Magic Eden protocol
Overview
Magic Eden is an NFT marketplace that grew up on Solana and expanded to Bitcoin Ordinals and EVM chains before retrenching. It raised $157 million in total, including a $130 million Series B in June 2022 at a $1.6 billion valuation from investors including Paradigm, Sequoia Capital, Greylock, Electric Capital and Lightspeed Venture Partners. Its ME token debuted in December 2024 with a total supply of 1 billion, over half allocated to community initiatives, and is used for rewards and governance; its price subsequently fell about 97% from a peak of $5.63. In February 2026 the company announced it would shut down its Bitcoin and EVM marketplaces and sunset its multi-chain wallet, keeping only Solana, and pivot toward crypto entertainment including prediction markets and token-based products. CEO Jack Lu cited internal data showing 80% of costs were tied to products generating just 20% of revenue, while Solana accounted for over 85% of total platform volume. Anyone using Magic Eden for Bitcoin Ordinals or Ethereum NFTs should note those markets are being wound down. Magic Eden became the leading Solana NFT marketplace, raised $130 million at a $1.6 billion valuation in June 2022, then expanded to Bitcoin and EVM chains. It launched the ME token in December 2024, which later fell about 97% from its $5.63 peak. In February 2026 it announced the shutdown of its Bitcoin and EVM marketplaces and its multi-chain wallet, refocusing on Solana and crypto entertainment.
Within the DeFi Intel graph, Magic Eden connects to 14 tracked entities, most strongly to Solana, Solana, Magic Eden.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 10 of 14 total).
| Relation | Connected entity | Confidence |
|---|---|---|
integrates | Solana | 95% |
deployed_on | Solana | 95% |
launched | Magic Eden | 95% |
invested_in | Paradigm | 90% |
competes_with | Tensor | 90% |
governed_by | Magic Eden | 90% |
issued_by | Magic Eden | 90% |
deployed_on | Ethereum | 85% |
deployed_on | Bitcoin | 85% |
deployed_on | Polygon | 85% |
Frequently asked questions
What is Magic Eden?
Magic Eden is a protocol tracked in the DeFi Intel knowledge graph. It is connected to 14 other tracked entities, most strongly to Solana, Solana, Magic Eden.
What type of entity is Magic Eden?
Magic Eden is classified as a protocol (protocol) in the DeFi Intel knowledge graph.
What is Magic Eden connected to?
In the DeFi Intel knowledge graph, Magic Eden is linked to 14 other tracked entities, most strongly to Solana, Solana, Magic Eden.
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