(Update) Magic Eden Reveals 125 Million $ME Rewards for Airdrop
Updated Nov. 23, 2024:
- The airdrop is poised to happen on December 10, 2024.
- Based on pre-market trading value, the total value of the airdrop could be worth $500M.
ME Foundation, a non-profit foundation that supports behind NFT Marketplace Magic Eden, announced the tokenomics of $ME, the ecosystem’s native token, with 12.5% for its community rewards.
What’s the significance: Paldo? With the pre-market of $ME is priced at $2.50, and there are 125 million tokens allocated for the airdrop, the amount of rewards to be distributed is expected to be at least $300 million.
What is Magic Eden? It is known as a decentralized NFT marketplace on Solana.
- Transformation: Now, it claims to be a multi-chain, multi-asset on-chain trading platform.
New Feature: Moreover, recently, it introduced a decentralized exchange (DEX) for Bitcoin-based runes that are created as meme coins.
The Numbers: Magic Eden currently holds
- 80% volume share for Ordinals and Runes on the DEX
- 60% revenue shares on the NFT Platform
- 29% users shares on the NFT Platform
“Magic Eden is the #1 BTC DEX, #1 NFT platform, and building a cross chain mobile-native trading decentralized app (dApp). Their vision for the future is to make digital ownership universal. To accomplish this goal, Magic Eden will be the entrypoint for all crypto users to go onchain and trade all assets on all chains in one platform”
ME Foundation
About $ME: According to the ME Foundation, $ME will be adopted by Magic Eden for its platform.
- Blockchain Home: It is compatible on Solana, Ethereum, and Bitcoin networks.
- Token Debut: Because of the integration, $ME will debut on Magic Eden’s rewards program.
- Staking: $ME will also soon be staked and holders of the token will have governance rights over key protocol development direction.
- Total Supply: 1 Billion Tokens
- 125 million tokens are set for initial claiming during the token generation event.
- 225 million tokens are reserved to reward active users of the ecosystem through Magic Eden’s rewards program.
- 152 million tokens will go to ME Foundation’s ecosystem development
- 262 million tokens are for the ecosystem’s contributors, including the contractors and advisors.
- 236 million tokens will be for strategic participants who have provided critical guidance in the development of the ME Foundation protocols.
“Magic Eden will unveil the broadest onchain trading rewards program. Users will be able to stake, trade, and earn $ME for trading NFTs and tokens on all chains. More information will be shared after TGE.”
ME Foundation
About the Airdrop: It should be noted that the rewards program of Magic Eden is lifetime—so its airdrop campaign will also last forever.
- To learn more about how to qualify with Magic Eden’s rewards program, read this BitPinas article: Magic Eden Rewards Program and $NFT Airdrop Guide
- What to Watch? According to the ME Foundation, they will soon release an eligibility check for users to check which wallets are eligible before TGE.
This article is published on BitPinas: Magic Eden Reveals 125 Million $ME Rewards for Airdrop
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