Magic Eden

Magic Eden began in 2021 with Jack Lu as CEO, Sidney Zhang as CTO, Zhuoxun Yin as COO and Zhuojie Zhou as chief engineer. Euclid Labs Inc. operated the interface. The initial proposition was direct: connect a wallet and make Solana NFTs easier to discover, mint and trade.

Expansion became part of the identity. By 2024 Magic Eden described one NFT platform across five chains, while its new wallet joined Solana and Bitcoin collecting with swaps and asset management. The company was no longer presenting itself as one marketplace on one chain.

Cross-chain activity was first measured through rewards such as Diamonds. On 10 December 2024, the ME Foundation opened a 125 million ME claim—12.5% of the planned one-billion supply—and enabled staking. The foundation, rather than marketplace operator Euclid Labs, became the token’s issuer and governance steward.

The final allocation gave community claim and ecosystem programs 50.9% combined. The remaining 49.1% went to contributors and strategic participants. The headline “four-year emission” hid different clocks: the initial claim unlocked immediately, user rewards released linearly, more than 99.5% of the contributor bucket had 12–18 month minimum locks, and strategic participants had at least a 12-month cliff.

Current rewards require a stake. Its amount and duration create Staking Power; the same number becomes Voting Power for onchain ecosystem proposals. Magic Eden’s current guide says monthly snapshots divide a USDC pool described as protocol revenue. A stake expiring during the month is excluded, and an available reward disappears if it is not claimed within 90 days. The guide calls estimates informational and unguaranteed; Euclid Labs can change or discontinue the Rewards Program.

Those working features have a legal edge. The ME Foundation’s MiCA paper calls ME a platform governance asset while also saying purchasers receive no governance right or enforceable obligation inside the Foundation. The clean reading is narrower: staking participates in the published ME ecosystem process. It does not confer shares in Euclid Labs, a guaranteed dividend, asset backing or redemption.

The Solana mint had 999,990,384.651885 ME outstanding on 5 September 2026. Both mint and freeze authorities were null, preventing new issuance through that mint and preventing an issuer from freezing holder accounts. The slight reduction from one billion is consistent with supply that can fall through token burns.

Governance uses another program. The open-source vote-escrow code supports locks, proposals, voting and distributions, yet its deployed mainnet program still had an upgrade authority, FcfY…vuLX. The initial setup named five Security Council members. The Constitution gives the council emergency veto powers and permits disclosed non-emergency action concerning approved MIPs; the reviewed sources do not establish whether the headcount later changed. Fixed token supply therefore does not mean every surrounding rule is immutable.

In November 2025 Magic Eden announced an initial policy to spend 15% of NFT marketplace revenue buying ME and another 15% buying NFTs. That could support demand, but it did not turn each token into a claim on revenue. The company’s service terms and the Foundation’s white paper keep rewards, backing and redemption outside a guaranteed holder contract.

Then the operating map contracted. EVM and Bitcoin marketplaces ended on 9 March 2026, Bitcoin services on 27 March, and wallet support through April and May. Solana Marketplace, Packs and Solana Lucky Buy remained. The service notice said future ME use around Dicey still needed clarification. Magic Eden’s token now carries the memory of a multichain network while governance must decide what the smaller network becomes.