Author: CryptoLeo
At 3 AM Beijing time on December 5th, the Magic Eden Foundation launched the ME token airdrop query page. Previously, Magic Eden had 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 through an airdrop, and another 22.5% of the supply (225 million ME tokens) will be reserved to incentivize future users of the ME Foundation's related protocols and platforms.
Overall Allocation Principles
The ME token is intended to reward users who provide economic power to the chain, including SOL, BTC, and EVM wallets, and will be judged based on real users (referred to by Magic Eden as Organic users), cross-chain activities, and loyalty.
Organic users can also be considered as Magic Eden's real users, and Magic Eden's organic usage is a key part of the ME distribution. The more the wallet address behavior and transactions resemble real users, the more likely they are to receive rewards, while non-organic transaction addresses have already been identified, meaning that Magic Eden has already filtered 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 is preparing to cover 15+ chains by the end of the year, the unique aspect of this airdrop query is 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 each section adding up to calculate the total airdrop token amount. The four sections are: one main section Rewards Tiers, and three secondary sections: LaunchpadBonus, Wallet Bonus, and Active OG Bonus.
Rewards Tier Main Section
Rewards Tier is the reward level of the wallet, and is the main criterion for judging the ME airdrop share. Tier is related to the number of ME diamonds we mentioned, and the number of diamonds is related to the transaction activity of the user's connected wallets, but 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 of them.
The display level of the 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 number of transactions, that user can receive a larger total ME airdrop share, but their Rewards Tier will be lower. Conversely, if a user only has a few eligible wallets, but each wallet has a large transaction volume, that user may have a higher Rewards Tier, but the ME share that can be obtained from the few wallets may be lower than the total transaction volume of more wallets. Of course, users who focus on a single wallet address and have excellent data in all aspects don't need to go through this trouble.
So far, the highest level seen by the author 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 the connected wallets. For example, if a user has 3 wallets, one wallet has a large number of Launchpad activities, another wallet has a large number of Wallet activities, and the third wallet has been trading for a long time, 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 on the MagicEden Launchpad and cross-chain minting of Non-Fungible Tokens (NFTs). However, the use of Launchpad is considered a secondary criterion for airdrop reward amount, and if the wallet has no diamond balance, only Launchpad activities cannot obtain ME airdrop share.
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. (Note: Lucky Buy is a new feature launched by Magic Eden in September, allowing buyers to purchase NFTs at a price below market price. The adoption of this feature is based on a percentage-based system, with the system determining 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 cannot obtain ME airdrop share.
Active OG Bonus
The Active OG Bonus represents user loyalty, with the evaluation criteria being: Yes and No. The 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 considered as Active OG Bonus.
The OG early evaluation criteria can refer to MagicTicket. In February 2022, MagicEden posted a tweet stating that MagicEden would conduct a MagicTicket airdrop (with a total of 30,602 tickets) based on its inception time (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 an OG Ticket (6,348 tickets);
Users who made their first transaction between mid-October and mid-December 2022 will receive a Degen Ticket (7,162 tickets);
Users who made their first transaction after December 2022 will receive a Normie Ticket (17,092 tickets).
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 had launched a testME token claiming process, which can be used as a reference: "Magic Eden Will Soon Open testME Airdrop Claiming, Let's Get Familiar with the Process in Advance";
- Click the scan function in 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 BTC, ETH, SOL, and other wallets that have made transactions on Magic Eden as possible, the more eligible 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's 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 on all chains;
- Magic Eden is in the process of incorporating ME into its reward 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's international site also announced on November 20th that it will list ME perpetual contracts on its Pre-Launch market, indicating support for Magic Eden. This may lead to expectations of "Coinbase will include ME in its listing roadmap".
In addition, the recent revival of Altcoins and the continuous rise of new coins, and the NFT sector tokens also saw decent gains yesterday, with APENFT (NFT) up 38.94%, SuperVerse (SUPER) up 21.62%, ApeCoin (APE) up 18.85%, and Blur (BLUR) up 6.84%. The market rotation seems to have expanded beyond just focusing on MEME PvP, and other sectors are also gradually warming up.
After Magic Eden went online, we can't expect much blood to be returned to NFTs, but we can believe that ME's future, which is committed to "all chains, all assets", will see decent growth.
