While the market is still hot a.k.a bullish in crypto terms, a popular exchange has announced the much-awaited Magic Eden airdrop. Magic Eden is widely popular among crypto investors as a cross-platform NFT marketplace and Bitcoin decentralized exchange. With that, the investors are now eyeing the must-awaited ME token generation event and the airdrop.
The exchange recently confirmed its plans for the ME airdrop, revealing the possible timeline and allocation criteria. However, amid this announcement, the exchange has also received some criticism for its new reward program.
Magic Eden Airdrop Launch Date and Key Features Revealed
As per the ME foundation blog and X post, the Magic Eden airdrop is all set to happen in the upcoming few weeks, but the exact date is still unknown. However, the token will be released with a total supply of 1 Billion, where the crypto community will receive 12.5% or 125M ME tokens in the ME airdrop. More importantly, collectively, they will receive 50.2% or 502 million ME (initial airdrop (12.5%) and the Community & Ecosystem (37.7%)) over four years, exciting the users.
The breakdown includes the 26.2% or 262,000,000 ME reserved for the contributors, 37.7% or 377,000,000 ME for community and ecosystem, and 236,000,000 ME for strategic participants.
Category
Allocation
Total Token Supply
1,000,000,000 ME
Initial Airdrop
125,000,000 ME (12.5%)
Community & Ecosystem
377,000,000 ME (37.7%)
Contributors
262,000,000 ME (26.2%)
Strategic Participants
236,000,000 (23.6%)
The token distribution will happen with Magic Eden’s mobile dApp, which has simplified the process. Here, the Bitcoin, Solana, and Ethereum-related users will receive the allocation of their ME tokens at the TGE. More importantly, the team planned to launch the eligibility checker a little earlier to reveal the allocations.
Up to now, X Empire and HMSTR airdrops have been the biggest airdrops, but they turned out to be a disappointment due to their last-minute allocation changes. Now, it is to see how the Magic Eden team will handle this ME airdrop event.
Magic Eden Reward Feature
The Magic Eden airdrop is going to be one of the biggest crypto airdrops in November. Additionally, with the exchange adopting the ME token as its native token, it will be used to reward users in the future. The company CEO and co-founder, Jack Lu, tweeted to share this information, saying that, with this token adoption, the users will get to witness the accelerating adoption of on-chain trading.
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With the adoption of $ME, Magic Eden and its community will join forces towards the shared goal of accelerating the adoption of on-chain trading.
We will be rolling out community-first features that reward loyal users. Soon, you’ll be able to earn $ME through your daily…
— Jack Lu (@0xLeoInRio) November 18, 2024
More importantly, they are introducing loyalty rewards, where users will earn tokens for using the Magic Eden platform. It includes ME rewards for staking and contributing to the ME ecosystem. More importantly, they will have some governance rights to play a role in future protocol development.
The users are also curious about the future aspect of the already-running diamond reward or how they will get converted into ME tokens. The team has not responded to these questions, which concerns many, as they have spent years to earn the Diamonds.
What Will Be ME Token Price?
ME is presently trading at $2.12 after facing a 14.5% drop in the last 24 hours. The token is still in the pre-listing market and has maintained a good rhythm until recently. The trading volume has declined 87%, currently at $21,413.1. With that, in the Magic Eden airdrop, the community will receive $265M worth of the tokens.
However, it is after considering its recent drop, but the token has had higher values in the past. After considering that and the decentralized exchange’s demand in the market, users anticipated it to attain the $3-$4 mark in the upcoming days. With that, the token is likely to have a higher value with Magic Eden airdrop.
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