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RRUPDATES📍: Magic Eden To Introduce $ME Token - Enabling Solana Cross-Chain Trading🪄

The $ME token will empower users to engage in cross-chain trading on the Solana-based Magic Eden platform, incentivizing the exchange of assets across multiple leading blockchains

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The R Roundup.sol
August 22, 2024

Magic Eden, a dominant player in the NFT marketplace on the Solana blockchain, is preparing to launch and integrate its forthcoming utility token, $ME.

Designed to function as both an ecosystem and utility token, $ME will initially be adopted on the Magic Eden platform with potential future use in third-party protocols. This initiative, led by the ME Foundation, underscores Magic Eden's ongoing commitment to bolstering its role within the broader Solana ecosystem.

The $ME token will empower users to engage in cross-chain trading on the Solana-based Magic Eden platform, incentivizing the exchange of assets across multiple leading blockchains. The Magic Eden team envisions $ME becoming a cornerstone in decentralized applications and third-party protocols as interest in NFTs and Bitcoin-based Runes continues to rise.

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The era of single-chain maximalism is over

ME Foundation Director Matt Szenics

To date, Magic Eden has facilitated over $6 billion in trading volume across various networks, capturing 60% of all NFT-related revenue. Magic Eden is also reported to account for 80% of the trading volume in Bitcoin Ordinals and Runes, solidifying its market leadership.

Szenics further highlighted the ME Foundation's ambition: "Our goal is for $ME to be the leading Web3 consumer token. As a community-owned and governed asset, we’re eager to see how the community builds upon this momentum." While the specific launch date for $ME remains undisclosed, the ME Foundation has confirmed that the token will be accessible through the Magic Eden desktop and mobile wallet, developed on the ME DAO’s open-source framework. The foundation also plans to provide ongoing support for the token’s development and the evolution of the ME DAO.

This upcoming launch of the $ME token is part of a broader series of strategic initiatives by Magic Eden in 2024. Earlier this year, Magic Eden introduced a platform for Bitcoin Runes and rolled out a multi-chain self-custody wallet supporting Solana, Bitcoin, Polygon, and Ethereum, demonstrating its commitment to multi-chain interoperability and continued innovation in the NFT space.

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