The ME Foundation officially launched the $ME token, which has been adopted by Magic Eden as the ecosystem token
With the development of the NFT and digital ownership ecosystem, other third-party dApps will continue to operate based on the protocol and are expected to adopt the $ME token for various scenarios.
Today, the ME Foundation officially announced the launch of the $ME token, which will serve as the decentralized application token for Web3 consumers in the cross-chain trading protocol of digital assets. The mission of the ME Foundation is to support the ongoing development of the Magic Eden DAO and the underlying protocol through community governance. As Magic Eden advances to mobile through the Magic Eden Wallet and expands beyond NFTs, $ME will become a leverage for incentivizing users to trade various assets across multiple blockchain networks at any time. With the development of the NFT and digital ownership ecosystem, other third-party dApps will continue to operate based on the protocol and are expected to adopt the $ME token for various scenarios.
Nearly three years ago, Magic Eden was officially established as the "Solana ecosystem NFT platform"; today, Magic Eden has surpassed $6 billion in total trading volume, making it one of the top NFT trading platforms with over 60% of the NFT market trading volume share; it also holds over 80% of the trading volume share in the Bitcoin inscriptions and runes market, leading the field. Runes are now one of the most popular Bitcoin NFT standards, accounting for over 60% of the Bitcoin market trading volume. Magic Eden has native users across Bitcoin, Solana ecosystems, and EVM ecosystems (including Ethereum, Base, and Polygon), with website visits reaching up to 21 million in the second quarter of 2024, on par with many leading DEXs on mainstream blockchain networks.
Although last quarter's token issuance was primarily focused on L1 public chains and infrastructure-related projects, the $ME token represents the power of consumer decentralized applications. The ME Foundation estimates that the demand for mobile experiences and end-to-end dApp usage will drive significant changes in on-chain behavior, helping users trade more efficiently. The $ME token is expected to leverage its dApp partnerships to become a representative project of Web3 dApp tokens, incentivizing more users to participate in on-chain trading. After $ME is integrated into the Magic Eden platform, users will be rewarded for using Magic Eden to accelerate mobile application efficiency, expand NFT usage scenarios, and continue supporting mainstream blockchains. Further integration of the $ME token into other third-party dApps will provide rewards to more cross-platform users.
The $ME token will only be available for claiming through the Magic Eden Wallet and will be showcased as an important feature. Currently, the Magic Eden Wallet, developed using the open-source code provided by ME DAO, supports both PC and mobile platforms, boasting over 250,000 monthly active users. Its popular features include native cross-chain exchanges, seamless fiat deposit services, and digital asset management. Users will directly benefit from $ME rewards within the Magic Eden Wallet, attracting tens of millions of non-custodial wallet users to join this ecosystem.
Matt Szenics, a director of the ME Foundation, stated, "There are two reasons I am excited about the $ME token: first, this token will connect with more retail investors in the crypto market because it represents the potential of consumer dApps built for users. This is why $ME will be marketed with a mobile-first experience; second, the $ME token is applicable to all mainstream blockchain networks, which signifies that the era of 'single-chain supremacy' is over."
More information about the $ME token, including tokenomics and utility details, will be announced later. For more updates and official announcements, please follow the official account on the X platform.
About the ME Foundation
The ME Foundation manages a complete suite of open-source cross-chain trading protocols, facilitating users to trade NFTs or various tokens on mainstream blockchain networks. Magic Eden has announced the $ME token as its official ecosystem token, which may be adopted by other third-party dApps over time. The ME Foundation is a non-profit foundation that provides administrative support for the decentralization and custody of these protocols. As a community-owned utility token, $ME holders can participate in promoting the adoption and development of the protocol and receive corresponding rewards when engaging with the protocol experience and usage.
About Magic Eden
Magic Eden is a leading cross-chain platform dedicated to shaping the future of Web3. In addition to being an NFT trading platform, Magic Eden is a user-friendly comprehensive ecosystem that includes a secure cross-chain wallet. Magic Eden empowers users to mint, collect, and trade digital assets across blockchain networks, bringing "cultural moments" into the blockchain world to foster creativity and community engagement.
