As of the day of the airdrop, Magic Eden Token’s pre-market value has reached $562 million

The ME Foundation will launch its Solana-based ecosystem token-ME, led by NFT marketplace Magic Eden, on December 10, a representative told Decrypt.

The airdrop, which traders estimate could be worth more than $500 million based on pre-market trading prices, will reward users of the Magic Eden bitcoin exchange and cross-chain NFT marketplace. The token can only be claimed through the Magic Eden Wallet app.

Details regarding the conversion of Magic Eden Diamonds, the platform's existing rewards program, to ME tokens have not been disclosed. However, it will depend on factors such as “organic” business activity, cross-chain business and “loyalty” or historical usage of eligible platforms, the spokesperson said.

While consumers won't receive their units until December 10th, they can use a tool released by the ME Foundation to check eligibility for an airdrop in the days leading up to the claim.

When the claim officially opens on December 10th, 12.5% ​​of the total 1 billion ME supply (125 million tokens) will be immediately opened and made available to eligible Magic Eden users to claim. An additional 22.5% of the supply, or 225 million ME tokens, is set aside to encourage future use of ME Foundation protocols and related platforms.

The ME token jumped to $4.50 in pre-market trading via Whales Market, although trading volume decreased after further details of the token were announced on Monday. At that rate, ME airdrop awards consumers more than $562 million per claim day. Coinbase's pre-market trading platform lowers the price by $3.41.

Magic Eden started as Solana's NFT marketplace, but has grown to become the leading Bitcoin Runes and NFT exchange with the highest market share of all NFT marketplaces in the past six months, according to data from Tiexo.

Edited by Andrew Hayward.