Magic Eden has unveiled key details about its highly anticipated ME token airdrop. This airdrop is set to reward users of its cross-chain NFT platform and Bitcoin exchange. Scheduled for release in the coming weeks, the airdrop will distribute 12.5% of the total ME token supply.
Eligibility Criteria for Upcoming Magic Eden Airdrop
The ME tokens will have an initial supply of 1 billion. Hence, the Magic Eden airdrop promises 125 million tokens to be rewarded directly to the community. Based on current pre-market trading data from Whales Pro, the token is valued at $2.78 each, making the total allocation worth approximately $347.50 million.
This figure represents a significant increase of 11% in the token’s pre-market price over the past 24 hours, supported by trading volumes of roughly $143 million during the same period. According to CoinGecko’s records, the size of this airdrop would place it among the top 20 largest airdrops in crypto history.
As stated in an announcement, Magic Eden token traders will be rewarded “ME for trading all assets on all chains, to be debuted via Magic Eden’s rewards program.” In addition, “ME holders have the ability to receive further rewards from staking, contribute to the ME ecosystem, and have governance rights over key protocol development direction.”
The 12.5% community allocation matches the approach taken by Tensor, another Solana-based NFT marketplace. Moreover, it surpasses the 10% unlocked by Jupiter, a decentralized exchange aggregator on Solana, during its own airdrop launch. Additionally, 225 million ME tokens have been reserved for future rewards targeting Magic Eden’s active user base.
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CEO and co-founder Jack Lu hinted at this ongoing rewards program. He stated, “You’ll be able to earn $ME through your daily use of Magic Eden products.”
Concerns Around Existing Reward System
Although excitement surrounds the token launch, users have raised concerns over the transition from Magic Eden’s existing rewards system, known as Diamonds, to the new ME token. On social media, Web3 commentator DFarmer criticized the lack of clarity, remarking, “You know this is what people wanna know, enough with the self-incensing and announcements of announcements.”
In response, a member of the ME Foundation’s go-to-market team confirmed that users will be able to check their token allocations on the day of the token generation event (TGE). Ahead of this, an eligibility checker will be released to streamline the process.
For further context, Magic Eden has significantly expanded since its inception as a Solana NFT marketplace. The platform now facilitates NFT trading on up to seven different blockchains, including Bitcoin and Ethereum, and recently incorporated Bitcoin Runes. With $1.12 billion in trading volume processed over the past six months, Magic Eden holds a commanding 33% market share in the on-chain NFT marketplace segment.
We will add support for @MagicEden $ME pre-launch market on Coinbase International Exchange and Coinbase Advanced. The opening of our ME-PERP pre-launch market will begin on or after 1pm UTC on 20 November 2024. pic.twitter.com/dTeGoGDCgw
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) November 19, 2024
Moreover, the upcoming launch has grabbed the crypto community’s attention not only due to the humungous airdrop but also listings from prominent exchanges. Today, Coinbase announced adding support for ME perpetual futures on its platform in the pre-market trading mode.
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