Cross-chain NFT marketplace Magic Eden has unveiled detailed tokenomics for its upcoming $ME token, with the Token Generation Event (TGE) scheduled in the coming weeks.
The $ME token aims to support Magic Eden’s ecosystem by incentivizing trading across multiple blockchains whilst providing governance and staking opportunities for users.
The announcement also introduces a roadmap for token allocation and a governance framework to guide long-term development.
Source: Magic Eden
What is the $ME Token?
The $ME token, a Solana-based SPL asset, was first introduced in August 2024 as part of Magic Eden’s strategy to integrate digital ownership into mainstream adoption.
The token aims to strengthen the marketplace’s position as a leading hub for cross-chain asset trading, enabling both novice and experienced crypto users to trade NFTs and fungible tokens effortlessly across diverse blockchain ecosystems.
Magic Eden, currently holding a significant market share in the NFT space—including dominance in Bitcoin Ordinals and Runes trading—envisions the $ME token as a driver for user engagement and growth. Central to this vision is the platform’s commitment to building a mobile-friendly decentralized application that facilitates on-chain activity for users across all supported networks.
Source: Magic Eden
Tokenomics Details
Magic Eden has outlined a total supply of 1 billion $ME tokens, allocated as follows:
Community and Ecosystem (50.2%):
Initial Airdrop (12.5%): Eligible users will be able to claim their full token allocation at TGE. Unclaimed tokens will be transferred to staking pools to increase rewards for active users.
Community and Ecosystem (37.7%): This allocation will fund user rewards through a forthcoming trading rewards program and provide grants for developers and creators contributing to the ecosystem. A portion will also support liquidity provision.
Contributors and Strategic Participants (49.8%):
Contributors: Tokens allocated to contributors, including contractors and advisors, will have an 18-month lock-up period before gradual release.
Strategic Participants: Strategic partners, identified as those providing significant input into the platform’s development, will have a 12-month lock-up period post-TGE.
The entire supply will be distributed over a four-year period to ensure sustainable growth.
