In summary
- The ME Foundation announced an airdrop of the ME token, distributing 12.5% of its total supply of 1 billion tokens, valued at $312 million.
- The ME token generation event (TGE) will launch in a few weeks, placing the airdrop among the largest of 2024, according to CoinGecko.
- Magic Eden will allocate 225 million ME tokens for future distributions, allowing users to earn tokens through the use of its products.
The ME Foundation announced details on Monday for the upcoming ME token airdrop, which will reward users of the Magic Eden Bitcoin exchange and cross-chain NFT platform.
At launch, the community is expected to collectively receive 12.5% of ME’s total supply of 1 billion Solana-based tokens, or 125 million tokens, currently estimated at $312 million based on the pre-market price on Whales Pro.
ME’s pre-sale price of $2.50 represents a 233% gain in the last 24 hours on approximately $193,000 in trading volume in that time. While pre-sale prices are not particularly reliable, an airdrop of this magnitude would put ME within the top 20 Cryptocurrency airdrops of all time, according to data from CoinGecko.
Regardless of the pre-sale price, Magic Eden users are set to receive one of the biggest community airdrops of 2024, with the token generation event (TGE) expected “in a few weeks” according to the official ME Foundation post.
The 12.5% community allocation unlocked instantly from the start matches that provided by Tensor, a rival Solana NFT marketplace for Magic Eden. It also surpasses the 10% that Jupiter, Solana’s decentralized exchange (DEX) aggregator, unlocked in its community airdrop at launch.
An additional 225 million ME tokens have been allocated for future air distributions to active users of Magic Eden products, and soon, “You will be able to earn $ME through your daily use of Magic Eden products,” Jack tweeted Lu, CEO and co-founder of Magic Eden.
While many traders celebrated the reveal of the token details, there is still uncertainty over how exactly Magic Eden will convert the platform’s existing points-based rewards system, Diamonds, to the ME token.
Several users on Twitter (aka Diamonds to ME conversion rate.
“You know this is what people want to know, enough self-praise and hype,” DFarmer said.
Users of Magic Eden’s Bitcoin, Solana, and Ethereum-related products will know their ME allocations on the day of token generation, according to a member of the ME Foundation’s go-to-market team. An eligibility checker will be launched sooner.
Since its beginnings as a Solana NFT marketplace, Magic Eden has expanded to welcome Bitcoin Runes as well as NFT trading on up to seven blockchains, including Bitcoin and Ethereum. It is the main on-chain market, processing more than $1.12 billion in trading volume in the last six months and maintaining a 33% market share during that period, according to Tiexo.
Edited by Andrew Hayward
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
Disclaimer: Please note that the information provided on this page is for News purposes only and should not be considered investment or trading advice. ©Crypto.keynoteusa.com strongly recommends that you conduct independent research and/or consult with a qualified professional before making any investment decisions.
