Magic Eden (ME)

GM 🟧 If you’re staking ME tokens on Magic Eden, you can now claim your 10 cents for the month of June 😂
Magic Eden can’t be even bothered to make a post about it. Scammers. Smh

👀 Keep in mind that there’s a class action lawsuit against them, so hopefully users will get some kind of compensation.

🔸 FYI if you’re looking to trade Ordinals / Runes / Rare Sats, check out @Tragic_Eden for all the info and links ✌️

Paradigm, Sequoia, and Lightspeed backed a $1.6B NFT marketplace.

It's now a crypto casino.

Magic Eden raised $130M in June 2022 to go multi chain. Bitcoin marketplace. EVM marketplace. Multi chain wallet. They built it all.

December 2024: they launch the solana:MEFNBXixkEbait3xn9bkm8WsJzXtVsaJEn4c8Sam21u token. Six promises attached.

1. Governance through ME DAO
2. Revenue sharing from platform fees
3. Multi chain utility
4. Staking rewards
5. NFT buyback program
6. Trading incentives

Token hits its peak. People buy in.

January 2026: CEO Jack Lu discloses annual revenue. $24 million. For a company valued at $1.6 billion. Before Magic Eden, Lu worked at FTX.

He announces 15% of revenue goes to solana:MEFNBXixkEbait3xn9bkm8WsJzXtVsaJEn4c8Sam21u stakers.

I did the math.

15% of $24M = $3.6M per year. Split across 600 million tokens. That's $0.006 per token per year. If you held $1,000 worth of solana:MEFNBXixkEbait3xn9bkm8WsJzXtVsaJEn4c8Sam21u, your annual revenue share was about six dollars.

February