At 3 AM Beijing time on December 5, the Magic Eden Foundation launched the ME token airdrop query page. Previously, Magic Eden released the ME token economics, with a total supply of 1 billion tokens. Of this, 12.5% (125 million tokens) will be immediately unlocked and distributed to eligible Magic Eden users via airdrop. Additionally, 22.5% of the supply (225 million ME tokens) will be reserved to incentivize future users of ME Foundation’s protocols and platforms.

For more detailed token economics, refer to the article: “With Token Launch Imminent, Can Magic Eden Revive the NFT Market?“

Overall Allocation Principles

The ME token aims to reward users who provide economic power on-chain through SOL, BTC, and EVM wallets. Airdrop shares will be evaluated based on three main aspects: real users (referred to as “Organic users” by Magic Eden), cross-chain activities, and loyalty.

Organic users refer to the genuine users of Magic Eden. The natural usage of Magic Eden is a key factor in ME token allocation. The more wallet addresses exhibit behaviors resembling those of real users, the higher the chance they will receive rewards. Addresses associated with non-genuine transactions have been identified, meaning Magic Eden has filtered out some “witch” users.

Some users on the X platform have reported having many diamonds but receiving relatively fewer ME tokens, or being classified as non-organic users.

The four major sections of the query page

Magic Eden, as a multi-chain protocol covering both tokens and NFTs, plans to expand to 15+ chains by the end of the year. This makes the airdrop query process different, as it allows users to connect multiple wallets, with the displayed ME representing the total amount of airdrop tokens available from all eligible wallets.

The airdrop is divided into four sections, with the total airdrop token amount calculated by adding up the values from each section. The four sections are: one main section, Rewards Tiers, and three secondary sections: Launchpad Bonus, Wallet Bonus, and Active OG Bonus.

Rewards Tier Main Section

Rewards Tier refers to the wallet’s reward level and is the primary criterion for determining the ME airdrop share. The Tier is related to the ME Diamond count, which depends on the transaction activity of the wallet(s) connected by the user. However, if a user has multiple eligible wallets, all can be connected to the airdrop query page, and the Rewards Tier will display the highest wallet level among all the connected wallets.

The display of the Tier level is not affected by the number of connected wallets. For example, if a user has multiple eligible wallets with only a small amount of transactions on each, the user may receive a larger total ME airdrop share, but their Rewards Tier will be lower. Conversely, if a user only has a few eligible wallets but with larger transaction volumes, their Rewards Tier could be higher, although the total ME airdrop share from these wallets may be lower than the combined share from more wallets with smaller transaction volumes. Of course, users focusing on one wallet address with excellent overall data will not need to deal with this complexity.

So far, the highest tier observed is Tier 1, and the lowest is Tier 14. However, the ME Foundation’s allocation rules page has yet to clearly outline the relationship between Diamond count and tier levels.

The data in the secondary sections will display the best statistics from all connected wallets. For example, if a user has three wallets—one with substantial Launchpad activity, another with significant Wallet activity, and a third with a long trading history—the overall distribution will show the best statistics from each wallet.

Launchpad Bonus

The Launchpad Bonus is evaluated based on the following categories: High, Medium, Low, and - (representing zero). This section primarily includes NFT minting and cross-chain minting activities on Magic Eden’s Launchpad. However, the use of Launchpad is considered a secondary criterion for airdrop rewards. If a wallet has no Diamond balance, participating in Launchpad activities alone will not qualify the user for an ME airdrop share.

Wallet Bonus

The Wallet Bonus is evaluated based on four levels: High, Medium, Low, and - (representing zero). This bonus reflects wallet activity, including but not limited to NFT cross-chain transactions, cross-chain token swaps in Magic Eden Wallet, rune trading, and Lucky Buy activities. (Note from Odaily: Lucky Buy is a new feature launched by Magic Eden in September that allows buyers to purchase NFTs below market price. The system determines the percentage of the NFT’s listed price a user is willing to pay and the probability of winning. Buyers can place bids when purchasing an NFT, and if the bid is successful, Magic Eden covers the price difference while the seller still receives the full listed price for the NFT. Even if the bid fails, buyers still receive a “diamond” incentive, which is a way to accumulate Magic Eden diamonds.)

Wallet activity is also a secondary criterion for airdrop rewards. If a wallet has no transaction balance, relying solely on wallet usage will not qualify the user for an ME airdrop share.

Active OG Bonus

The Active OG Bonus represents user loyalty, with two evaluation criteria: Yes and No. The Active OG Bonus is awarded to addresses that were early adopters of the protocol and have continued to use it frequently up to the present. This means that if a user was an early adopter but their address has not been used for an extended period, it will not be classified as an Active OG Bonus.

The OG early adopter evaluation criteria can be referenced by MagicTicket. In February 2022, Magic Eden released a tweet stating that it used its launch date (September 17, 2021) as a reference for the MagicTicket airdrop (total of 30,602 tokens) to reward the Solana NFT ecosystem. Specifically:

Users who made their first transaction within one month of Magic Eden’s launch would receive an OG Ticket (6,348 tickets).

Users who made their first transaction between mid-October 2022 and mid-December 2022 would receive a Degen Ticket (7,162 tickets).

Users who made their first transaction after December 2022 would receive a Normie Ticket (17,092 tickets).

MagicTicket holders enjoy three types of benefits: community governance, rewards, and social activities. For example, holders can create proposals, vote on decisions, and earn more points (diamonds), whitelists, and airdrops.

Airdrop query tutorial

The airdrop query is divided into three steps:

-Download the ME Wallet app on your mobile phone, then use the mnemonic phrase to import your Magic Eden wallet. Previously, Magic Eden launched the ME test token claiming process, which can be referenced in the article: “Magic Eden to Open testME Airdrop Claiming, A Guide to Familiarize You with the Process.“

-Click the scan function in the app to scan the QR code from the ME Foundation and randomly sign in on your mobile device.

• After logging in, as mentioned earlier, users should connect as many wallets as possible that have conducted transactions on Magic Eden, such as BTC, ETH, SOL, etc. The more eligible wallets you add, the better.

Once the wallets are connected, you can view your allocated airdrop amount on the query page.

Conclusion

The ME token claim is set for December 10. Magic Eden co-founder and CEO Jack Lu previously outlined some key focuses for the ecosystem and community development after the launch of ME:

-Magic Eden will become the gateway for everyone entering the cryptocurrency space, supporting the trading of assets across all chains.

-Magic Eden is integrating ME into its reward programs.

-The platform will execute strategies for all chains, all assets, and all communities to build a strong, cross-chain cryptocurrency community.

Currently, the price of ME in pre-market trading on OKX fluctuates between 3.5 USDT and 4 USDT. Coinbase also announced on November 20 that ME perpetual contracts would be launched on its Pre-Launch Market, showing support for Magic Eden. This could suggest that ME might be listed on Coinbase’s coin listing roadmap in the future.

In addition, with the recent resurgence of old altcoins and the continuous rise of new coins, yesterday saw notable gains in the NFT token sector, including APENFT (NFT) up 38.94%, SuperVerse (SUPER) up 21.62%, Apecoin (APE) up 18.85%, and Blur (BLUR) up 6.84%. The market seems to be shifting, and it’s not just focused on Meme PvP; other sectors are also gradually warming up.

After ME goes live, we may not expect Magic Eden to revitalize the NFT space directly, but perhaps we can expect solid growth from ME, which is committed to “all chains, all assets” in the future.

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