Seizing the traffic of the Bitcoin ecosystem, Magic Eden enters the leading trading market

Author: Weilin, PANews

Since the launch of Runes on April 23, Magic Eden has quickly taken a leading position in the Runes trading market. According to the GeniiData panel, as of June 12 at 12 PM, Magic Eden's market trading volume share ranks first, far ahead of the second market OKX and the third market UniSat.

In just two months, the cross-chain NFT platform Magic Eden, which started on Solana, has received positive feedback from users in the Runes community for its "good user experience" and "fast infrastructure improvement." From a marketing and development strategy perspective, the company's growth strategy has tilted towards the Bitcoin ecosystem, seizing a rare opportunity in market competition.

Winning with User Experience, Magic Eden Successfully Captures the Runes Market Leader

On June 10, early Bitcoin ecosystem KOL xiyu stated, "The Runes trading interface on Magic Eden now shows candlestick charts… priced in sats, you can see the price trend of $dog starting from 4.24, getting closer to the CEX experience." Such feedback is a microcosm of Magic Eden's continuous advancement in the Runes trading market.

According to GeniiData, as of June 12, Magic Eden's trading volume was $4.19 million, OKX was $2.72 million, and UniSat was $657,000, with Magic Eden firmly in first place, accounting for about 54% of the market trading share.

Not only in the Runes ecosystem trading, but Magic Eden also frequently ranks at the top among all-chain trading platforms. As of June 12 at noon, in the data compiled by Tiexo from various blockchain leading trading markets, Magic Eden's 7-day trading volume and monthly trading volume market shares were 37.56% (trading volume of $69.6 million) and 34.34% (trading volume of $32.8 billion), respectively. The Ethereum-based trading market Blur follows closely, with OpenSea trailing behind.

Magic Eden's market-leading position is largely attributed to its rapid embrace of the Bitcoin ecosystem, performing outstandingly in Bitcoin ecosystem and Runes trading.

As early as March last year, Magic Eden launched the inscription market. With the new popularity of Bitcoin and inscriptions, from March 4 to March 5 this year, inscriptions accounted for 84% of Magic Eden's 24-hour trading volume, while Solana NFT trading volume only accounted for 13%.

Currently, according to Dune's data, since November last year, Bitcoin ecosystem trading volume in Magic Eden has gradually expanded, with Bitcoin accounting for 27.8% of its trading volume on June 1, Ethereum 23.8%, Solana 48.1%, and Polygon 0.3%. On April 1, Bitcoin's trading volume share once reached 50.3%. Magic Eden cross-chain trading volume. Blue represents Ethereum, orange represents Bitcoin, green represents Solana, and purple represents Polygon.

In terms of user experience, Magic Eden stands out compared to its competitors. According to user feedback, while OKX Wallet has a larger domestic user base, it does not support order scanning and can only interact with its own OKX Web Wallet. UniSat user feedback has also been less than ideal, with a bug in the Runes index occurring on June 11. Although the team quickly fixed it, it still affected some users' interaction experience. In contrast, Magic Eden offers a smoother user experience, with a more global user base, a clean interface, and support for multiple order scanning, along with low transaction fees.

On June 4, Magic Eden's BTC ecosystem trading platform was updated. One user summarized: 1. It now has the offers feature, allowing you to place buy orders at your desired price. 2. Correspondingly, you can directly sell your NFT to a buyer. 3. The trend analysis chart has reached a high level and can adjust the cycle. 4. The bulk buying feature is powerful, but still somewhat inconvenient to use. 5. The image display page can show quite a number of images. This user stated, "Its power has exceeded expectations; everyone has watched it develop step by step."

Looking back at the early development of the BTC inscription ecosystem, the UniSat platform once captured the traffic entrance for new inscriptions and trading. However, it seems to have missed a good layout now. As early as February this year, a user analyzed that UniSat faced multiple dilemmas. First, in terms of strategic decision-making, UniSat was unsure which ecosystems to focus on, reflecting a state of confusion. Secondly, it faced technical difficulties and could not achieve the desired segments. "As a result, after seven or eight months, there has been almost no substantial progress in ecological empowerment, and the previous empowerment of $sats has become just an advertising slogan, but this slogan has been overdrawn too much…"

In this context, from May to June, UniSat has airdropped "Pizza" inscriptions to eligible user wallets, attempting to stir up a new wave of inscription popularity, making market competition quite fierce.

Magic Eden's Tilt Towards the Bitcoin Ecosystem

From Magic Eden's marketing strategy, the BTC ecosystem has become one of the company's development focuses, while its competitors Blur and OpenSea have not caught this train.

The latest four videos released on Magic Eden's official YouTube are all related to inscriptions or runes, further reflecting its ambition to strengthen its influence in the Bitcoin community. The latest four videos released by Magic Eden on YouTube are all related to inscriptions or runes.

Magic Eden's co-founder and COO Z Yin recently told Decrypt, "We believe Runes will bring new vitality to the Bitcoin ecosystem, opening up a wave of new developers and new asset types that were previously only possible on other layer chains; we have a long-term belief in native Bitcoin activities… For us, adding Runes to the existing Ordinals market is a natural choice."

Additionally, in terms of incentive programs, Magic Eden is also breaking through its original boundaries. Earlier this year, Magic Eden announced that it would collaborate with the new Non-Fungible DAO to open-source its minting and trading protocols. This move is part of Magic Eden's broader strategy to decentralize the platform and empower the NFT community.

In addition to the open-source protocol, Magic Eden also plans to launch a cryptocurrency token called "NFT" to reward NFT traders. Non-Fungible DAO will distribute NFT tokens to users actively participating in the Magic Eden ecosystem, including those using the market and minting protocols across different blockchains.

Besides launching the NFT token, Magic Eden will also expand its existing diamond reward program to all four currently supported blockchains: Solana, Ethereum, Bitcoin, and Polygon. The diamond program rewards users who complete tasks and participate in the Magic Eden market. Currently, community users have high expectations for Magic Eden's diamond airdrop.

Although Magic Eden has achieved phased success in the Runes ecosystem, on June 10, the RARE•WIZARD•ORB inscription project sparked some community controversy due to a minting fee of 0.00069 BTC, leading some users to criticize Magic Eden's role in it, bringing some negative impact.

However, overall, by tilting towards the Bitcoin ecosystem and continuously optimizing user experience, Magic Eden has achieved a dominant trading volume position in the Runes market, becoming the main battlefield, and its subsequent actions are worth further observation.