On-chain trading platform Magic Eden, previously known as the largest Solana NFT marketplace, said it will begin directing 15% of all platform revenue into the ME token ecosystem, starting on Feb. 1.
“The goal is simple. When Magic Eden wins, the ecosystem wins too,” the project wrote in an X post on Monday, Jan. 19. The team said the revenue allocation will be split evenly between token buybacks and monthly USDC payouts to ME stakers. Buybacks are often implemented by projects to boost the token price, as buybacks imply that circulating token supply is reduced.
Despite the news, ME is trading about 6.5% lower over the past 24 hours, and remains over 95% down since its launch in December 2024, according to CoinGecko data.
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