The ME Foundation has announced comprehensive details of the tokenomics for its highly anticipated $ME token. The $ME token, set to drive the next phase of on-chain innovation, has been adopted by Magic Eden, a leading multi-chain, multi-asset on-chain trading platform. ME Foundation has shared the details of $ME tokenomics through its official X account.
ME Foundation is excited to share the tokenomics for $ME.This tokenomics post covers the following:– The next phase era of innovation in crypto is all onchain. $ME has been adopted by Magic Eden, the top multi-chain, multi-asset onchain trading platform– Magic Eden is the #1…
— $ME (@MEFndn) November 18, 2024
Magic Eden to Lead $ME Adoption
Magic Eden, recognized as the top Bitcoin decentralized exchange and the leading NFT platform, is enhancing its offerings with a cross-chain mobile-native trading decentralized app (dApp). The platform aims to enable the trading all digital assets across multiple blockchains.
Magic Eden’s dominance in the ecosystem is reflected in its 80% market share for Ordinals and Runes and 60% share of NFT revenue. The $ME token will reward users for trading NFTs and tokens on all supported chains.
The $ME token will boost on-chain user activity through a rewards program emerging on Magic Eden’s platform. Users will earn $ME tokens for trading, staking, and participating in the ecosystem. Additionally, $ME holders will gain governance rights and rewards through staking, aligning the community’s interests with the long-term development of the protocols.
Magic Eden’s commitment to user-centric growth extends to simplifying onchain participation through its mobile and desktop trading platform. This approach aims to onboard users seamlessly into the onchain ecosystem, leveraging $ME’s appeal across Solana, Bitcoin, and Ethereum Virtual Machine (EVM) blockchains.
$ME’s Structured Tokenomics for Long-Term Growth
The $ME tokenomics structure emphasizes sustainability and community involvement. The total supply of 1 billion tokens will be distributed over four years, with over half allocated to the community and ecosystem.
12.5% of the total supply will be available at the Token Generation Event (TGE), rewarding active users across the Bitcoin, Solana, and EVM ecosystems. Any unclaimed tokens will be redistributed to $ME stakers. 37.7% will reward active users and ecosystem development. A portion will fund grants to creators and developers to expand the $ME ecosystem. 49.8% will be allocated to contributors, advisors, and strategic participants, focusing on long-term commitments through token lockup periods.
The ME Foundation has established a Security Council to safeguard the protocol and community assets. The council will oversee a multi-signature wallet capable of executing emergency and non-emergency actions, ensuring a secure environment for $ME holders.