Solana Community Bids Farewell to Magic Eden Wallet App After Claiming $ME Airdrop

Frustrated Solana community members criticize the airdrop claim process during Magic Eden’s highly anticipated TGE.

Published: Dec 10, 2024 at 17:29
Edited: Dec 12, 2024 at 09:16

After months of building excitement, Magic Eden, crypto’s largest multi-chain NFT marketplace, has finally launched its native token, $ME.

$ME exploded on public markets, spiking as high as $13 within minutes of launch. However, market dynamics were largely one-sided, with thousands of Magic Eden users unable to claim their tokens as the wallet app suffered congestion issues.

While many traders bestowed gratitude upon Magic Eden for what was undoubtedly a generous airdrop, others complained about the viciously convoluted claims process.

$ME Rips to $13 Within Minutes of Launch

At 2PM UTC, Magic Eden opened the floodgates, launching the eagerly awaited $ME token on Solana. Based on DexScreener data, $ME trading opened at $6.6 per token, with a circulating market cap of $825M.

$ME price chart

Within minutes of launch, $ME price exploded to highs of $13.1 as traders raced to get their hands on the asset.

Simultaneously, Magic Eden users and airdrop recipients were spamming the ME Wallet’s ‘Claim’ button, watching the app buffer and refresh as it struggled to meet the overwhelming influx of requests.

As congestion subsided, Magic Eden users slowly claimed their tokens. Airdrop recipients realized their rewards, taking profits on their allocations and driving $ME price back to what the market suggests to be fair value.

Prominent centralized exchanges across the ecosystem have listed $ME on launch day, including Binance, ByBit, and OKX.

Thanks Magic Eden, Deleting the App Now

Distributing over 12.5% of the asset’s total supply among the platform’s users, Magic Eden’s airdrop is one of the largest seen on Solana in 2024. Dozens of traders immediately took to 𝕏 to celebrate the generous liquidity package, flexing 5-6 figure drops.

Unfortunately, not everyone was thrilled with the claim experience. Airdrop recipients denounced Magic Eden’s obtuse and complex claims system, slating the ME wallet app’s poor UX.

Other critiques were more eloquent, contending that the Magic Eden airdrop was still a tremendous liquidity event for the Solana ecosystem. Despite Magic Eden’s Trojan Horse maneuver to attract users, several traders asserted they had deleted the app after claiming their airdrop.

Despite the complaints, Magic Eden has prepared a number of token utility mechanisms to support the asset.

Over 7,500 Wallets Stake $ME

Reinforcing $ME’s utility at launch, Magic Eden has introduced $ME token staking. Holders who align with Magic Eden’s long-term vision can lock up their tokens for up to 4 years to earn $ME rewards. Locking up tokens for longer periods of time delivers higher reward multipliers.

$ME staking

At press time, over 7,500 unique wallets have opted to stake $ME, with over 2.6M tokens deposited to the staking contract. Additionally, the Magic Eden team has integrated $ME into its marketplace.

Some traders misinterpreted this wording to assume that Magic Eden would incentivize listings, a move the Solana community argues could tank the NFT market.

The $ME airdrop represents a critical milestone for the Solana community. Despite recent criticisms, Magic Eden is undeniably one of the cornerstones of the Solana ecosystem and a fundamental piece of Solana’s culture and history. Magic Eden is one of the oldest apps on the network and helped facilitate Solana’s early success as leading blockchain for NFT trading in 2021.