Magic Eden Announces $312M ME Token Airdrop

The ME Foundation revealed on Monday that 12.5% of the total ME token supply, equivalent to 125 million Solana-based tokens, will be distributed to Magic Eden’s community. With a pre-market price of $2.50 per token, the allocation is valued at $312 million.

The ME token generation event (TGE) is expected to take place “in a few weeks,” delivering one of the largest community airdrops of the year. Users will receive their ME allocation instantly upon launch, with additional tokens reserved for future rewards.

ME Tokenomics and Airdrop Details

Magic Eden’s ME token has a total supply of 1 billion tokens. At launch:

• 12.5% of tokens are unlocked for the community.
• 22.5% of tokens are allocated for future airdrops to active users of Magic Eden products.

According to CEO Jack Lu, users will be able to earn ME tokens through regular platform activity. However, some community members remain unclear on how Magic Eden’s existing Diamonds rewards system will integrate with ME.

While specifics of the Diamonds-to-ME conversion rate are pending, Magic Eden has committed to launching an eligibility checker ahead of the TGE to help users understand their allocations.

Magic Eden’s Cross-Chain Expansion

Magic Eden, initially a Solana NFT marketplace, has expanded its platform to support Bitcoin, Ethereum, and other blockchains. Over the past six months, Magic Eden has processed over $1.12 billion in trading volume and captured 33% of the on-chain NFT marketplace market share, according to Tiexo.

The platform has also integrated Bitcoin Runes and NFT trading across seven blockchains, cementing its position as a leader in the NFT ecosystem.

Community Reactions and Pre-Market Performance

The ME token has already gained attention in pre-market trading, with its price rising 233% in the last 24 hours to $2.50. Despite the excitement, community members have voiced frustration over the lack of details regarding the Diamonds rewards conversion and the exact timing of the TGE.

Web3 personality DFarmer criticized Magic Eden for “dragging this out,” urging the platform to clarify its plans for the airdrop.