The ME Foundation has announced the launch of ME, a Solana-based ecosystem token associated with the popular NFT marketplace Magic Eden.
The highly anticipated airdrop, scheduled for December 10, could be valued at over $500 million based on pre-market trading prices.
The ME token will reward users of Magic Eden’s Bitcoin exchange and cross-chain NFT marketplace, with claims only accessible through the Magic Eden Wallet app.
Details on how the platform’s existing loyalty rewards system, Magic Eden Diamonds, will be converted into ME tokens remain unclear. However, a spokesperson noted that airdrop distributions will take into account factors such as “organic” trading activity, cross-chain trading, and user loyalty. Eligible users will be able to verify their airdrop status using a tool that will be released in the days leading up to the token claim date.
During the airdrop, 12.5% of the total ME supply (equivalent to 125 million tokens) will be unlocked and available for eligible users to claim. Additionally, 22.5% of the 1 billion token supply will be reserved to encourage the continued use of the ME ecosystem and related platforms.
The ME token is trading on pre-market platforms like the Whales Market, where it recently reached $4.50 per token, giving the airdrop a potential value of $562 million. The token is priced slightly lower at $3.41 on Coinbase’s pre-market trading platform. Trading volumes have slowed since the detailed airdrop mechanics were announced, but anticipation remains high.
*This is not investment advice.