The ME Foundation is about to issue the ME token as the token of the Magic Eden ecosystem

Cayman Islands, Date TBD -- The ME Foundation today announced the upcoming issuance of the ME token, as the ecosystem token for Magic Eden. Magic Eden is the world's leading NFT and rune marketplace, supporting over 10 digital asset protocols. As a Web3 consumer-oriented DAPP token, ME will facilitate the trading of these digital assets. In the future, Magic Eden will also build a mobile-first trading experience through Magic Eden Wallet, expanding trading categories beyond NFTs. ME will play a powerful role in incentivizing users' on-chain trading behavior.

Launched nearly 3 years ago, Magic Eden initially served as the NFT trading marketplace and Launchpad for the Solana ecosystem. Today, it has become a top NFT trading marketplace, contributing over 60% of the global NFT market's trading volume. Additionally, it is the largest marketplace for Bitcoin inscriptions (Ordinals) and runes, accounting for over 80% of the trading volume. From the total Bitcoin transactions, runes have averaged over 60% of transactions since their launch, making them the most popular standard for fungible tokens on Bitcoin. Magic Eden is also the only trading platform with native users across Bitcoin, Solana, and EVM (across Ethereum, Base, and Polygon) chains, achieving 21 million website visits in the second quarter, on par with the largest DEXs on various chains.

While the previous quarter saw token issuance concentrated on L1 and infrastructure projects, the ME Foundation expects a significant shift in users' on-chain behavior. For example, there is a growing demand for mobile-native experiences and end-to-end DAPPs to pursue more efficient trading. By leading these behavioral shifts, ME is poised to become an innovator in Web3 DAPP tokens.

The foundation will designate Magic Eden Wallet as the sole channel for claiming ME tokens, allowing users to utilize both the desktop and mobile versions of the wallet. Currently, Magic Eden Wallet has up to 250,000 monthly active users, with native cross-chain Swap, digital asset management, and deposit/withdrawal being the most popular features.

"I am excited about ME for two reasons. First, this token will resonate with retail crypto users because ME represents the potential to build consumer-oriented DAPPs for them. That’s why ME will be pushed to market through a mobile-first experience. Second, ME is applicable to everyone on major blockchains. The era of single-chain extremism is over," said Matt Szenics, Director of the ME Foundation.

The foundation will disclose more information about the ME token in the future, such as token models, use cases, and more. Please follow @MEFndn on X for the latest updates.

About ME Token

ME is the ecosystem token of Magic Eden, supporting over 10 open-source protocols that are market-leading multi-chain, multi-product, and multi-asset consumer-oriented cryptocurrency tools. The ME Foundation is a non-profit foundation dedicated to decentralizing these protocols and expanding their influence. As a community-owned token, ME holders will drive the adoption of these protocols.

About Magic Eden Magic Eden is a leading cross-chain asset trading platform that is shaping the future of Web3. In addition to providing a leading NFT trading marketplace, Magic Eden has created a comprehensive and user-friendly ecosystem that includes a secure cross-chain wallet. Magic Eden enables users to mint, collect, and trade digital assets on the blockchain, inspiring creativity and fostering community engagement. Explore the future of digital ownership at magiceden.io.