Magic Eden Token Airdrop Date Set as Pre-Market Worth Hits $562 Million – Decrypt

The ME Basis will launch its Solana-based ecosystem token—ME, which is aligned with main NFT market Magic Eden—on December 10, a consultant advised Decrypt.

The airdrop, which merchants anticipate could also be price greater than $500 million based mostly on pre-market buying and selling costs, will reward customers of Magic Eden’s Bitcoin trade and cross-chain NFT market. The token can be claimable completely by means of the Magic Eden Pockets app.

Specifics concerning the conversion of Magic Eden Diamonds, the platform’s current rewards program, to the ME token haven’t been revealed. Nonetheless, the spokesperson mentioned that allocations are anticipated to be based mostly on components corresponding to “natural” buying and selling exercise, cross-chain buying and selling, and “loyalty” or historic use of eligible platforms.

Whereas customers won’t discover out their allocations till December 10, they may be capable of test their eligibility for the airdrop within the days earlier than the declare utilizing a device that can be launched by the ME Basis.

When the declare formally opens on December 10, 12.5% of the full 1 billion ME provide (125 million tokens) can be instantly unlocked and supplied to eligible Magic Eden customers to assert. A further 22.5% of the provision, or 225 million ME tokens, can be put aside to incentivize future use of ME Basis protocols and associated platforms.

The ME token has jumped as much as $4.50 in pre-market buying and selling by way of Whales Market, although buying and selling quantity has subsided since further token particulars had been introduced on Monday. At that worth, the ME airdrop would reward customers with over $562 million on declare day. Coinbase’s pre-market buying and selling platform places the value decrease at $3.41, nevertheless.

Magic Eden began as a Solana NFT market, however has since grown to develop into the main Bitcoin Runes and NFT trade whereas sustaining the very best market share amongst all NFT marketplaces within the final six months in response to knowledge from Tiexo.

Edited by Andrew Hayward