Binance, Upbit, and Bithumb, all major cryptocurrency exchanges, say they will list the Magic Eden token (ME), the currency of Solana-based NFT marketplace Magic Eden, on Dec. 10. Magic Eden’s CEO, Sam Trreff, says that this is a momentous move for NFTs and Magic Eden in particular.
In its announcement, Binance revealed that it will open trading for ME at 15:00 UTC on December 10. The ME will support multiple trading pairs: ME/BTC, ME/USDT, ME/FDUSD, and ME/TRY. Users can already prepare for its launch by depositing that token.
Magic Eden Users Can Claim ME Tokens
Binance warned of the risks with Magic Eden’s relatively new token but, in response to criticism, had urged users to exercise caution while trading the token. In order to mitigate potential headaches, the exchange has put a’seed tag’ on ME, meaning that users will have to complete a quiz on Binance Spot and Margin platforms and accept the platform’s terms of service every 90 days or else be locked out of ME trading.
South Korean exchanges Upbit and Bithumb will also support ME trading on December 10, beginning at 14:00 UTC.
- Upbit: Trading pairs in the Korean won (KRW), Bitcoin (BTC), and Tether (USDT) will be supported by the platform. Users should be able to deposit and withdraw ME tokens in the Solana network if they complete the ownership verification for their own Solana wallets. According to the exchange, users are warned about potential deposit returns if deposits take place via unverified linked wallets.
- Bithumb: In addition to ME, Bithumb will list the Synfutures governance token F on the Ethereum network. ME/KRW pairs trade at a base price of 2,286 KRW ($1.59) with trading starting. Trading times will be announced once liquidity is secured, said Bithumb.
Magic Eden has emerged as a dominant player in the multichain NFT ecosystem following its launch in September 2021 from Solana blockchain. It caught 31.7% of the daily NFT sales volume on Solana at its peak. In 2023, its share of the Solana NFT market plummeted, from 15.5% to 3.4%.
The ME token helps develop the platform’s ecosystem by acting as a mode of governance, staking, and user rewards. Magic Eden announced the launch of the token on its official X (formerly Twitter) account, Tweeting to users to check whether they were eligible for their token claims made in the Emmy wallet on the platform mobile app.
Despite challenges in the broader NFT market, institutional interest in NFT-related cryptocurrencies is growing thanks to ME listing on three major exchanges. Moreover, it calls out the work that platforms such as Magic Eden are doing to grow their utility and reach with tokenization.
The upcoming listing will provide users the ability to trade and participate within the Magic Eden ecosystem. Although the risks associated go hand in hand, due diligence is probably the only way to survive in the world of the volatile cryptocurrency market.
