The ME Foundation will launch its Solana-based ecosystem token—ME, which is aligned with leading NFT marketplace Magic Eden—on December 10, a representative told Decrypt.
The airdrop will be a reward for users of Magic Eden’s Bitcoin Exchange and NFT cross-chain marketplace. Traders estimate that the airdrop could be worth over $500 million, based upon pre-market trading. The token can only be claimed through the Magic Eden Wallet application.
The exact details of the conversion from Magic Eden Diamonds to the ME token, the existing rewards program on the platform, have not yet been disclosed. A spokesperson for the platform said that allocations would be based on factors like “organic” Trading activity, cross-chain trade, and “loyalty” Or historical use of eligible platforms.
Although users won’t know their allocations until the 10th of December, they can check their eligibility to receive the airdrop days before using a new tool released by the ME Foundation.
Magic Eden users who are eligible will receive 125 million tokens, or 12.5% of 1 billion ME. Additional 22,5% of the total supply or 225,000,000 ME Tokens will be put aside to encourage future use of ME Foundation Protocols and related platforms.
The ME token is now trading at $4.50 via Whales Market in pre-market, but trading volumes have decreased since Monday’s announcement of additional token details. The ME airdrop will reward users $562 million at that price. Coinbase's pre-market trading platform puts the price lower at $3.41, however.
Magic Eden began as a Solana NFT market, but it has grown into the world’s leading Bitcoin Runes NFT exchange. It also maintains the highest share of the NFT markets in the past six months.
Andrew Hayward is the editor
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