by Reza Ali
On December 10, a major cryptocurrency exchange will list the Magic Eden token (ME) on its platform. This token follows the NFT marketplace in Solana.
This follows the news that Binance will support the ME token on its platform. ME/BTC, ME/USDT, ME/FDUSD, and ME/TRY will be available on Binance trading pairs.
In a recent notice, Binance confirmed that trading and withdrawals for ME will begin on December 10 at 15:00 UTC. The ME token, which is still relatively new, will have a seed tag applied by Binance since they deem it to have higher-than-normal risk. To access ME trading, users must complete a quiz on Binance’s Spot and Margin platforms and agree to Binance’s terms of use as often as before every 90 days.
In addition to Binance, two South Korean exchanges, Upbit and Bithumb, are also preparing to list the ME token, with trading set to begin on the same day, December 10, at 14:00 UTC. For ME, trading will be supported for Korean won, Bitcoin, and Tether on Upbit.
I will be distributed to the Upbit network using the Solana network, and owners of the personal wallet addresses need to verify ownership of their respective deposits and withdrawals. Upbit said that deposits made with linked personal wallets may be returned during processing based on the network used.
Bithumb, meanwhile, is also making strides towards its ME listing with the Ethereum-based Synfutures governance token F. Bithumb said in the announcement that the base price of 2,286 (around $1.59) for ME will be on trade against the Korean won. But Bithumb didn’t say when precisely trading would start, saying it would be announced once liquidity had been secured.
Magic Eden launched the ME token for governance, staking, and user rewards within the Magic Eden platform in September 2021. Magic Eden was built on the Solana blockchain and came to have a near majority (31.7%) share of the NFT sales in the block, amounting to 31.7% of the daily Solana NFT volume. Nevertheless, earlier this year, the platform’s market share was reported to drop to 3.4% in 2023 as Solana’s NFT sales declined.
To support the token’s adoption, Magic Eden said that after checking their eligibility, the Emmy wallet on the Magic Eden app would allow users to claim ME tokens. The token launch should interest the existing NFT community, offering new opportunities for platform governance and user engagement.
Tomorrow is the big day, and no, we’re not talking about your wife’s boyfriend’s birthday.$ME claim starts at 2PM GMT on 12/10
Remember to ONLY engage with official communications from @MagicEden and @MEFndn.
DO NOT click links from anywhere else as they are likely scams. pic.twitter.com/BXZqRPCM9a
— Magic Eden (@MagicEden) December 9, 2024
Listing Magic Eden’s ME token on an exchange is one of the newer developments in the crypto space and likely another step toward making the NFT ecosystem a mainstream space. However, these listings are expected to raise the token’s liquidity and increase its visibility in the marketplace.
#blockchain #crypto, #decentralized, #distributed, #ledger