Major crypto exchanges Binance, Upbit and Bithumb will launch trading support for Magic Eden, the Solana-based native token for the NFT market place of the same name. The token is set to be listed on Dec. 10.
In a recent notice, Binance announced that it will list Magic Eden’s native token ME on its exchange. Trading support and withdrawals for ME will open on Dec. 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 start depositing ME in preparation for the launch. However, due to the higher than normal risk posed by Magic Eden’s relatively new token status, Binance informed users that it will be adding a seed tag to ME.
This means that users will need to take a quiz about the Binance Spot and Binance Margin platforms and accept the crypto exchange’s terms of use every 90 days to gain trading access to ME.
Aside from Binance, South Korean crypto exchanges Upbit and Bithumb also announced plans to list the NFT marketplace token on Dec. 10 simultaneously at 14:00 UTC.
Upbit will provide trading support for Magic Eden trading pairs with Korean won, Bitcoin (BTC) and Tether (USDT). Deposit and withdrawal for the token will begin on Dec. 10 at 14:00 UTC. However, the exchange stated that transaction support time will be announced at a later time.
The token will be available for deposits and withdrawal through the Solana (SOL) network and can only be done through a personal wallet address which has completed the ownership verification process.
According to Upbit’s notice, if the deposit is made through a linked personal wallet, a deposit return may need to be processed depending on the network of the asset.
On the other hand, Bithumb is launching the ME token alongside the Ethereum-based Synfutures governance token, F.
Based on information in the announcement, Bithumb will only support trading for ME and Korean won trading pairs with a base price of 2,286 won or equal to $1.59. Similar to Upbit, Bithumb is still unable to provide a start time for open trading. It says the time will be announced “when liquidity is secured.”
Magic Eden is a multi-chain marketplace launched in September 2021 on the Solana blockchain. As previously reported by crypto.news, the platform contributed to most of the daily NFT sales volume on Solana, capturing a 31.7% share. However, a decline in Solana NFTs saw its market share drop to 3.4% in 2023.
The token is meant to be used for governance, staking, and user rewards within the Magic Eden platform. The NFT marketplace announced the launch of its ME token on an X post. Users can claim ME tokens using the platform wallet Emmy by checking their eligibility on the Magic Eden mobile app.
