The ME Foundation has revealed plans to launch its new Web3 token, $ME, which is set to become the official ecosystem token for Magic Eden, a leading platform in the digital asset and NFT space. Announced on August 22, the $ME token represents a significant development in the world of cross-chain protocols, aiming to support seamless digital asset trading across various blockchain networks.
Magic Eden, widely recognized as the most popular NFT and Runes marketplace, will be the first to adopt $ME as its ecosystem token. This move is expected to enhance user incentives across Magic Eden’s platform, especially as it expands its services beyond NFTs and into mobile capabilities via the Magic Eden Wallet. The wallet, which already enjoys a strong user base of over 250,000 monthly active users, will prominently feature $ME, offering rewards and facilitating cross-chain transactions.
Since its inception nearly three years ago as a Solana-based NFT marketplace, Magic Eden has achieved remarkable success, surpassing $6 billion in total trading volume and capturing over 60% of NFT revenue. The platform also leads the market in Bitcoin transactions, holding more than 80% of Ordinals and Runes trade volume. The press release says that Magic Eden’s ability to maintain native audiences across Bitcoin, Solana, and EVM chains underscores its dominance in the decentralized finance space.
The $ME token launch aligns with the ME Foundation’s mission to advance cross-chain protocols with a focus on community-led governance. The Foundation expects $ME to drive major shifts in on-chain behavior, particularly as users increasingly seek mobile-native experiences and more efficient decentralized applications (dApps).
$ME will be exclusively claimable through the Magic Eden Wallet, though it will not be available in certain jurisdictions, including the United States. The token’s broader utility and tokenomics details are set to be disclosed at a later date.
Matt Szenics, Director of the ME Foundation, emphasized the inclusive nature of $ME, stating that the token is designed for users across all major blockchain networks, signaling the end of single-chain dominance in the crypto space.
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