BestReviewsLearn

Magic Eden Foundation Introduces ME Token for Cross-Chain Digital Asset Trading

The Magic Eden Foundation has launched the ME token to enhance cross-chain digital asset trading and drive growth within its decentralized ecosystem.
News
Dot
August 22, 2024
Dean Fankhauser

Dean has an economics and startup background which led him to create Bitcompare. He primarly writes opinion pieces for Bitcompare. He's also been a guest on BBC World, and interviewed by The Guardian and many other publications.

in
TABLE OF CONTENTS

The Magic Eden (ME) Foundation has announced the launch of the ME token, a new digital asset aimed at supporting Web3 consumer decentralized applications (DApps) through cross-chain trading.

In a statement shared, the ME Foundation emphasized that the primary goal of the token is to aid in the development of ME decentralized autonomous organization (DAO) protocols, emphasizing “community-led governance.”

The ME token will play a pivotal role in Magic Eden, a global platform for non-fungible tokens (NFTs) and Runes, which is set to be the first to officially adopt ME as its ecosystem token.

Enhancing Cross-Chain Trading

The ME token is specifically designed to enhance the capabilities of DApps by facilitating cross-chain trading of digital assets. While Magic Eden initially began as a Solana (SOL)-based NFT platform, it has since expanded across multiple blockchain platforms. The integration of the ME token is expected to further accelerate the platform's growth.

With Magic Eden's ongoing mobile expansion and the integration of the ME token, users will be encouraged “to trade any asset on the biggest chains at any time,” according to the press release. The release also added,

“As the NFT and digital ownership ecosystem grows, other third-party DApps will continue to use these protocols and may formally adopt $ME.”

Magic Eden's Platform Growth

The press release also highlighted the impressive growth of the Magic Eden platform, noting that it has “surpassed” $6 billion in total trading volume, accounting for over 60% of all NFT revenue.

In March, Magic Eden's surge in NFT trading volume, reaching $756.5 million, led to a 194.4% increase in monthly trading volume, allowing the platform to outperform competitors like Blur, which recorded $530.4 million in trading volume.

The NFT Market's Challenges

Despite the success of platforms like Magic Eden, the broader NFT market has faced significant challenges. During the peak of the NFT hype cycle, collections like CryptoPunks and Bored Apes saw rapid growth from 2021 to 2022. However, the market capitalization, which reached $526 billion in May 2022, has since plummeted to around $18 billion as of August 21, marking a 97% decline in value.

A report by dappGambl in September 2023 further highlighted the struggles faced by the NFT market, revealing that out of 73,257 NFT collections, 95% had market caps of 0 Ether, indicating significant value loss for investors.

Solana
The trusted provider of rates and financial information
AI JobsPromptPalBecome a partnerContact usLegalPrivacySitemapCareersAbout
Get crypto smart in 5 minutes
Join readers from Coinbase, a16z, Binance, Uniswap, Sequoia and more for the latest staking rewards, tips, insights and news.
No spam, unsubscribe anytime. Read our Privacy Policy.
YOUR SUBSCRIPTION WAS SUCCESSFUL
Oops! Something went wrong while submitting the form.
© 2024 Bitcompare
A Blu.Ventures companyAdvertisePolicyTerms of UseSitemap

Bitcompare.net is a trading name of Tokentalk Ltd. Registered in England No. 11332964. Registered Office: Unit 3 Mitcham Industrial Estate, 85 Streatham Road, Mitcham, United Kingdom, CR4 2AP.

Advertiser disclosure: Bitcompare is a comparison engine that relies on advertising for funding. The business opportunities that can be found on this site are offered by companies with which Bitcompare has made deals. This relationship may affect the way and where products appear on the site, such as in what order they are listed in categories. Information about products may also be placed based on other factors, such as the ranking algorithms on our website. Bitcompare does not look at or list all companies or products on the market.
‍
Editorial disclosure: The editorial content on Bitcompare is not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. The opinions expressed here are the author’s alone. Additionally, the opinions expressed by the commenters do not necessarily reflect those of Bitcompare or its staff. When you leave a comment on this site, it will not show up until a Bitcompare administrator approves it.

Warning: The price of digital assets can be volatile. The value of your investment can go down or up, and you may not get back the amount invested. You are the only one who is responsible for the money you invest, and Bitcompare is not responsible for any losses you might have. Any APR shown is a rough estimate of how much cryptocurrency you will earn in rewards over the time period you choose. It does not display the actual or predicted returns or yields in any fiat currency. The APR is adjusted daily, and the estimated rewards may differ from the actual rewards generated. The information on this page is not meant to be a sign from Bitcompare that the information is correct or reliable. Before making any investment, you should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance, and consult with an independent financial advisor. Links to third-party sites are not under the control of Bitcompare, and we are not responsible for the reliability or accuracy of such sites or their contents. For more information, see the Terms of Service for Bitcompare and our Risk Warning.

BestReviewsLearn
News
August 22, 2024

Magic Eden Foundation Introduces ME Token for Cross-Chain Digital Asset Trading

HomeNews
Blog Post
Contents

The Magic Eden (ME) Foundation has announced the launch of the ME token, a new digital asset aimed at supporting Web3 consumer decentralized applications (DApps) through cross-chain trading.

In a statement shared, the ME Foundation emphasized that the primary goal of the token is to aid in the development of ME decentralized autonomous organization (DAO) protocols, emphasizing “community-led governance.”

The ME token will play a pivotal role in Magic Eden, a global platform for non-fungible tokens (NFTs) and Runes, which is set to be the first to officially adopt ME as its ecosystem token.

Enhancing Cross-Chain Trading

The ME token is specifically designed to enhance the capabilities of DApps by facilitating cross-chain trading of digital assets. While Magic Eden initially began as a Solana (SOL)-based NFT platform, it has since expanded across multiple blockchain platforms. The integration of the ME token is expected to further accelerate the platform's growth.

With Magic Eden's ongoing mobile expansion and the integration of the ME token, users will be encouraged “to trade any asset on the biggest chains at any time,” according to the press release. The release also added,

“As the NFT and digital ownership ecosystem grows, other third-party DApps will continue to use these protocols and may formally adopt $ME.”

Magic Eden's Platform Growth

The press release also highlighted the impressive growth of the Magic Eden platform, noting that it has “surpassed” $6 billion in total trading volume, accounting for over 60% of all NFT revenue.

In March, Magic Eden's surge in NFT trading volume, reaching $756.5 million, led to a 194.4% increase in monthly trading volume, allowing the platform to outperform competitors like Blur, which recorded $530.4 million in trading volume.

The NFT Market's Challenges

Despite the success of platforms like Magic Eden, the broader NFT market has faced significant challenges. During the peak of the NFT hype cycle, collections like CryptoPunks and Bored Apes saw rapid growth from 2021 to 2022. However, the market capitalization, which reached $526 billion in May 2022, has since plummeted to around $18 billion as of August 21, marking a 97% decline in value.

A report by dappGambl in September 2023 further highlighted the struggles faced by the NFT market, revealing that out of 73,257 NFT collections, 95% had market caps of 0 Ether, indicating significant value loss for investors.

Solana
Dean Fankhauser

Dean has an economics and startup background which led him to create Bitcompare. He primarly writes opinion pieces for Bitcompare. He's also been a guest on BBC World, and interviewed by The Guardian and many other publications.

in

The Magic Eden (ME) Foundation has announced the launch of the ME token, a new digital asset aimed at supporting Web3 consumer decentralized applications (DApps) through cross-chain trading.

In a statement shared, the ME Foundation emphasized that the primary goal of the token is to aid in the development of ME decentralized autonomous organization (DAO) protocols, emphasizing “community-led governance.”

The ME token will play a pivotal role in Magic Eden, a global platform for non-fungible tokens (NFTs) and Runes, which is set to be the first to officially adopt ME as its ecosystem token.

Enhancing Cross-Chain Trading

The ME token is specifically designed to enhance the capabilities of DApps by facilitating cross-chain trading of digital assets. While Magic Eden initially began as a Solana (SOL)-based NFT platform, it has since expanded across multiple blockchain platforms. The integration of the ME token is expected to further accelerate the platform's growth.

With Magic Eden's ongoing mobile expansion and the integration of the ME token, users will be encouraged “to trade any asset on the biggest chains at any time,” according to the press release. The release also added,

“As the NFT and digital ownership ecosystem grows, other third-party DApps will continue to use these protocols and may formally adopt $ME.”

Magic Eden's Platform Growth

The press release also highlighted the impressive growth of the Magic Eden platform, noting that it has “surpassed” $6 billion in total trading volume, accounting for over 60% of all NFT revenue.

In March, Magic Eden's surge in NFT trading volume, reaching $756.5 million, led to a 194.4% increase in monthly trading volume, allowing the platform to outperform competitors like Blur, which recorded $530.4 million in trading volume.

The NFT Market's Challenges

Despite the success of platforms like Magic Eden, the broader NFT market has faced significant challenges. During the peak of the NFT hype cycle, collections like CryptoPunks and Bored Apes saw rapid growth from 2021 to 2022. However, the market capitalization, which reached $526 billion in May 2022, has since plummeted to around $18 billion as of August 21, marking a 97% decline in value.

A report by dappGambl in September 2023 further highlighted the struggles faced by the NFT market, revealing that out of 73,257 NFT collections, 95% had market caps of 0 Ether, indicating significant value loss for investors.

Written by
Dean Fankhauser
Solana

Solana ETF Filings Face Setback: 'This is Why There Won’t Be a SOL ETF'

News
August 21, 2024
The SEC's rejection of filings for Solana (SOL) ETFs led to their removal from the CBOE website, but VanEck remains optimistic about their proposal's future.

Solana's Drift Expands into Election Prediction Markets

News
August 19, 2024
Drift, a Solana-based crypto platform, is launching a prediction market service allowing users to bet on election outcomes using various cryptocurrencies, with features integrated into decentralized finance (DeFi).

How to Create Solana Meme Coins with Success

Learn
May 4, 2024
Wondering how to create Solana meme coins that stand out? In this guide, you’ll get a clear roadmap for initiating, building, and promoting your digital currency on the Solana blockchain.

5 Apps Every Serious Crypto Trader Needs on Their Phone

Crypto Trading
October 3, 2024
Cool apps that every crypto trader should have to ensure a more efficient and secure trading journey.

Bitcoin Price Stagnates Amid Mixed Market Signals

News
September 2, 2024
Bitcoin's price remains stagnant due to mixed market signals, including potential sell pressure from large BTC releases and uncertain demand ahead of the U.S. Federal Reserve meeting.

Shiba Inu Whale Trades $3.5 Million in SHIB for AI Token FET Amid Market Shifts

News
September 1, 2024
A Shiba Inu whale swapped $3.5 million worth of SHIB for the AI token FET, reflecting a strategic shift towards AI-focused assets amid declining memecoin value.

XRP Whale Activity Hits Four-Year Low: What Does It Mean for Traders?

News
September 1, 2024
XRP struggles at $0.585, but whale activity and stable network metrics suggest a long-term bullish outlook despite short-term volatility.

Bitcoin’s Decline Could Mean Gains for Solana: $187 Target in Sight

News
August 31, 2024
A potential decline in Bitcoin's dominance could trigger an altcoin rally, with Solana (SOL) potentially aiming for a $187 target.

Vitalik Buterin Refutes Claims of Selling Ether for Profit

News
August 31, 2024
Ethereum co-founder Vitalik Buterin denies selling Ether for personal profit, stating that his sales were to support various crypto projects and philanthropic efforts.

Third Negative Funding Rate Reading for BNB Since 2023 Raises Concerns

News
August 31, 2024
Binance's funding rates have turned negative for the third time since 2023, signaling potential bearish market sentiment and a decline in demand for Binance Coin (BNB) long positions amid increased selling pressure and external controversies.

Bitcoin's Next Move: Will It Break $67K or Remain Below $60K?

News
August 31, 2024
Bitcoin is trading near a critical support level around $59K, with mixed technical signals suggesting potential further declines or a rally toward $67K, amid a generally bullish on-chain outlook.

Ethereum Whale Sells 6,900 ETH – Is It Time to Worry?

News
August 31, 2024
An Ethereum whale has sold 6,900 ETH, valued at $17.87 million, amid a balanced market environment and continued decline in exchange reserves, raising questions about potential bearish trends.

Ethereum Signals Potential Price Reversal: Bullish Divergence Forms for the First Time in Two Years

News
August 30, 2024
Ethereum is showing signs of a potential price reversal with its first bullish divergence in over two years, supported by technical indicators and macroeconomic factors.

Bitcoin Slips Below $59,000 as Institutional Demand Declines; BlackRock's IBIT Records Second Outflow

News
August 30, 2024
Bitcoin fell below $59,000 amid waning demand and significant outflows from major ETFs, including BlackRock's IBIT, signaling cautious market sentiment and potential volatility ahead.

Aptos Network Partners with Nillion to Enhance Privacy for Decentralized Applications

News
August 29, 2024
Aptos is integrating privacy platform Nillion to enhance privacy-preserving applications on its blockchain, enabling secure handling of sensitive data for decentralized apps.
The trusted provider of rates and financial information
AI JobsPromptPalBecome a partnerContact usLegalPrivacySitemapCareersAbout
Get crypto smart in 5 minutes
Join readers from Coinbase, a16z, Binance, Uniswap, Sequoia and more for the latest staking rewards, tips, insights and news.
No spam, unsubscribe anytime. Read our Privacy Policy.
YOUR SUBSCRIPTION WAS SUCCESSFUL
Oops! Something went wrong while submitting the form.
© 2024 Bitcompare
A Blu.Ventures companyAdvertisePolicyTerms of UseSitemap

Bitcompare.net is a trading name of Tokentalk Ltd. Registered in England No. 11332964. Registered Office: Unit 3 Mitcham Industrial Estate, 85 Streatham Road, Mitcham, United Kingdom, CR4 2AP.

Advertiser disclosure: Bitcompare is a comparison engine that relies on advertising for funding. The business opportunities that can be found on this site are offered by companies with which Bitcompare has made deals. This relationship may affect the way and where products appear on the site, such as in what order they are listed in categories. Information about products may also be placed based on other factors, such as the ranking algorithms on our website. Bitcompare does not look at or list all companies or products on the market.
‍
Editorial disclosure: The editorial content on Bitcompare is not provided by any of the companies mentioned, and has not been reviewed, approved, or otherwise endorsed by any of these entities. The opinions expressed here are the author’s alone. Additionally, the opinions expressed by the commenters do not necessarily reflect those of Bitcompare or its staff. When you leave a comment on this site, it will not show up until a Bitcompare administrator approves it.

Warning: The price of digital assets can be volatile. The value of your investment can go down or up, and you may not get back the amount invested. You are the only one who is responsible for the money you invest, and Bitcompare is not responsible for any losses you might have. Any APR shown is a rough estimate of how much cryptocurrency you will earn in rewards over the time period you choose. It does not display the actual or predicted returns or yields in any fiat currency. The APR is adjusted daily, and the estimated rewards may differ from the actual rewards generated. The information on this page is not meant to be a sign from Bitcompare that the information is correct or reliable. Before making any investment, you should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance, and consult with an independent financial advisor. Links to third-party sites are not under the control of Bitcompare, and we are not responsible for the reliability or accuracy of such sites or their contents. For more information, see the Terms of Service for Bitcompare and our Risk Warning.