Magic Eden Unveils 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

NFT cross-chain marketplace and Bitcoin exchange Magic Eden has finally unveiled key details regarding its highly anticipated ME token airdrop, set to begin rolling out in the coming weeks.

The airdrop will see 12.5% of the total ME token supply being distributed to users of its platform, promising a hefty allocation of tokens directly to the community.

Magic Eden Airdrop Details: Token Allocation, Value

The ME token will have an initial supply of 1 billion, and the airdrop will see 125 million tokens being rewarded to users. 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 also marks an 11% increase in the token’s pre-market price over the past 24 hours, with trading volumes reaching 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.

The airdrop will be rewarding Magic Eden token traders with “ME for trading all assets on all chains, to be debuted via Magic Eden’s rewards program,” the announcement noted. Furthermore, “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, and surpasses the 10% unlocked by Jupiter, a decentralized exchange aggregator on Solana, during its own airdrop launch.

Moreover, 225 million ME tokens have been reserved for future user rewards on Magic Eden, which will be distributed over time.

CEO and co-founder Jack Lu hinted at this ongoing rewards program, adding, “You’ll be able to earn $ME through your daily use of Magic Eden products.”

Magic Eden users will be able to trade ME tokens on Coinbase Advanced. (Coinbase Advanced)

Users Able to Check Token Allocations on TGE Day

While excitement surrounds the token launch, users have been raising 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 highlighted the burning question among users, criticizing the lack of clarity. “You know this is what people wanna know, enough with the self-incensing and announcements of announcements,” he remarked.

In response to user queries, 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). An eligibility checker will also be released ahead of this event to streamline the process.

For further context, Magic Eden has significantly expanded since its beginnings 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.