Binance, Upbit and Bithumb set to list Magic Eden token on Dec. 10

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As a seasoned crypto investor with a knack for keeping my finger on the pulse of the blockchain world, I find the upcoming listing of Magic Eden’s native token ME on major exchanges like Binance, Upbit, and Bithumb an intriguing development. Having navigated through the ups and downs of the crypto market, I am always on the lookout for promising projects that have potential to deliver solid returns.

Starting December 10th, well-known crypto platforms like Binance, Upbit, and Bithumb are planning to enable trading for Magic Eden, the unique token associated with the Solana-based NFT marketplace of the same name.

Binance has declared that it is going to add Magic Eden’s native token, ME, to its platform starting on December 10 at 15:00 UTC. From this date, users will be able to trade and withdraw ME tokens. The exchange will support trading in the following pairs: ME vs BTC, ME vs USDT, ME vs FDUSD, and ME vs TRY.

Users can initiate deposits of Magic Eden (ME) tokens as part of the upcoming launch. Yet, given Magic Eden’s novel status as a token, Binance is going to label ME with a ‘seed tag.’ This tag signifies an increased level of risk associated with this token.

In this setup, users are required to complete a quiz on both Binance Spot and Binance Margin platforms and reaccept the crypto exchange’s terms of service every three months in order to maintain their trading privileges.

In addition to Binance, South Korean cryptocurrency exchanges Upbit and Bithumb revealed their intention to make available the token for an NFT (Non-Fungible Token) marketplace at exactly 14:00 UTC on December 10th, simultaneously.

On December 10th at 14:00 UTC, Upbit will enable trading of Magic Eden pairs with Korean Won, Bitcoin (BTC), and Tether (USDT). Deposits and withdrawals for the token can start from that date. The exact timing for transaction support, though, will be shared at a later time.

Users can deposit or withdraw the token using the Solana (SOL) network. However, these transactions must be conducted via a personal wallet address that has successfully undergone the verification process to confirm ownership.

As a crypto investor, I’ve come to understand that, when making deposits via my personal wallet connected to Upbit, there might be instances where a return on deposit is necessary, contingent upon the specific network of the digital asset in question.

Meanwhile, Bithumb is introducing the ME token concurrently with the Synfutures governance token F, which operates on the Ethereum platform.

As a crypto investor, I understand that according to the recent announcement, Bithumb will only offer trading for ME and Korean Won pairs, with a base price set at approximately 2,286 KRW (equivalent to $1.59). Just like Upbit, Bithumb has yet to specify when trading will commence; they’ll announce it once liquidity is secure.

Magic Eden, introduced in September 2021 as a multi-chain trading platform on the Solana blockchain, was once responsible for a significant portion of daily Non-Fungible Token (NFT) sales volume on Solana, holding approximately 31.7%. As reported by crypto.news earlier, this platform played a major role in NFT trading on Solana. However, a decrease in the popularity of Solana NFTs led to a significant drop in Magic Eden’s market share, bringing it down to just 3.4% by the year 2023.

On the Magic Eden platform, the ME token serves multiple purposes: it’s designed for administration, staking, and user incentives. In a recent announcement, Magic Eden unveiled the launch of its ME token through a post on X. Users can acquire ME tokens by verifying their eligibility via the Magic Eden mobile app and then using the platform wallet Emmy to make the claim.

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2024-12-10 14:54