Original | Odaily Planet Daily (@OdailyChina)
Author | CryptoLeo (@LeoAndCrypto)
At 3 AM Beijing time on December 5, the Magic Eden Foundation launched the ME token airdrop query page. Previously, Magic Eden released the ME token economics, with a total supply of 1 billion tokens, of which 12.5% (125 million tokens) will be immediately unlocked and provided to eligible Magic Eden users as an airdrop. Additionally, 22.5% of the supply (i.e., 225 million ME tokens) will be reserved to incentivize users who use ME Foundation-related protocols and platforms in the future.
For more detailed token economics, refer to: “With the Token Launch Approaching, Can Magic Eden Revive the NFT Market?”
Overall Distribution Principles
The ME token aims to reward users who provide economic incentives on-chain through SOL, BTC, and EVM wallets, and will evaluate ME airdrop shares based on three main aspects: real users (referred to as organic users by Magic Eden), cross-chain activities, and loyalty.
Organic users can be described as the real users of Magic Eden. The natural usage of Magic Eden is a key part of ME distribution. The more wallet address transaction behaviors resemble real users, the more likely they are to receive rewards, while addresses identified as non-organic transactions have already been discovered, indicating that Magic Eden has filtered out some "witch" users.
Some users on the X platform have reported having a large number of diamonds but receiving relatively few ME token shares, or being classified as non-organic users.
Four Major Sections of the Query Page
As a multi-chain protocol covering both tokens and NFTs, and preparing to cover 15+ chains by the end of the year, this airdrop query is notably different in that it allows users to connect multiple wallets, with the displayed ME being the total amount eligible for multiple wallets.
The airdrop is divided into four sections, with each section contributing to the total airdrop token amount. The four sections are: one main section, Rewards Tiers, and three secondary sections: Launchpad Bonus, Wallet Bonus, and Active OG Bonus.
Rewards Tier Main Section
The Rewards Tier is the wallet's reward level and is the main criterion for evaluating ME airdrop shares. The Tier is related to the number of ME diamonds mentioned, which is connected to the transaction activities of the user's connected wallets. However, if a user has multiple eligible wallets, they can connect all of them to the airdrop query interface, and their Rewards Tier will display the highest wallet level among all connected wallets.
The display level of the Tier is not related to the number of connected wallets. For example, if a user has multiple eligible wallets and conducts a small number of transactions on each, they may receive a larger overall ME airdrop share, but their Rewards Tier will be lower. Conversely, if a user has only a few eligible wallets with a high transaction volume, they may have a higher Rewards Tier, but the ME share obtainable from the transaction volume of a few wallets may be lower than that from the total transaction volume of more wallets. Of course, users who focus solely on one wallet address with excellent data across the board do not need to complicate things.
So far, the highest level I have seen is Tier 1, and the lowest is Tier 14, but the ME Foundation's distribution rules website has not clearly listed the correlation between the number of diamonds and levels.
The data from the secondary sections will display the best statistics from all connected wallets. For instance, if a user has three wallets, one with a lot of Launchpad activity, another with significant Wallet activity, and a third that has been trading for a long time, the overall distribution will show the best statistics from each wallet.
Launchpad Bonus
The evaluation criteria for the Launchpad Bonus are mainly divided into: High, Medium, Low, and - (representing zero). This section mainly includes minting and cross-chain minting of NFTs on the MagicEden Launchpad. However, the use of the Launchpad is considered a secondary criterion for the number of airdrop rewards; if a wallet has no diamond balance, merely engaging in Launchpad activities will not yield ME airdrop shares.
Wallet Bonus
The evaluation criteria for the Wallet Bonus are also four: High, Medium, Low, and - (representing zero), representing wallet activity, including but not limited to NFT cross-chain trading, cross-chain token swaps in the Magic Eden Wallet, rune trading, and Lucky Buy. (Note: Lucky Buy is a new feature launched by Magic Eden in September, allowing buyers to purchase NFTs below market price. The adoption of this feature is based on a percentage system determined by the system, which decides the percentage of the NFT price the user wants to use and the probability of winning. When buyers purchase NFTs, they can participate in bidding, and if successful, Magic Eden covers the difference, while the seller still receives the full price of their NFT. Even if the purchase is ultimately unsuccessful, NFT buyers can still receive "diamond" incentives, which is also a way to accumulate Magic Eden diamonds.)
Wallet activity is also a secondary criterion for the number of airdrop rewards; if a wallet has no trading balance, it cannot obtain ME airdrop shares based solely on wallet usage.
Active OG Bonus
The Active OG Bonus represents user loyalty, with evaluation criteria of Yes and No. The Active OG Bonus represents addresses that were early adopters of the protocol and have remained active to this day. This means that if a user was an early user but their address has not been used for a long time, they will not be classified as Active OG Bonus.
The early evaluation criteria for OG can be referenced through MagicTicket. In February 2022, MagicEden tweeted that it conducted a MagicTicket airdrop (totaling 30,602 tickets) based on its inception date (September 17, 2021) to give back to the Solana NFT ecosystem, specifically:
Users who made their first transaction within a month of its inception received OG Tickets (6,348 tickets);
Users who made their first transaction from mid-October to mid-December 2022 received Degen Tickets (7,162 tickets);
Users who made their first transaction after December 2022 received Normie Tickets (17,092 tickets).
MagicTicket holders enjoy three types of benefits, including community governance, rewards, and social engagement. For example, creating proposals, voting, and gaining more points (diamonds), whitelists, and airdrops.
Airdrop Query Tutorial
The airdrop query is divided into three steps:
Download the ME wallet application on your phone, then import the Magic Eden wallet using the mnemonic phrase. Previously, MagicEden launched the ME test token claiming process, which can be referenced: “Magic Eden is about to open testME airdrop claims, bringing you familiar with the process in advance”;
Click the scan function on the app to scan the QR code of the ME Foundation and randomly sign in on your mobile device;
- After logging in, as mentioned earlier, users should connect as many wallets as possible that have conducted transactions on Magic Eden, such as BTC, ETH, SOL, etc. The more eligible wallets added, the better.
Once the connection is complete, users can see their allocation amount on the query interface.
Conclusion
The ME claiming is set for December 10. Jack Lu, co-founder and CEO of Magic Eden, previously outlined some key points regarding the ecosystem and community building after the launch of ME:
Magic Eden will become the entry point for everyone into the cryptocurrency space, trading all on-chain assets;
Magic Eden is incorporating ME into its rewards program;
Implementing strategies for all chains, all assets, and all communities to build a strong cross-cryptocurrency chain maxis community.
Currently, ME is trading in pre-market on OKX at a price fluctuating between 3.5 USDT and 4 USDT, while Coinbase International announced on November 20 that it would list ME perpetual contracts in its Pre-Launch market to support Magic Eden, perhaps we can look forward to “Coinbase including ME in its listing roadmap.”
Additionally, with the recent revival of old altcoins and the continuous rise of new coins, the NFT sector tokens also saw a good increase yesterday, with APENFT (NFT) rising 38.94%, SuperVerse (SUPER) rising 21.62%, Apecoin (APE) rising 18.85%, and Blur (BLUR) rising 6.84%. The market rotation suggests that everyone seems to be looking beyond Meme PvP, with other sectors gradually warming up.
After ME goes live, we may not expect Magic Eden to revive NFTs significantly, but we can perhaps believe that the ME, dedicated to “all chains, all assets,” will see good growth in the future.
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