Original | Odaily Planet Daily ( @OdailyChina )
Author: CryptoLeo ( @LeoAndCrypto )
At 3:00 a.m. on December 5th, Beijing time, 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 which 12.5% (125 million tokens) will be immediately unlocked and provided to eligible Magic Eden users for airdrops, and the other 22.5% of the supply (i.e. 225 million ME tokens) will be reserved to incentivize users who use the ME Foundations related protocols and platforms in the future.
For more detailed token economics, please refer to: With the token issuance imminent, can Magic Eden reignite the NFT market?
Overall allocation principle
The ME token is designed to reward users whose SOL, BTC, and EVM wallets provide economic power to the chain. The ME airdrop share will be judged based on three main aspects: real users (Magic Eden calls them organic users), cross-chain activities, and loyalty.
Natural users can also be said to be the real users of Magic Eden. The natural use of Magic Eden is a key part of ME allocation. The closer the wallet address behavior transactions are to real users, the more likely they are to receive rewards. The addresses of non-natural transactions have been discovered, which means that Magic Eden has screened out some Sybil users.
Some users on the X platform said that they had a large number of diamonds, but received a relatively small share of ME tokens, or were judged to be non-natural users.
Four major sections of the query page
Magic Eden is a multi-chain protocol that covers both tokens and NFTs, and plans to cover 15+ chains by the end of the year. What makes this airdrop query different is that it allows users to connect multiple wallets, and the displayed ME is also the sum of what can be received by multiple eligible wallets.
The airdrop is divided into four sections, and each section is added together to calculate the total number of airdrop tokens. 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 is the reward level of the wallet and the main criterion for judging the ME airdrop share. The Tier is related to the number of ME diamonds we mentioned. The number of diamonds is related to the transaction activities of the wallet connected to the user. However, if the user has multiple eligible wallets, they can all be connected to the airdrop query interface, and their Rewards Tier will display the highest wallet level among all wallets.
The displayed Tier level has nothing to do with the number of connected wallets. For example, if a user has multiple eligible wallets and conducts a small amount of transactions on each wallet, then the user can get more overall ME airdrop shares, but his Rewards Tier is lower; on the contrary, if the user has only a few eligible wallets and the transaction volume in each wallet is large, the user may have a higher Rewards Tier, but the ME share that can be obtained from the transaction volume of several wallets may be lower than the ME share that can be obtained from the total transaction volume of more wallets. Of course, users who only focus on one wallet address and have excellent data in all aspects do not need to go through so much trouble.
So far, the highest level I have seen is Tier 1 and the lowest level is Tier 14, but the ME Foundation allocation rules website does not yet clearly list the correlation between the number of diamonds and levels.
The secondary section will show the best statistics for all connected wallets. For example, if a user has 3 wallets, one with a lot of Launchpad activity, another with a lot of Wallet activity, and another that has been trading for a long time, then the overall distribution will show the best statistics for each wallet.
Launchpad Bonus
The criteria for judging Launchpad Bonus are mainly divided into: High, Medium, Low and - (representing zero). This section mainly includes NFTs minted on MagicEden Launchpad and minted across chains. However, the use of Launchpad is considered a secondary criterion for the number of airdrop rewards. If the wallet does not have a diamond balance, it is impossible to obtain the ME airdrop share by only participating in Launchpad activities.
Wallet Bonus
There are also four evaluation criteria for Wallet Bonus: High, Medium, Low and - (representing zero), representing wallet activity, including but not limited to NFT cross-chain transactions, cross-chain token swaps in Magic Eden Wallet, rune transactions, and Lucky Buy. (Odaily Note: Lucky Buy is a new feature launched by Magic Eden in September, allowing buyers to purchase NFTs below market price. This feature uses a percentage-based system, which determines the percentage of the NFT price that the user wants to use and the probability of the user winning. Buyers can participate in bidding when purchasing NFTs. If the bid is successful, Magic Eden will make up the difference, and the seller will still receive the full price of their NFT. Even if the purchase is not successful in the end, NFT buyers can also receive diamond incentives, which is also a way to brush Magic Eden diamonds.)
Wallet activity is also a secondary criterion for the amount of airdrop rewards. If the wallet has no transaction balance, it is impossible to obtain ME airdrop shares based solely on wallet usage.
Active OG Bonus
Active OG Bonus represents user loyalty, and the criteria are: Yes and No. Active OG Bonus represents the addresses that first used the protocol in the early days and have been frequent until now. This means that if a user is an early user but his address has not been used for a long time, he will not be judged as Active OG Bonus.
The early OG evaluation criteria can be referenced by MagicTicket. MagicEden posted a tweet in February 2022 stating that MagicEden will airdrop MagicTicket (a total of 30,602 pieces) based on its birth date (September 17, 2021) to give back to the Solana NFT ecosystem, specifically:
The user who makes the first transaction within one month of its launch will receive OG Ticket (6348 pieces);
Users who make their first transaction between mid-October and mid-December 2022 will receive a Degen Ticket (7,162 tokens);
Users who make their first transaction after December 2022 will receive a Normie Ticket (17,092 tokens).
MagicTicket recipients have three types of benefits, including community governance, rewards, and socializing. For example, they can create proposals, vote, and get more points (diamonds), whitelists, and airdrops.
Airdrop Query Tutorial
Airdrop query is divided into three steps:
- Download the ME wallet app on your phone, and then use the mnemonic to import the Magic Eden wallet. Previously, MagicEden launched the ME test coin claim process, which can be used as a reference: Magic Eden is about to open testME airdrop claims, and will familiarize you with the process in advance ;
- Click the scan function on the App to scan the QR code of ME Foundation and sign in randomly on your phone;
-After logging in, as mentioned above, users should connect as many wallets as possible that have traded on Magic Eden, such as BTC, ETH, SOL, etc. The more qualified wallets added, the better.
After the connection is completed, you can see your allocated quota on the query interface.
Conclusion
The ME application is scheduled for December 10. Jack Lu, co-founder and CEO of Magic Eden, once published an article listing some key points for ecosystem and community building after the launch of ME:
-Magic Eden will become everyones entry point into the cryptocurrency space, trading all assets on the chain;
-Magic Eden is incorporating ME into its rewards program;
-Execute all-chain, all-asset, all-community strategies to build a strong cross-cryptocurrency chain maxis community.
Currently, the pre-market price of ME on OKX fluctuates between 3.5 USDT and 4 USDT, and Coinbase International also announced on November 20 that it would launch ME perpetual contracts on its Pre-Launch market to show its support for Magic Eden. Perhaps we can expect that Coinbase will include ME in its listing roadmap.
In addition, with the recent revival of old altcoins and the continuous rise of new coins, NFT tokens also saw a good increase yesterday, including APENFT (NFT) up 38.94%, SuperVerse (SUPER) up 21.62%, Apecoin (APE) up 18.85%, and Blur (BLUR) up 6.84%. The market rotation seems to be not only focused on Meme PvP, but other sectors are also gradually warming up.
After ME goes online, we cannot expect Magic Eden to bring some blood back to NFT, but we can perhaps believe that ME, which is committed to all chains, all assets, will see a good increase in the future.
