Today, the ME Foundation officially announced the launch of the $ME token, which will serve as a Web3 consumer decentralized application token for the digital asset cross-chain trading protocol. The ME Foundation's mission is to support the continued development of Magic Eden DAO and the underlying protocol through community governance. As Magic Eden moves to mobile through the Magic Eden Wallet and expands beyond NFTs, $ME will become a lever to incentivize users to trade multiple assets at any time, on multiple blockchain networks . As the NFT and digital ownership ecosystem develops, other third-party dApps will continue to operate on the protocol and are expected to adopt the $ME token for a variety of scenarios.

Magic Eden was officially founded nearly three years ago as the "Solana Ecosystem NFT Platform"; today, Magic Eden has a total transaction volume of more than $6 billion, is one of the top NFT trading platforms , and accounts for more than 60% of the NFT market transaction volume share; it accounts for more than 80% of the Bitcoin inscription and rune market transaction volume share, and is the leader in this field. Runes are now one of the most popular Bitcoin NFT standards, accounting for more than 60% of Bitcoin market transaction volume . Magic Eden has native users on Bitcoin, Solana Ecosystem, and EVM Ecosystem (including Ethereum, Base, and Polygon), and the website has 21 million visits in the second quarter of 2024, which is on par with many of the top DEXs on mainstream blockchain networks.

While token issuance last quarter was focused on L1 public chains and infrastructure-related projects, the $ME token represents the power of consumer decentralized applications. The ME Foundation estimates that demand for mobile experiences and end-to-end dApp usage will drive a significant shift in on-chain behavior, which will help users trade more efficiently. The $ME token is expected to leverage its dApp partnerships to become a representative project for Web3 dApp tokens, incentivizing more users to participate in on-chain transactions. After $ME is integrated into the Magic Eden platform, users will be rewarded for using Magic Eden to accelerate the efficiency of mobile applications, expand NFT use cases, and continue to support mainstream blockchains. Further integration of the $ME token on other third-party dApps will provide rewards to more cross-platform users.

$ME tokens will only be available through Magic Eden Wallet and will be showcased as an important feature. Currently, Magic Eden Wallet, developed using open source code provided by ME DAO, currently supports PC and mobile terminals, has more than 250,000 monthly active users, and its popular features include local cross-chain exchange, seamless fiat currency deposit services, and digital asset management. Users will directly benefit from $ME rewards in Magic Eden Wallet, thereby attracting tens of millions of users of non-custodial wallets to join the ranks.

Matt Szenics, Director of the ME Foundation, said, “I am excited about the $ME token for two reasons: first, this token will be relevant to more retail investors in the crypto market because it represents the potential for consumer dApps built for users. This is why $ME will be brought to market with a mobile-first experience; second, the $ME token is applicable to all major blockchain networks, which means that the era of ‘single-chain supremacism’ is over.”

More information about the $ME token, including token economics and utility details, will be announced soon . For more updates and official announcements, please follow the official account on the X platform.

About the ME Foundation

The ME Foundation manages a complete suite of open-source cross-chain transaction protocols, allowing users to trade NFTs or various tokens on mainstream blockchain networks. Magic Eden has announced the $ME token as its official ecosystem token, which may be adopted by other third-party dApps over time. The ME Foundation is a non-profit foundation that provides administrative support for the decentralization and custody of these protocols. As a community-owned utility token, $ME holders are able to participate in promoting the adoption and development of the protocol and receive corresponding rewards when participating in the protocol experience and use.

About Magic Eden

Magic Eden is a leading cross-chain platform dedicated to shaping the future of Web3. In addition to being an NFT trading platform, Magic Eden is also a user-friendly comprehensive ecosystem including a secure cross-chain wallet. Magic Eden empowers users to mint, collect and trade digital assets across the chain network, bringing "cultural moments" into the blockchain world to promote creativity and community participation.