Magic Eden Introduces More Transparent Reward Mechanism, Focusing on Trading Volume and Staking Power, with Hourly Updated Rankings.
Magic Eden, one of the largest Non-Fungible Token marketplaces, has officially launched Season 2 of its rewards program. This update provides users with new ways to receive benefits when performing activities such as Non-Fungible Token trading, Token Swap, and Staking directly on the platform.
According to Magic Eden's announcement, the new version of the program is designed with a simpler and more transparent mechanism. The highlight is a scoring system based entirely on trading volume and staking power, allowing participants to focus on their favorite activities while having the opportunity to compete in rankings that are continuously updated.
Rewarded Activities and the Role of Staking
Magic Eden clearly defines eligible activities, including: buying or selling Non-Fungible Tokens, performing Token Swap, and trading Runes (a type of digital asset on the Bitcoin blockchain). All blockchains supported by this marketplace will be included in the rewards system.
Notably, only transactions through native listings on Magic Eden are eligible, and the marketplace also warns that inorganic trading may be penalized. Rankings will be updated hourly, contributing to increased competition among users.
Staking plays a crucial role in Season 2 of the Magic Eden rewards program. Rewards will be multiplied based on both the number of tokens being staked and the lock-up period. The development team says users can link multiple wallets to consolidate staking power, thereby optimizing their ranking on the leaderboard.
Magic Eden also revealed plans to soon add the "Lucky Buy" feature – a form of trading with a chance of random rewards – to the system. Season 2 of the program is expected to last until mid-August, when rewards will be distributed to participants.
This update emphasizes transparency, with rewards distributed based on individual performance instead of percentile tiers as before. By simplifying the participation mechanism and improving the user interface, Magic Eden expects to attract more users to its rapidly developing ecosystem in a Non-Fungible Token market that is gradually recovering.
