1. Magic Eden (ME) Project Background and Positioning

Magic Eden is a decentralized platform focusing on cross-chain trading, minting, and wallet protocols, aiming to promote the popularization of on-chain economy through its native token $ME. As a leading NFT trading platform in the Solana ecosystem, Magic Eden has expanded to 8 blockchains including Bitcoin and Ethereum, supporting users to seamlessly trade NFTs and fungible tokens across different chains. As of February 2025, its protocol has accumulated a trading volume exceeding 6 billion US dollars, with over 500,000 monthly active users, becoming a core infrastructure for cross-chain asset liquidity management.

Basic information display

Core features:

• Cross-chain transactions: Users can trade multiple chain assets with one click in the Magic Eden mobile app, without switching wallets or networks.
• NFT minting and liquidity protocol: supports projects in creating NFT collections with freezing permissions, and enhances fairness through on-chain randomization technology.
• Staking and task system: Unlock task rewards by staking $ME tokens to enhance users’ governance power.

Source:MAGIC EDEN official website

2. Magic Eden (ME) Market Data

On December 10, 2024, at 22:00 (UTC+8), Gate.io officially launched the Magic Eden (ME) trading. This event marks the official entry of $ME tokens into the mainstream trading market, and is an important milestone for its cross-chain trading, minting, and wallet protocols to be fully enabled.

Source:Gate.io ME_USDT Trading

Market data (as of 2025/02/17)

Market Cap: 2.02 billion USDT
Total circulation: 10.00 billion ME
Circulation: 1.30 billion ME
Current price:$1.54
24-hour highest price: 1.6249
24-hour lowest price: 1.5110
Change:-1.84%
Liquidity: $2.2M

3. MAGIC EDEN (ME) Economic Model

$ME Token Supply and Distribution Overview

Total Supply

The total supply of $ME is 1 billion coins

Token Distribution

Initial community allocation: 12.5% (fully unlocked at the time of the first token generation event (TGE))
Community and Ecosystem: 37.7% (22.5% for rewarding active users, 15.2% for ecosystem development, 5% allocated to the ME Foundation Treasury)
Contributors: 26.2% (team members, advisors, early developers, etc., locked for at least 18 months after TGE)
Strategic participants: 23.6% (investors or partners, locked for at least 12 months after TGE)

Token distribution time Token distribution time

The tokens will be fully distributed within 4 years
Airdrops and user rewards
Reward mechanism: Distribute airdrops to users through Magic Eden, rewarding users in Bitcoin, Solana, and the EVM ecosystem
User rewards: 22% of the tokens will be used for user rewards
Staking rewards: Stakers can participate in a wide range of on-chain reward programs

Platform Importance

Magic Eden plays a crucial role in the NFT trading market, accounting for over 80% of the trading volume of Ordinals and Runes.
On the Magic Eden platform, the revenue share is 60%, and the user share is 29% in the NFT ecosystem.

Source:aicoin report

Cross-chain protocol design:

The protocol layer of MAGIC EDEN adopts a modular architecture, compatible with EVM, Solana VM, and Bitcoin script system, supporting the following features:

• Atomic swaps: Ensure the security of cross-chain transactions and avoid the risk of intermediaries.
• Unified Liquidity Pool: Aggregating liquidity of multi-chain assets to reduce slippage.
• Smart contract wallet: integrates multi-signature and social recovery functions, enhancing user experience.

4. Analysis of the Staking and Task Mechanism of Magic Eden (ME)

Ecological Incentive Mechanism

$ME empowers users to earn more rewards through Staking and Questing.

Staking operation essentials

• Process:

- Prepare and confirm that there is enough $ME in the wallet.
- Link the wallet and select the appropriate staking amount and duration (1 day to 4 years).
- Upon completion of the transaction confirmation, the system calculates the 'Staking Power' based on the amount and duration.

• Attention:

- Each wallet only supports a single staking cycle. If you need multiple cycles, you need to use different wallets.
- Adding additional collateral or extending the lock-up period will not have a retrospective effect on completed tasks.

Source:ME Foundation Staking Page

Questing Overview

Limited-time tasks: Each task can only be completed once within a specified time, such as purchasing designated NFT tasks.
Continuous task: Can be repeatedly completed within a chapter, and the cumulative task affects the final reward allocation.
Task example: NFT purchase, Token trading, weekly login, etc.

After the task is completed, the system will linearly distribute the $ME rewards based on the daily updated rankings (updated daily at 10 AM PDT).

Source:MAGIC EDEN Staking and Task Common Questions and Answers

The ecosystem and cross-chain application scenarios of 5. Magic Eden (ME)

Ecosystem Overview

The $ME token has built a cross-chain ecosystem that spans multiple blockchains and DeFi platforms, providing users with diversified application scenarios.

User wallet quantity: over 3.5M
Total Trading Volume: Approximately 6B USD
Active creators quantity: over 1K
Number of supported chains: 8 (including Solana, Bitcoin, Ethereum, etc.)
Monthly active users: about 500K

Multi-chain support and collaboration platform

• Solana: mainly supports NFT minting, trading, freezing permissions, and other functions.
• Bitcoin: Supports native dApp and atomic swap functionality.
• Ethereum: EVM protocol covers over 30% of the NFT secondary market trading volume.
• Example of cooperative platform:
  • Kamino & Jito: Participating in designated liquidity pools can earn additional rewards.
  • Raydium: There are weekly reward activities for creating $ME-SOL liquidity pools.
  • Other cooperative platforms: Meteora, Drift, Jupiter, Orca, deBridge, Wasabi, etc.

Source:ME Foundation Official Website

The future outlook and ecosystem governance of Magic Eden (ME)

ME DAO governance

• Governance model: adopts the vote-escrow mechanism, and users obtain voting rights through Staking.
• Governance objectives: promote the improvement of the ecosystem protocol, enhance user participation and the long-term development of the platform.

Future Event Notice

• The new chapter’s Quest tasks will continue to be released, bringing users more opportunities for participation and rewards.
• ME Foundation Constitution and governance proposals are about to be released, further improving the ME DAO governance system.
• More cross-chain ecosystem collaborations and liquidity incentive programs will be launched successively to support ecosystem expansion.

7 Magic Eden (ME) Summary and Investment Outlook

Magic Eden (ME) has become a core hub connecting users across multiple chains with its cross-chain protocol and active staking ecosystem. From a technical perspective, despite the short-term correction pressure, the long-term price forecast remains optimistic, especially in the context of the Bitcoin halving cycle (2028) and accelerated institutional adoption. However, investors need to closely monitor the token unlocking pace and regulatory dynamics, and allocate positions rationally.

Core Advantages:

• Integrate the Solana, Bitcoin, and Ethereum ecosystems to capture multi-chain growth dividends.
• The staking mechanism is deeply integrated with the task system, enhancing the utility of the token.

Challenge:

• Market competition intensifies (such as Tensor and Blur).
• Continuous optimization of user experience is needed to expand the non-technical user base.

For long-term holders, the governance rights of $ME and the value of cross-chain infrastructure may gradually be released after 2030, but short-term fluctuations are still inevitable. It is recommended to adjust strategies dynamically based on technical analysis and ecological progress.