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Major crypto exchanges Binance, Upbit, and Bithumb will launch trading support for Magic Eden, the native Solana-based token for the nft marketplace of the same name. The token will go on sale on December 10.
In a recent warningBinance announced that it will list Magic Eden's native ME token on its exchange. Trading support and withdrawals for ME will open on December 10 at 15:00 UTC. Binance will provide trading support for the following trading pairs: ME/btc, ME/USDT, ME/FDUSD, and ME/TRY.
Users will be able to begin depositing ME in preparation for the launch. However, due to the higher-than-normal risk posed by the relatively new status of the Magic Eden token, Binance has informed users that it will be adding a seed tag to ME.
This means that users will need to take a test on the Binance Spot and Binance Margin platforms and agree to the crypto exchange's terms of use every 90 days to gain trading access to ME.
In addition to Binance, South Korean crypto exchanges Upbit and Bithumb also announced plans to list the nft marketplace token on December 10 simultaneously at 14:00 UTC.
Upbit will provide trading support for Magic Eden's trading pairs with Korean Won, bitcoin (btc), and Tether (USDT). Token deposit and withdrawal will begin on December 10 at 14:00 UTC. However, the exchange stated that the transaction support time will be announced later.
The token will be available for deposits and withdrawals through the Solana (SOL) network and can only be made through a personal wallet address that has completed the ownership verification process.
According to Upbit's advisory, if the deposit is made through a linked personal wallet, a deposit return may need to be processed depending on the asset's network.
On the other hand, Bithumb is launching the ME token alongside the ethereum-based Synfutures governance token, F.
According to the announcement information, Bithumb will only support trading of ME and Korean won trading pairs with a base price of 2,286 won or equal to $1.59. Like Upbit, Bithumb cannot yet provide a start time to open trading. He says the time “when liquidity is guaranteed” will be announced.
Magic Eden is a multi-chain marketplace launched in September 2021 on the Solana blockchain. As crypto.news previously reported, the platform contributed to the majority of daily nft sales volume on Solana, capturing a 31.7% share. However, a decline in Solana nfts saw its market share fall to 3.4% in 2023.
The token is intended to be used for governance, staking, and user rewards within the Magic Eden platform. The nft marketplace announced the launch of its ME token in an <a target="_blank" rel="nofollow" href="https://x.com/MagicEden/status/1866158584402198647″ target=”_blank”>mail. Users can claim ME tokens using the Emmy platform wallet by verifying their eligibility on the Magic Eden mobile app.
