the mobile end;
- After logging in, as mentioned earlier, users should connect as many eligible BTC, ETH, SOL, etc. wallets that have transacted on Magic Eden as possible, the more qualified wallets the better.
After connecting, you can see your allocation amount on the query interface.
Conclusion
The ME claim is set for December 10th. Magic Eden co-founder and CEO Jack Lu has previously posted about some key points for the ecosystem and community building after the launch of ME:
- Magic Eden will become the entry point for everyone to enter the cryptocurrency field, trading assets across all chains;
- Magic Eden is incorporating ME into its rewards program;
- Executing an all-chain, all-asset, all-community strategy to build a strong cross-cryptocurrency chain-based maxis community.
Currently, the pre-market trading price of ME on OKX is fluctuating between $3.5 USDT and $4 USDT, and Coinbase International has also announced on November 20th that it will list ME perpetual contracts on its Pre-Launch market, indicating its support for Magic Eden, so we can expect "Coinbase to include ME in its token listing roadmap".
Given the recent revival of old Altcoins and the continuous rise of new ones, the NFT sector also saw decent gains yesterday, with up 38.94%, up 21.62%, up 18.85%, and up 6.84%. The market rotation seems to have expanded beyond just MEME PvP, with other sectors also gradually warming up.
After the launch of Magic Eden, we may not be able to expect it to give NFTs a significant boost, but we can perhaps believe that the "all-chain, all-asset" focused ME will see decent gains in the future.
