Magic Eden to launch ME token for cross-chain trading
The ME Foundation introduces the ME token to enhance cross-chain trading, driving NFT platform expansion and DApp integration
The Magic Eden (ME) Foundation has announced the upcoming launch of the ME token, a new token designed to support Web3 consumer decentralized applications (DApps) via cross-chain digital asset trading.
According to a press release shared with Cointelegraph, the ME Foundationâs mission is to help develop the ME decentralized autonomous organization (DAO) protocols âwith community-led governance.â
The token is expected to be central to Magic Eden, a global non-fungible token (NFT) and Runes platform, which plans to be the first to officially adopt ME as its ecosystem token.
Speaking with Cointelegraph, Matt Szenics, director at ME Foundation, stated that the Foundation was âexcitedâ to introduce the new ecosystem token.
âBetween hosting the top cross-chain protocols and the upcoming Magic Eden mobile in-wallet claim, we see demand for DApps actually designed for users taking off.â
Cross-chain trading
The ME token is designed to improve the capabilities of DApps by facilitating cross-chain trading of digital assets.
Although Magic Eden started as a Solana (SOL)-based NFT platform, it now spans multiple blockchain platforms and intends to integrate the ME token to drive its ecosystemâs growth.
According to the press release, with Magic Edenâs mobile expansion and the inclusion of the ME token, users will be incentivized âto trade any asset on the biggest chains at any time.â
âAs the NFT and digital ownership ecosystem grows, other third-party DApps will continue to use these protocols and may formally adopt $ME.â
Magic Eden platform growth
The press release highlights the Magic Eden platformâs growth, stating that it âhas surpassedâ $6 billion in total trading volume and represents over 60% of all NFT revenue.
This growth can be evidenced by the platform overtaking of competitors Blur and Yuga Labs by April earlier this year.
.
