What is Magic Eden (ME)

I. Project Introduction

1. What Is Magic Eden? Magic Eden is a digital asset platform founded in 2021. Effective March 2026, the platform discontinued support for EVM chains and the Bitcoin marketplace, retaining the Solana Marketplace, Packs, and Solana Lucky Buy, and designating finance-and-entertainment crossover products such as Dicey as the focus of its new phase. 2. How Does Magic Eden Work? In the Solana Marketplace, users list, purchase, and place item-level or collection-level offers on digital collectibles through a self-custody wallet, with a custodial balance that can also fund multiple offers simultaneously. Packs are designed as a random-reveal experience for digital collectibles or physical collectible cards represented by on-chain vouchers; after revealing, users can receive the asset, opt for instant payout, and, for certain physical collectible cards, request redemption for the physical item. Lucky Buy allows users to submit a portion of the listing price as their entry amount, with the entry amount determining the win probability; upon winning, a dedicated pool covers the price difference and pays the seller the full listing price, with the random outcome verifiable on-chain. The Magic Eden Wallet was decommissioned in May 2026; ME continues to be used for ecosystem staking, reward weighting, and on-chain governance. 3. Who Founded Magic Eden? The Magic Eden platform is operated by Euclid Labs, Inc., with Jack Lu serving as co-founder and CEO; the ME token issuance, governance, and ecosystem arrangements are advanced by the ME Foundation. Magic Eden completed multiple funding rounds between 2021 and 2022, bringing total disclosed funding to approximately USD 149.4 million; among these, the June 2022 Series B round was USD 130 million at a post-money valuation of approximately USD 1.6 billion. 4. Magic Eden Tokenomics $ME is the official token used by Magic Eden. The ME Foundation has disclosed a total supply of 1 billion tokens with a 4-year release period, and has confirmed that more than half of the allocation is directed to the community. The team also states that the initial claim share at TGE was 12.5%, with any unclaimed portion flowing back into the community incentive system. In terms of function, $ME primarily serves rewards, staking, and governance; users can lock tokens to increase their Staking Power and earn higher weighting in subsequent reward events. 5. Timeline of Key Milestones • November 2024: The ME Foundation announces the ME tokenomics and initial claim arrangements. • March 9, 2026: Magic Eden discontinues support for EVM chains and the Bitcoin marketplace. • March 27, 2026: The Bitcoin/Runes API and remaining Bitcoin services are discontinued. • May 1, 2026: The Magic Eden Wallet is decommissioned.​

II. Cryptocurrency Information

Name: Magic Eden (ME)

III. Related Links

Official Website:https://magiceden.io/

Whitepaper:https://blog.mefoundation.com/blog/me-tokenomics/

Blockchain Explorer:https://solscan.io/token/MEFNBXixkEbait3xn9bkm8WsJzXtVsaJEn4c8Sam21u

Social Media:https://x.com/MagicEden

Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. HTX does not take responsibility for any resulting direct or indirect losses.