Welcome! Ready to maximize your $ME tokens? This guide introduces you to staking. Whether you're new to staking or a seasoned pro, we've got you covered with everything you need to get started.
What is the $ME Token?
The $ME token powers the on-chain economy and represents the most powerful suite of cross-chain trading, minting, and wallet protocols. As the official token adopted by Magic Eden, $ME unites the largest community of on-chain users, allowing them to earn rewards for trading assets across all chains.
How do I get $ME tokens?
Exchanges: $ME is available on leading exchanges and decentralised exchanges (DEXs). You can buy or swap for $ME directly through Magic Eden’s platform
Staking & Rewards: Earn $ME rewards through active participation by staking your tokens AND completing trading rewards.
Reward-eligible trading activities and Staking overview
Reward-eligible trading activities and staking are integral components of the $ME ecosystem, offering users opportunities to earn rewards and actively participate in the platform's growth.
Staking: Lock $ME tokens in a smart contract for a specified period to unlock trading rewards. Longer and larger stakes increase ranking multipliers.
Reward-eligible activities: Engage in specific tasks or challenges to earn $ME rewards at the end of each season.
Note: Staking alone does not yield direct rewards. It unlocks reward-eligible activities and provides ranking multipliers.
How do Staking and Reward-eligible activities work together?
Staking: Unlocks Reward-eligible activities and determines multipliers for activity rankings based on Staking Power (amount staked × duration).
Reward-eligible activities: Provides tasks to earn $ME, with rewards calculated through a user’s overall trading volume and Staking Power
How to stake $ME tokens
Connect your Wallet: Ensure your wallet is connected to the Magic Eden platform and that you hold $ME tokens.
Navigate to the Rewards tab: Click the Rewards button on the Magic Eden platform (magiceden.io/rewards).
Choose amount to stake: Enter the amount of $ME tokens you wish to stake. Options like Half or Max are available for convenience.
Set a lockup period: Adjust the lockup duration using the slider. Longer lockup periods provide higher multipliers, increasing your Staking Power.
Confirm Your stake: Review the details, including the stake end date, total staked, and your staking multiplier. Click Stake to confirm.
Once staked, your $ME tokens will be locked for the selected period, and your Staking Power will update accordingly.
Link all your wallets to combine Staking Power across multiple wallets
Starting in Season 2, you will be able to combine Staking Power across multiple wallets. If you have staked $ME across multiple accounts, make sure you link all your wallets in your wallet management tab.
Once you have linked all your wallets, your total Staking Power will represent the sum of all your Staking Powers across multiple wallets.
For more information on linking your wallets, please check out this Article here!
Example: Staking $ME tokens
You stake 1 $ME Token for a 7-day lockup period.
Your Staking Power increases by 1.07, reflecting a 108% multiplier.
You'll receive a confirmation: "You staked additional 1 $ME and extended your lockup period."
Withdrawing staked tokens
Navigate to the Withdraw Tab: Click on the Withdraw button within the Rewards interface.
Review Details: Ensure your unlock period has ended.
Confirm Withdrawal: Click Withdraw to remove your staked tokens.
Where can I find my total Staking Power across all linked wallets?
You can find all your total Staking Power across all linked accounts by going to magiceden.io/rewards and looking at the Stats tab on the bottom left. This view will give you a clear picture of how many wallets you have and your total aggregated staking power across all wallets.
Important Staking mechanics
No retroactive power: Staking Power applies only to future transactions. For example, if you stake 1 $ME for 7 days and later increase the stake to 10,000 $ME for 4 years, the enhanced Staking Power will not apply retroactively to completed quests.
Single stake bucket per wallet: Each wallet can only have one active stake timeframe (e.g., 7 days or 4 years). If you wish to stake additional $ME for a different duration, you must use a separate wallet.
Adding to an existing stake: Additional $ME aligns with the existing lock-up duration.
Extending durations: Increasing the duration applies to both new and previously staked tokens, boosting your multiplier.
Staked tokens cannot be withdrawn before the lock-up duration ends.
For further assistance, visit our Help Center or contact support via the chat widget in the bottom-right corner of the page.