Compass Investments

– Before the official release of $ME, Magic Eden wants to test the tokenization process.

Magic Eden, the world’s largest cryptocurrency multichain company

announced details of its tokenization test app.

Testing is scheduled for October 29-31. The test will allow the Magic Eden team to improve the process of receiving funds directly through Magic Eden’s mobile wallet ahead of the highly anticipated launch of $TestME.

Magic Eden CEO and co-founder Jack Lu said he will actively refrain from trading and speculating with $TestME, but the Solana community expects high demand for the test asset.

To avoid any unpleasant surprises, here’s everything Magic Eden users can expect on the day of submission.

What is $TestME? As the name implies, $TestME is a random token to test Magic Eden’s demand mechanism before the official launch of $ME tokens. The test payments will be made via Magic Eden’s mobile wallet app from October 29 to October 31 and will fully replicate the official $ME payments.

During the Magic Eden stream, Lou confirmed that everyone who has recently made transactions in Magic Eden is eligible to receive $TestME. Moreover, everyone will receive the same amount of tokens. This mechanism is similar to $WEN, the test Mimcoin launched via the Jupiter LFG Launchpad in January 2024.

Magic Eden users from the US and UK cannot claim $TestME. Magic Eden is still navigating complex US cryptocurrency laws, and the ME Wallet app is not yet approved for distribution in the UK App Store.

Magic Eden has repeatedly assured the Solana community that $TestME has no value or benefit.

However, this does not guarantee that members of the network will not find ways to speculate on test assets.

As January 2024 showed, test tokens can still attract large volumes of trading and speculation: $mockJUP, a test token launched before JUP, reached a market capitalization of $21 million in record time, with trading volumes reaching millions of dollars.

Despite the Jupiter team’s insistence that $mockJUP was worthless, traders blindly believed that $mockJUP could be exchanged for $JUP in the future The rampant speculation may overcome Magic Eden’s firm stance that TestME is worthless. .

What about diamonds?

Diamonds are still considered a key commodity in Magic Eden for the upcoming $ME issue. However, Magic Eden claims that diamonds are not the only way to track compliance and distribute airdrop.

In an October 24 Magic Eden stream, Ru explains that the industry’s largest multi-chain trading platform

NFT.

‘aims to reward real users, not farmers and mercenaries. Nothing has been confirmed yet, but community members speculate that OG users and multi-chain merchants may receive a multiplier on their allocation.

the launch of ME coincided with a major overhaul of the Magic Eden concept. Expanding from a Solana-based NFT marketplace to a multi-chain ecosystem, Magic Eden set its sights on disrupting other sectors of the industry.

In a break from Solana, Lou discussed the future features of the ME Wallet app, including cross-chain token exchange.