Magic Eden launches its native token ME
Magic Eden, a leading NFT marketplace based on Solana, has launched its ecosystem token, ME.
Today’s the day you’ve been waiting for. $ME is here.
— Magic Eden 🪄 (@MagicEden) December 10, 2024
Don’t guess — Watch this video below and learn how to claim in mere minutes.
You have until February 1st 2025 to claim, any unclaimed tokens will be distributed to stakers.
More info on this later. pic.twitter.com/NWFmnCaSEv
Users can claim ME tokens by completing the claim process on the Magic Eden mobile app and connecting their cross-chain wallet to the website of the ME Foundation. Their ME tokens can then be staked in order to take part in upcoming airdrop opportunities and cross-chain challenges known as Magic Eden Quests.
Magic Eden launches its ecosystem token ME
Almost a year ago, Magic Eden introduced a multi-chain wallet that supports the Ethereum, Bitcoin, Polygon, and Solana blockchains. Magic Eden wrote on X on Tuesday that ME must be claimed by February 1st; any tokens that remain unclaimed will be distributed to stakers.
Tiff Huang, director of the ME Foundation, said the thesis behind ME is that on-chain apps are going to win in the long run. It's the purest, most seamless way to use the blockchain.
About TestME
Magic Eden's official currency, TestME, has a market capitalization of millions, which may indicate that users are very interested in ME's eventual launch. Users need to download the ME App, link their wallet, scan a QR code to verify their eligibility, and then accept the tokens in order to claim TestME.
Test token airdrop surpasses $6 million in market value
On October 30, 2024, according to DEX Screener, Magic Eden test token accumulated a market capitalization of $6.2 million. When users claim ME, the platform's future ecosystem and utility token, Magic Eden uses the test token, TestME, to verify the overall flow. On the decentralized exchange Meteora, users can trade the TestME token, adding liquidity and exchanging it for SOL, USDC, and USDT.
The ecosystem token ME to be adopted by Magic Eden
In August, Magic Eden announced that it would adopt its ecosystem token, ME. To test the overall flow of the airdrop claim before its October 30 launch, the platform issued a test token called TestME. The token accumulated a $6 million market capitalization shortly after its launch, indicating strong user interest in the token itself.
According to the ME Foundation, it will be accessible via the Magic Eden desktop and mobile wallet, which is based on the open-source code of the ME DAO. The ME token launch and ME DAO development are planned to be supported by the foundation.
In addition to launching a multi-chain self-custody wallet that supports Solana, Bitcoin, Polygon, and Ethereum in January, Magic Eden also launched a platform for Bitcoin Runes on April 22.
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