TechFlow news, on November 19, Magic Eden announced the ME token economics with a total supply of 1 billion tokens. The token distribution will be released over four years, with more than half allocated to the community.
At TGE, initial ME claimable allocation accounts for 12.5%, community and ecosystem 37.7%, contributors 26.2%, and strategic participants 23.6%. All ME tokens will be fully distributed within four years, after which all ME tokens will be in full circulation, with the majority allocated to the community.
To protect the community and protocol from security risks, an official five-member Security Council will be appointed to oversee a multi-signature wallet capable of executing both emergency and non-emergency actions. This information will be detailed in the ME DAO charter following TGE. The ME Foundation will serve as the steward of ME.
In addition, the ME TGE is upcoming, with the following details:
- A pre-sale eligibility checker will be available, allowing users to check which wallets qualify prior to TGE. Users can also link their wallets at this stage, similar to the TestME claiming process. If a wallet was already linked during TestME, no re-linking is required.
- On and after the TGE date, there will be a claim period during which eligible users can claim and stake their ME tokens.
- The ME TGE will mark the beginning of a community-operated initiative aimed at accelerating the on-chain economy.
