🔥Magic Eden Announces Economic Model | Key Highlights in $ME Token Economics:

Magic Eden @MagicEden is becoming the on-chain Binance, building a brand new on-chain aggregation DEX.

No matter what your assets are or which chain they are on, in the future, you will be able to trade on Magic Eden in an extremely simple way.

Achievements so far include:

1) Trade all assets across all chains in one application.

2) Token trading: Soon to support Solana token trading and Runes.

3) Cross-chain NFT trading.

4) Full mobile support.

5) Support for 15 chains by the end of the year, with 7 chains already launched.

6) Providing end-to-end services (wallet + trading layer).

Currently, Magic Eden has accumulated over $132 million in revenue, and its TGE is a significant event in the crypto space. Let's look at the details:

1️⃣ Total Supply:

The total supply of $ME is 1 billion tokens.

2️⃣ Token Distribution:

Initial Community Distribution:

The initial distribution of $ME, which everyone is most concerned about, is very generous, with over half of the tokens allocated to the community.

The initial community distribution accounts for 12.5% of the total supply, and this portion will be fully unlocked at the Token Generation Event (TGE).

In comparison to other projects, such as Jupiter, Jito, and Grass, which have an airdrop ratio of 10%, and Scroll at only 7%;

The distribution ratio for the community and ecosystem is 37.7%. The official announcement shows that most of this (22.5%) is reserved for rewarding active users of the ME protocol, primarily distributed through Magic Eden's reward program; the remaining (15.2%) will be used for ecosystem development, including supporting passionate advocates and creators of the protocol. These grants will be made in the form of long-term agreements to coordinate the interests of long-term stakeholders in the ecosystem. Additionally, 5% of ecosystem development will be allocated to the ME Foundation treasury for protocol support, including liquidity provision amounts.

Contributors: 26.2% of the token distribution is allocated to contributors, which may include advisors, employees, early developers, early supporters, etc.

To demonstrate long-term commitment, team members and core contributors will lock their tokens for at least 18 months after the TGE.

Strategic Participants: 23.6% of the token distribution is allocated to strategic participants, which may include investors or partners. This portion will have a lock-up period of at least 12 months after the TGE and will gradually unlock according to the token release schedule.

Token Release Timeline: Tokens will be fully distributed over 4 years.

3️⃣ Airdrop and User Rewards:

At the TGE, users can earn $ME by using Magic Eden;

Magic Eden plans to distribute airdrops to users through its mobile dApp, aimed at rewarding users in the Bitcoin, Solana, and EVM ecosystems.

1) Trade all assets across all chains and earn $ME rewards.

2) Users will be able to claim and stake $ME tokens on the first day.

3) 22% of the tokens will be used for user rewards.

4) Stakers will participate in the most extensive on-chain reward program, combined with a mobile-first wallet for easy cross-chain trading.

4️⃣ Importance of the Platform:

Magic Eden is a leader in the NFT trading market, accounting for over 80% of Ordinals and Runes trading volume.

In the NFT ecosystem, Magic Eden's platform revenue share is 60%, with a user share of 29%, demonstrating its significant position in the market.

5️⃣ Next Steps:

- The TGE (Token Generation Event) will take place in a few weeks.

- Check eligibility + bind wallet, then proceed to TGE.

- Please bind your wallet in advance before the TGE day to ensure a smooth mobile claiming process.

Appendix:

Reference information and details: https://mefoundation.ghost.io/blog/me-tokenomics/

Users interested in ME can discuss in this TG group, where I also get a lot of information:

https://t.me/+2EQPJ_STSTY2Yzg9

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