The NFT trading platform Magic Eden on Solana announced in August this year that it would issue ME tokens and integrate them into wallet applications. Magic Eden has finally officially launched the ME token economics, which will promote the future development of Magic Eden through trading rewards, governance rights, and cross-chain support.
Magic Eden's vision is to create the largest cross-chain trading platform in the world.
According to the official announcement, Magic Eden is currently the dominant player in BTC DEX, accounting for over 80% of the trading volume of Bitcoin-related protocols like Ordinals and Runes. It also holds 60% of the highest receivables and 29% of the user share in the NFT ecosystem.
It is also a brand new cross-chain dApp that can support the trading of any digital assets anytime and anywhere, including tokens and NFTs, aiming to make digital asset trading simple and intuitive, and designed with a user-friendly interface for desktops and smartphones to attract more users into the blockchain trading world.
Magic Eden's current performance in dApp economics with ME tokens allows the community and ecosystem to grow together.
The total supply of ME tokens 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.
ME tokens will be gradually distributed over the next four years. The allocation details are as follows:
Initial allocation ratio (12.5%): At the Token Generation Event (TGE), 12.5% of the total ME tokens will be used to reward eligible users, such as users from Bitcoin, Solana, and EVM ecosystems. These users are considered important personnel of the ME token DAO, as their participation will contribute to community governance and the development of Magic Eden.
Community and ecosystem (37.7%): Of this, 22.5% of ME tokens are used to reward active users, and 15.2% is provided to participants in ecosystem building and advocates, including long-term partners who support the growth of the protocol.
Contributors (26.2%): This includes Magic Eden's own team, developers, and advisors, with over 60% of this portion of tokens (i.e., 60% of 26.2%) set to have a 'lock-up period', meaning these ME tokens cannot be transferred or sold for at least 18 months after issuance, ensuring that holders have a long-term commitment and contribution to the project.
Strategic participants (23.6%): Provided to key partners for protocol development, with a lock-up period of at least 12 months.
$ME's token economics reward trading users and build a fully participatory community.
Magic Eden claims to launch the most comprehensive trading reward program on the market in the future, where users can earn ME tokens by trading NFTs and tokens. Additionally, ME token holders can earn extra rewards through staking and participate in protocol governance. If users do not apply for these ME tokens within a specified period, the tokens will be redistributed to the community pool and serve as staking rewards for ME token holders to ensure proper resource utilization.
The TGE is coming soon, and users can check their eligibility in advance.
Before the TGE (Token Issuance), users will be able to confirm their wallet eligibility through a verification tool and start staking after receiving ME tokens on the day of the TGE. Magic Eden reminds the community to stay vigilant to avoid scams, as the official will not proactively contact users or request personal information.
(Magic Eden will integrate multiple cross-chain ecosystems and tokens by the end of the year, with the founders advocating for the MAGIC principle.)
This article announces the ME token economics from Magic Eden, where users can earn ME by trading NFTs and tokens, first appearing in Chain News ABMedia.
