TL;DR
- The ME Foundation has announced a $312 million token airdrop to Magic Eden users, distributing 125 million Solana-based ME tokens, which is 12.5% of the total ME supply.
- The initial distribution aims to reward active users, with future airdrops planned to further engage and reward the community, enhancing user loyalty.
- The announcement has significantly impacted the market, with ME token prices surging by 233%, and the airdrop is expected to solidify Magic Eden’s position as a leading on-chain marketplace.
The ME Foundation has unveiled plans for a significant token airdrop, distributing $312 million worth of ME tokens to users of Magic Eden’s Bitcoin exchange and cross-chain NFT platform. This airdrop, set to be one of the largest in 2024, will see the community collectively receive 12.5% of the total ME supply, amounting to 125 million Solana-based tokens.
The announcement has generated considerable excitement within the crypto community, with the pre-market price of ME tokens surging by 233% to $2.50.
Distribution Details
The ME token airdrop is designed to reward active users of Magic Eden’s platform. The initial distribution will allocate 125 million tokens, representing 12.5% of the total 1 billion token supply.
This allocation matches that of Tensor, a rival Solana NFT marketplace, and exceeds the 10% community allocation provided by Jupiter, the Solana DEX aggregator. The token generation event (TGE) is expected to occur “in a few weeks,” according to the official ME Foundation post.
ME Foundations’s Future Airdrops and Rewards
In addition to the initial airdrop, the ME Foundation has earmarked an additional 225 million ME tokens for future airdrops to active users of Magic Eden’s products. Users will be able to earn ME tokens through their daily use of the platform, enhancing their engagement and loyalty.
Magic Eden CEO and co-founder Jack Lu emphasized the importance of rewarding the community, stating, “You’ll be able to earn $ME through your daily use of Magic Eden products.”
Impact on the Market
The announcement of the ME token airdrop has had a significant impact on the market, with pre-market prices for ME tokens experiencing a substantial increase. This airdrop places ME among the top 20 crypto airdrops of all time, according to CoinGecko.
The airdrop is expected to further solidify Magic Eden’s position as a leading on-chain marketplace, processing over $1.12 billion in trading volume over the last six months and maintaining a 33% market share during that period.
Community Engagement
The ME Foundation’s airdrop strategy aims to foster greater community engagement and participation. By rewarding active users and providing opportunities for future earnings, the foundation hopes to build a loyal and engaged user base.