Magic Eden, a Solana-based decentralized NFT marketplace, is launching its native token $ME, which will be used for rewards and governance within its ecosystem. The ME Foundation, a non-profit supporting Magic Eden, revealed that 12.5% of the total token supply will be allocated for community rewards.
With a pre-market price of $2.50 per token and 125 million tokens allocated for the airdrop, the total rewards amount is expected to be at least $300 million. Magic Eden currently holds a 80% volume share for Ordinals and Runes on its DEX, as well as 60% revenue shares on the NFT platform and 29% user shares on the NFT platform.
With plans to become a multi-chain, multi-asset on-chain trading platform, Magic Eden recently introduced a decentralized exchange (DEX) for Bitcoin-based runes. Users will be able to stake, trade, and earn $ME for trading NFTs and tokens on all chains, with more details to be shared after the token generation event (TGE).
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<p>The post The Magic Eden Ecosystem’s $ME Tokenomics: 125 Million Tokens for Airdrop and Rewards Program first appeared on CoinBuzzFeed.</p>