Magic Eden

Magic Eden is a multi-chain NFT marketplace that lets users list, discover, and trade non-fungible tokens and Bitcoin Ordinals across a range of blockchains including Solana, Ethereum, Bitcoin, Base, Polygon, Arbitrum, Sei, Monad, and Berachain. It positions itself as the largest platform of its kind and also serves as a Runes marketplace on Bitcoin. The ME token is the native asset associated with this marketplace ecosystem.

Magic Eden operates as an application-layer marketplace, meaning it does not run its own consensus mechanism or produce its own blocks — block time in the data is recorded as zero, reflecting that it settles transactions on whichever underlying blockchain a given trade occurs on. The ME token functions within the Magic Eden ecosystem, though the data on file does not specify the exact governance, fee-sharing, or utility mechanics in detail. Of the one billion maximum supply of ME tokens, roughly 620.9 million are currently in circulation, representing about 62.09 percent of the maximum supply.

The data does not record a fee revenue stream for Magic Eden in the metrics stored on this site, so fee-based measures such as price-to-fees are not available here. What the data does capture is a total value locked figure of approximately 148,692 US dollars at the point in time measured, which declined by about 0.58 percent over the trailing seven days. The market capitalisation of roughly 38.7 million US dollars divided by that TVL figure produces an mcap-to-TVL ratio of approximately 258.7, and the fully diluted valuation relative to TVL stands at about 416.6, both reflecting how small the locked value is relative to the token's implied valuations.