- ME tokenomics
On 12/10, Magic Eden officially listed and conducted an Airdrop of the ME token for eligible users. This is an event that many "air soldiers" have been looking forward to.
In the first 5 minutes after launch, the ME token price immediately soared from $6.7 to $13.1. However, ME quickly dropped in price as more and more users successfully claimed the Airdropped tokens. This Bit quickly lost nearly 2/3 of its value, hitting a Dip at $4.5 before climbing to $8.5 in the early morning of 12/11. But this upward trend did not last long, the ME price continued to Dump and is currently trading around $5.9 at the time of writing.
After more than 12 hours of trading, the market capitalization of the ME token is close to $780 million, with a fully diluted market capitalization of $5.92 billion.
The reason for the "roller coaster" of the ME token is largely due to users complaining about application errors and the complex process of claiming tokens.
Specifically, to receive the ME tokens, users need to perform multiple steps on both their phone and computer. First, they have to download the Magic Eden Wallet app on their phone, then scan the QR code displayed on the computer to link the wallet. Finally, users can then submit the claim request. This process is quite complex and has caused some difficulties for users, especially those unfamiliar with technical operations.
my app is stuck, can't claim, people dumping ME like hot cakes. Awesome
— 🦸♂️ Papii 🦇🔥 (@OneAndOnlyPapii) December 10, 2024
There have also been some complaints that the Airdrop claim website was intermittent - perhaps due to the sudden surge in traffic as users rushed to claim their ME tokens.
After receiving a series of complaints, Magic Eden has explained and announced that the issue has been resolved.
According to a representative of the ME Foundation, the Magic Eden app is having to handle an unusually high access volume, as in the first hour alone, more than 70,000 users have requested to receive nearly 69 million ME.
Amidst the storm of criticism over the Airdrop, Jack Lu, co-founder and CEO of Magic Eden, shared:
"If you stick with us in the long run, we welcome you to the ME community. If not, thank you for using Magic Eden."
ME tokenomics
The ME Token, issued by the Magic Eden Foundation, has a total supply of 1 billion, with 125 million tokens provided to platform users until 02/01/2025.
Of the total 1 billion supply, 12.5% is allocated for Airdrop, 50% is reserved for community incentives, and the remaining 37.5% is allocated to contributors and strategic participants.
To ensure the community and protocol are protected from security issues, a 5-member Security Council will be appointed to control the Multisignature wallet, monitor and take timely action in case of any unexpected events.
VIC Crypto summary
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