Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.36% | 2.05% | 14.15% | 1.87% | 6.07% | 0.13% |
Comparison
Investment
Sub Organizations
Tokenomics
Unlock Progress
Data source: CoinMarketCap
The token distributions would be emitted over 4 years, with over half going to the community.
Follow Updates
Follow Lists
People
About Magic Eden
Magic Eden is a cross-chain NFT marketplace that started on Solana in 2021 and later expanded to Bitcoin Ordinals, Ethereum, and Polygon. Its core strength was being the first to support new chains, capturing over 80% of Bitcoin Ordinals trading volume at its peak. The platform charges a 1.5% fee per transaction and offers a multi-chain wallet.
The main pain point it addresses is fragmentation in NFT trading—users previously needed separate wallets and marketplaces for different chains. Magic Eden unified this experience. However, maintaining infrastructure for multiple chains proved costly: Bitcoin and EVM operations consumed 80% of costs while generating only 20% of revenue, while Solana accounted for over 85% of trading volume.
In the past six months (March–September 2026), Magic Eden underwent a major strategic shift. In late February 2026, it announced the closure of its Bitcoin and EVM marketplaces. Trading stopped on March 9, the Bitcoin API was shut down on March 27, and the multi-chain wallet ceased trading functions on April 1, with full shutdown on May 1. Users had to migrate assets worth $37.9 million before the deadline. The company refocused entirely on Solana and crypto entertainment, launching Dicey, a crypto casino and sports betting platform, which processed about $15 million in bets with 200 active users during its two-month beta. It also introduced Packs (digital card packs) and Lucky Buy (roulette-style NFT purchases). The ME token, trading around $0.09–0.12, fell roughly 98% from its peak. In March 2026, Magic Eden initiated a buyback program using 30% of platform revenue to repurchase ME tokens and key NFT collections.
Magic Eden acquired decentralized trading platform Slingshot to expand its trading ecosystem.
The platform introduced ME token buyback initiatives, allocating 15% of revenue to buybacks and ecosystem development, later raising the ratio to 30% of core revenue for buybacks and staking dividends. It also launched an Ordinals buyback program using 15% of transaction fees and completed Season 2 airdrop distribution of 10 million ME tokens. These moves reinforce tokenomics and long-term platform value.
Positive: In late March, Magic Eden announced it would raise the share of core revenue used for ME buybacks and staker dividends from 15% to 30% in Q3, strengthening token value capture.
Negative: From March to April, it shut down Bitcoin/EVM marketplaces and its wallet, ended NFT buybacks, and pivoted to Solana and iGaming, narrowing its revenue base. In June, a class action alleged misrepresentation of token utility, with ME down ~99% from its post-launch high. In September, a community contributor alleged that after users locked tokens, rewards, governance, and products were changed; wallets were shut down, rewards shifted to USDC, and some top stakers reported claim issues and sued.
Jack Lu: Co-founder & CEO, former Google PM and BCG consultant, driving platform growth.
Sidney Zhang: Co-founder & CTO, ex-Facebook AI Research engineering manager, Uber ATG research manager, and founder of Bitcoin startup HelloBlock.
Zhuoxun Yin: Co-founder & COO, ex-Coinbase senior PM, dYdX head of strategy & operations, Bain background.
Zhuojie Zhou: Co-founder & Chief Engineer, ex-Facebook (PyTorch infra) and Checkr staff engineer, creator of open-source Flagr/OpenMock, leads smart contract development.
Matt Szenics: Foundation Director, overseeing ecosystem and community initiatives.
Dan Burstein: General Counsel for Magic Eden and Dicey.com.
Magic Eden's Chief Revenue Officer Chris Akhavan departed after joining in November 2022.