Magic Eden Adopts $ME as Official Token for Cross-Chain Trading

Magic Eden announced the $ME token as its official ecosystem token on August 22.

According to a press release by ME Foundation, $ME will be integrated into Magic Eden’s wallet, enabling users to manage and trade digital assets across multiple blockchain networks.

$ME Token for Application Across Blockchains

Magic Eden, originally launched as a Solana-based non-fungible token (NFT) platform, has expanded its scope to include multiple blockchain networks, including Bitcoin, Ethereum, and Polygon.

The release stated that integrating $ME into their wallet is part of a broader strategy to support a wide range of digital assets, allowing users to engage with different blockchains more seamlessly.

“People should be able to trade fungibles & NFTs on any major chain any time, all in 1 place.” the ME Foundation tweeted. “First, $ME will be adopted by @MagicEden, the largest BTC dApp, NFT platform, and Runes DEX,” a social media post reads.

Announcing $ME, powering the #1 cross chain dApps ecosystem

People should be able to trade fungibles & NFTs on any major chain any time, all in 1 place. First, $ME will be adopted by @MagicEden, the largest BTC dApp, NFT platform, and Runes DEX.

The $ME claim will be in… pic.twitter.com/XFxACAeRyW

— $ME (@MeFndn) August 22, 2024

“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,” said ME Foundation Director Matt Szenics.

The token is expected to play a crucial role in the platform’s continued expansion, particularly as it explores mobile-first solutions and broadens its blockchain support.

“That’s why $ME will be brought to market through a mobile-first experience,” said Szenics. “Secondly, $ME is for everyone across all major chains. The era of single-chain maximalism is over.”

Magic Eden and D3 Bid for .magic Domain

In July, Magic Eden and D3 announced they would collaborate to bid for the .magic top-level domain (TLD) from the Internet Corporation for Assigned Names and Numbers (ICANN).

Upon ICANN approval, the D3 network would enable users to utilize .magic domains across traditional internet and web3 platforms. This will allow a single .magic domain to function as a website and email address and for applications like digital wallets and verified credentials.