TL;DR
- Magic Eden coin is designed to enhance the multi-chain marketplace (Solana, Ethereum, Polygon, and Bitcoin.) for non-fungible tokens.
- The $ME airdrop was the talk of crypto down owing to its stellar debut. Following its launch, the $ME token experienced significant price volatility, initially trading around $10 and stablilizing at $5.5
- The total supply of 1 Billion ME tokens is planned to be distributed over a period of 4 years, with a significant portion allocated to community and ecosystem development to ensure sustained growth and user engagement.
What is Magic Eden ($ME) and How Does it Work?
$ME token incentivizes the users of Magic Eden marketplace by offering a low trading fee for the token holders. The token stands as a testimony indicating that the future of crypto is multi-chain as the platform rewards users to use the marketplace irrespective of the chain used.
The $ME token is integral to Magic Eden’s strategy of facilitating cross-chain transactions, allowing users to engage with multiple blockchain ecosystems seamlessly.
Central to this integration is the Magic Eden Wallet, which supports cross-chain capabilities. Users can manage, trade, and swap NFTs and tokens across different blockchains directly within the wallet. This functionality allows for instant swaps and native bridging of assets, making it easier for users to engage in cross-chain trading without technical barriers.
What makes Magic Eden Coin Unique?
Using the $ME token on Magic Eden offers several benefits that enhance user experience and engagement within the platform. Here are the key advantages:
On-chain Transactions: $ME tokens can be used to pay transaction fees across multiple blockchains, including Solana, Ethereum, and Bitcoin. The $ME token supports trading across various blockchain networks, enhancing its utility and appealing to a broader audience within the NFT space.
Staking Rewards: Users can stake their $ME tokens to earn additional rewards. It will allow users to participate in Magic Eden Quests, which are challenges that provide opportunities to earn more $ME tokens.
Governance Participation: Holding $ME tokens grants users the right to vote on platform improvement proposals. This will ensure that future developments and strategic partnerships will take place in a decentralized manner.
How To Trade in Magic Eden ($ME) on Bitunix?
Trading Magic Eden coin on Bitunix is easy. To start trading in $ME follow the steps below:
To start trading in Magic Eden ($ME) you need to create an account on Bitunix and complete your KYC verification. If you are already an existing user, you can simply head over to Markets tab in the main navigation menu.
Next, search for Magic Eden. Click on the ME/USDT pair to open the trading window for it. Before you place a trade, make sure your futures account is funded.
Additional Reading: Crypto Trading: Spot vs Derivatives!
How Deposit Crypto In your Bitunix Account?
- Bitunix makes funding your account a breeze. Simply click on the wallet icon right next to your profile in the main navigation menu.
- Next, click on deposit and select the cryptocurrency you want to deposit and the network you that you want to use. Once selected, a QR code and an address will appear. You can either copy the address or scan the QR code.
- Now, you can deposit your crypto to the address you copied or scanned. Make sure you double check all the details before sending funds to your account.
Need help understanding how to deposit crypto on Bitunix? Watch the tutorial
How to Buy Crypto on Bitunix?
If you don’t have any crypto, you can buy crypto via third party providers on Bitunix. To buy crypto, follow the below steps
- Head to the Buy Crypto tab in the main menu and choose the cryptocurrency you wish to buy. In this case, you need to buy USDT to be able to trade in ME/USDT.
- Next, choose the currency you wish to pay in (fiat currency like USD) Add the amount you wish to invest. (Please note: buying crypto via third parties incur fees levied by the provider)
- Finally, choose the mode of payment. The on-ramp crypto providers accept Apple Pay, bank transfer and credit/debit cards.
- Once you have chosen your mode of payment, follow the next steps and complete the transaction. The funds will be deposited into your Bitunix account.
Wondering how to create a trading strategy?
