Solana's NFT trading platform Magic Eden announced the launch of the ME Token and its integration into the wallet application in August this year. Magic Eden has recently officially launched the ME Token economics, which will drive the future development of Magic Eden through transaction rewards, governance rights, and cross-chain support.
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ToggleMagic Eden's Vision, Building the Largest Cross-Chain Trading Platform Globally
According to the official announcement, Magic Eden is currently the dominant BTC DEX, accounting for over 80% of the trading volume of Bitcoin-related protocols such as Ordinals and Runes. It also has the highest receivables in the NFT ecosystem, with a 60% market share, and a 29% user share.
It is also a new cross-chain dApp that can support the trading of any digital assets, including Tokens and Non-Fungible Tokens, at any time and place, with the aim of making digital asset trading simple, intuitive, and designing user-friendly interfaces for both desktop and mobile devices to attract more users into the blockchain trading world.
ME Token Economics, Enabling the Community and Ecosystem to Grow Together
The total supply of the ME Token is 1 billion, which will be gradually released over four years, with more than half of the ME Tokens allocated to the community to ensure the long-term development of the Magic Eden ecosystem.
Allocation Details are as Follows:
- Initial Allocation (12.5%): At the Token Generation Event (TGE), 12.5% of the total ME Tokens will be used to reward eligible users, such as those from the BTC, Solana, and EVM ecosystems. These users are considered key members of the ME Token DAO, as their participation will contribute to community governance and the development of Magic Eden.
- Community and Ecosystem (37.7%): 22.5% of the ME Tokens are used to reward active users, and 15.2% are allocated to participants in ecosystem building and advocacy, including long-term partners who support the growth of the protocols.
- Contributors (26.2%): This includes the Magic Eden team, developers, and advisors. Over 60% of this portion of Tokens (i.e., 60% of 26.2%) will be subject to a "lock-up period", meaning these ME Tokens cannot be transferred or sold for at least 18 months after issuance, ensuring long-term commitment and contribution from the holders.
- Strategic Participants (23.6%): Provided to key partners critical to the development of the protocols, with a lock-up period of at least 12 months.
Rewarding Trading Users, Building a Fully Participatory Community
Magic Eden claims that it will launch the most comprehensive trading reward program in the market, where users can earn ME Tokens when trading Non-Fungible Tokens and Tokens. Furthermore, ME Token holders can also earn additional rewards through staking and participate in protocol governance. If users fail to claim these ME Tokens within a specified period, the Tokens will be redistributed to the community pool and used as staking rewards for ME Token holders, ensuring the proper utilization of resources.
The TGE is Coming Soon, Users Can Check Their Eligibility in Advance
Prior to the TGE (Token Generation Event), users will be able to use a verification tool to confirm if their wallets meet the eligibility criteria and claim the ME Tokens on the TGE day to start staking. Magic Eden reminds the community to be vigilant against scams, as the official team will not proactively contact users or request personal information.
