🔥Magic Eden announces economic model｜Some key highlights in the $ME tokenomics:
Magic Eden @MagicEden is becoming the on-chain Binance, building a new on-chain aggregation DEX,
Regardless of what your assets are and on which chain, you will be able to complete transactions on Magic Eden in a very convenient way in the future.
Achievements that have been reached so far:
1) Trade all assets on all chains within a single app
2) Token trading: Soon to support Solana token trading, Runes
3) Cross-chain NFT trading
4) Fully mobile support
5) Support for 15 chains by the end of the year, currently 7 chains are online.
6) Provide end-to-end services (wallet + trading layer)
Currently, Magic Eden has accumulated revenue of over $132 million, its TGE is a significant event in the crypto space, we can look at the details:
1️⃣ Total supply:
$ME's total supply is 1 billion tokens.
2️⃣ Token allocation:
Initial community allocation:
The initial allocation issue that everyone is most concerned about, the initial $ME claim ratio is very generous, with over half of the tokens allocated to the community.
The initial community allocation accounts for 12.5% of the total supply, which will be fully unlocked at the first token generation event (TGE).
Compared to other projects, such as Jupiter, Jito, and Grass, the airdrop ratio is 10%, while Scroll is only 7%;
The allocation ratio for the community and ecosystem is 37.7%, with the official announcement indicating that most of this (22.5%) is reserved for rewarding active users of the ME protocol, primarily distributed through Magic Eden's reward program; the remaining (15.2%) will be used for ecosystem development, including passionate advocates and creators looking to develop and support the protocol. These grants will be made in the form of long-term agreements to coordinate with long-term stakeholders in the ecosystem. Additionally, 5% of ecosystem development will be allocated to the ME foundation treasury for protocol support, including liquidity provision amounts.
Contributors: 26.2% of the token allocation is given to contributors, which may include advisors, employees, early developers, early supporters, etc.
To demonstrate long-term commitment, team members and core contributors will lock their tokens for at least 18 months after TGE.
Strategic participants: 23.6% of the tokens are allocated to strategic participants, which may include investors or partners. This part will have at least a 12-month lock-up period after TGE and will gradually unlock according to the token emission plan.
Token distribution timeline: Tokens will be fully distributed over 4 years.
3️⃣ Airdrop and user rewards:
Earn $ME using Magic Eden at TGE;
Magic Eden plans to distribute airdrops to users through its mobile dApp, aimed at rewarding users in the Bitcoin, Solana, and EVM ecosystems.
1) Trade all assets on all chains and earn $ME rewards.
2) Users will be able to claim and stake $ME tokens on the first day.
3) 22% of the tokens will be used for user rewards.
4) Stakers will participate in the broadest on-chain reward program, combined with a mobile-first wallet for easy cross-chain transactions.
4️⃣ Importance of the platform:
Magic Eden is a leader in the NFT trading market, accounting for over 80% of Ordinals and Runes trading volume.
In the NFT ecosystem, Magic Eden's revenue share is 60%, while the user share is 29%, indicating its significant position in the market.
5️⃣ Next steps:
- TGE (Token Generation Event) will take place in a few weeks.
- Check eligibility + bind wallet, then proceed with TGE.
- Please bind your wallet in advance before TGE day to ensure a smooth mobile claiming process.
Attachment:
Reference information and details: https://mefoundation.ghost.io/blog/me-tokenomics/
Users interested in ME can discuss in this TG group, many of my updates are sourced here:
https://t.me/+2EQPJ_STSTY2Yzg9
