Magic Eden Unveils $ME Tokenomics

Magic Eden, the popular NFT marketplace that operates on multiple blockchains, including Solana, Bitcoin, and Ethereum, is set to launch its native ME token in the coming weeks.

The introduction of the ME token aims to enrich the Magic Eden ecosystem by incentivizing the usage of a forthcoming mobile-native trading application that supports cross-chain trading, simplifying the experience of buying and selling assets on multiple chains.

ME has a total supply of 1 billion tokens. At launch, 12.5% of the supply will be distributed as an airdrop to active users across Bitcoin, Solana, and EVM, with unclaimed tokens reserved for future staking rewards.

While a specific date has not been disclosed, the token generation event (TGE) is expected to occur “in a few weeks,” according to a blog post from the ME Foundation.

An upcoming rewards program is expected to distribute ME tokens to users as an incentive for trading. Holding ME will also grant users additional benefits, including staking rewards, ecosystem contributions, and governance rights.

Originally launched on Solana, Magic Eden has seen an increasing share of trading activity on the Bitcoin network with the advent of Ordinals. So far this month, Bitcoin transactions accounted for nearly half of the marketplace’s volume.

The ME token is currently trading at a fully diluted valuation of $2.2 billion in illiquid premarket trading on Aevo.