Magic Eden’s Test Token Claim: Everything You Need to Know

Ahead of the official $ME, Magic Eden wants to test its token claim process.

Magic Eden, crypto’s biggest multichain NFT marketplace, has unveiled more details surrounding its test airdrop claim. 

The test is scheduled run from October 29-31. Claimable directly through the Magic Eden mobile wallet, the test enables the Magic Eden team to improve the claim process ahead of its eagerly awaiting $ME launch.

While Magic Eden CEO and co-founder Jack Lu asserts that the team “actively discourages trading and speculation” on $TestME, the Solana community anticipates high demand for the test asset..

To avoid nasty surprises, here’s everything Magic Eden users can expect on claim day.

What is $TestME?

As the name suggests, $TestME is an arbitrary placeholder token that will be used to test Magic Eden’s claim mechanism ahead of the official $ME token launch. The test claim is expected to run from October 29-31 via the Magic Eden mobile wallet app and will closely mirror the official $ME claim experience.

[https://x.com/i/broadcasts/1RDGlyRrdZVJL]

During a Magic Eden stream, Lu confirmed that anyone who recently traded via Magic Eden will be eligible to claim $TestME. Additionally, all eligible recipients will claim the same amount of tokens. This mechanic is similar to $WEN, a test memecoin launched through the Jupiter LFG Launchpad in January 2024.

Magic Eden users in the United States and United Kingdom won’t be able eligible to claim $TestME. Magic Eden is still navigating complex U.S. regulations regarding crypto airdrops, and the ME Wallet app is yet to be cleared for distribution in the UK App Store.

Magic Eden has repeatedly assured the Solana community that $TestME “will not have any value or utility”. However, this doesn’t guarantee that network participants won’t find a way to speculate on the test asset. 

As witnessed in January, 2024, test tokens can still attract high trading volume and speculation. $mockJUP, a test token launched ahead of $JUP, reached a market capitalization of $21M at its all-time high, witnessing millions in trading volume. 

Despite the Jupiter team’s claims that $mockJUP was worthless, traders harbored a blind faith that $mockJUP might be redeemable for $JUP in the future. It is possible that rampant speculation could overpower Magic Eden’s resolute stance that $TestME is worthless.

What About Diamonds?

Magic Eden Diamonds are still considered the primary quantifier for the upcoming $ME airdrop. However, Magic Eden has stipulated that Diamonds aren’t the sole way of tracking aridrop eligibility and allocations.

In Magic Eden’s October 24 stream, Lu clarifying that the industry’s largest multichain NFT marketplace aims to reward genuine users, as opposed to airdrop farmers and mercenary capital. While nothing is confirmed, community members have theorized that OG users and multichain traders may receive multipliers on their allocations.

The $ME launch coincides with a dramatic overhaul of Magic Eden’s vision. After expanding from a Solana-based NFT marketplace to a multichain ecosystem, Magic Eden is setting it sights on disrupting other sectors within the industry.

At Solana Breakpoint, Lu teased some of the ME Wallet app’s upcoming features, including cross-chain NFT-to-token swaps.

Provided that the $TestME claim goes smoothly, the Magic Eden Foundation is touted to unveil further details surrounding $ME tokenomics and the native token’s hotly-anticipated TGE.

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