ME Foundation Announces $ME, To Be Adopted by Magic Eden As Its Official Ecosystem Token

GRAND CAYMAN, Cayman Islands, Aug. 22, 2024 /PRNewswire/ -- ME Foundation today announced the impending launch of the $ME, the leading Web3 consumer dApp token representing cross chain protocols for digital asset trading.

The mission of the ME Foundation is to support the development of leading cross chain protocols with community-led governance. Magic Eden, the #1 Bitcoin dApp, NFT and Runes platform in the world, uses these protocols and will be the first platform to formally adopt $ME as its ecosystem token. As Magic Eden pushes into mobile via Magic Eden Wallet and expands beyond NFTs, $ME will be a powerful lever to incentivize users to trade any asset on the biggest chains at any time. As the NFT and digital ownership ecosystem grows, other third party dApps will continue to use these protocols and may formally adopt $ME.

Nearly three years ago, Magic Eden launched as a Solana NFT platform. Today, Magic Eden has surpassed $6B in total trading volume, is the top NFT platform, representing >60% of all NFT revenue, and the top Bitcoin platform with 80%+ of Ordinals and Runes trade volume. Runes is now the most popular Bitcoin fungible standard, comprising over 60% of all Bitcoin transactions. Magic Eden remains the only platform with native audiences across Bitcoin, Solana, and EVM (Ethereum, Base, and Polygon), boasting 21 million site visits in Q2, in line with the largest DEXs across major chains.

While many token launches of the last quarter have focused on L1s and infrastructure projects, $ME represents the power of consumer dApps. ME Foundation expects major shifts in on-chain behavior, including the desire for mobile-native experiences and end-to-end dApps that can help users transact more efficiently. $ME will be used to incentivize people to use the open source protocols adopted by ME Foundation. Magic Eden will continue to accelerate mobile capabilities, expand beyond NFTs, and add support for major blockchains. In turn, the $ME community will decide the best way to create leading dApp experiences after the token is adopted by Magic Eden.

$ME will be exclusively claimed and prominently featured in Magic Eden Wallet, which uses $ME DAO's open source code and is available on desktop and mobile. Enjoyed by 250,000+ monthly active users, the wallet includes popular features such as native cross chain swaps, seamless on-ramp services, and digital asset management. Users will benefit from $ME rewards in Magic Eden Wallet, attracting the tens of millions of users who use non-custodial wallets today. $ME will not be claimable in certain jurisdictions, including the United States.

"I'm excited about $ME for two reasons. First, this token will resonate with crypto retail users because it represents the potential of consumer dApps built for them. That's why $ME will be brought to market through a mobile-first experience. Secondly, $ME is for everyone across all major chains. The era of single chain maximalism is over," said Matt Szenics, ME Foundation Director.

Additional information about $ME, including tokenomics and details on utility, will be provided at a later date. For more updates and announcements, follow @MEFndn on X.

About $ME
$ME governs the strongest suite of open source cross chain trading protocols that enable anyone to trade NFTs or fungible tokens on all major chains at any time. $ME will be adopted by Magic Eden and may be adopted by other third party dApps over time. ME Foundation is a non-profit foundation that provides administrative support for the decentralization and stewardship of the open source protocols adopted by ME Foundation. As a community owned and governed utility token, $ME holders will be able to drive adoption and development of these protocols.

About Magic Eden
Magic Eden is the leading cross-chain platform shaping the future of Web3. Beyond its leading NFT platform, Magic Eden is a comprehensive, user-friendly ecosystem including a secure cross-chain wallet. Empowering users to mint, collect, and trade digital assets across blockchain networks, Magic Eden brings cultural moments onto the blockchain, fostering creativity and community engagement. Explore the future of digital ownership at magiceden.io.

SOURCE ME Foundation