OKX is excited to announce the listing of the Magic Eden (ME) token on its spot trading market. The following schedule and details will help you prepare for the new trading pair.
Listing Timeline
The ME token will be integrated according to the following timeline:
- Deposit opening: December 6, 2024, at 2:00 AM UTC.
- Trading opening: ME/USDT spot trading begins on December 10, 2024, at 2:00 PM UTC.
- Withdrawal opening: December 11, 2024, at 3:00 AM UTC.
A pre-market price calculation session will occur from 1:30 PM to 2:00 PM UTC on December 10, just before spot trading goes live.
Initial Trading Rules
To protect traders from extreme price volatility at launch, OKX will enforce specific order restrictions during the first 5 minutes of ME/USDT trading:
- Market orders will be disabled.
- Limit orders cannot exceed a value of $10,000.
These protective measures will be automatically lifted after the initial 5-minute period.
Project Overview: Magic Eden (ME)
The $ME token is designed to support Magic Eden's cross-chain ecosystem strategy, often referred to as a "super dapp." Its primary focus is on acquiring users from various public blockchains and enabling seamless, unified trading of multi-chain assets.
- Asset Name: Magic Eden
- Ticker: ME
- Total Supply: 1,000,000,000 ME
To explore more about this new listing and its market performance, you can view the latest token data and charts.
Pre-launch Futures Settlement
Pre-launch futures contracts for ME will be settled 32.5 hours after the spot market listing. The final delivery price is a critical component of this process.
Delivery Price Calculation
The settlement price is determined by a meticulous method:
- Index Price: OKX uses a robust index composed of price data from over three major exchanges.
- Final Calculation: The delivery price is the arithmetic average of the OKX index price recorded during the hour before the settlement time. OKX reserves the right to adjust the final delivery price to a reasonable level if abnormal trading activity is detected in that hour.
Important Post-Settlement Notes
For the first 30 minutes after delivery, users with MEUSDT futures contract positions valued over $10,000 at the time of settlement will be temporarily restricted from transferring assets out of their trading accounts.
All transfer functions will return to normal after this 30-minute window. Your full order history and billing records will remain accessible post-settlement and can be downloaded via the web-based Order Center.
Risk Management Advisory: Given the potential for significant market fluctuations before settlement, proactively manage your risk exposure. Consider reducing leverage or closing positions in advance. OKX's insurance fund will cover excessive losses incurred at settlement. If the fund is insufficient, the system will automatically reduce the positions of highly profitable users.
Settlement Fees and Price Limits
- Settlement Fee: A 1% fee will be applied, subject to change as per future announcements.
Price Limits: To maintain market stability, strict price limits are enforced on the pre-launch futures contract:
- After contract generation, the highest buy order cannot exceed 115% of the 1-hour average mid-price, and the lowest sell order cannot fall below 85%.
- In the 60 minutes before settlement, the highest buy order is capped at 105% of the index price, and the lowest sell order is floored at 95%.
The mid-price is calculated as (Best Bid + Best Ask) ÷ 2, with limits being recalculated every minute.
How to Prepare for Trading
Ensure you are ready for the ME/USDT trading launch by depositing USDT into your OKX account ahead of time.
Frequently Asked Questions
What is the ME token?
The ME token is the native cryptocurrency for the Magic Eden platform, a leading cross-chain NFT marketplace. It supports the ecosystem's growth by facilitating user acquisition and enabling seamless multi-chain asset trading.
When can I start trading ME on OKX?
Spot trading for the ME/USDT pair officially begins on December 10, 2024, at 2:00 PM UTC. Deposits open earlier on December 6, so you can fund your account in preparation.
Why are there trading restrictions in the first 5 minutes?
The $10,000 limit order cap and the disabling of market orders are risk management tools. They are designed to prevent extreme price volatility and protect all traders during the initial, often unpredictable, moments of a new listing.
What happens to my pre-launch futures contracts?
Your MEUSDT pre-launch futures positions will be automatically settled 32.5 hours after the spot listing. They will be closed at the calculated delivery price, and the resulting profit or loss will be credited or debited from your account.
Where can I find more information about the token?
For detailed information on tokenomics, project goals, and official announcements, always refer to the official Magic Eden project sources. You can also explore comprehensive market analysis tools for real-time data.
Are there any transfer restrictions after futures settlement?
Yes. To ensure a smooth settlement process, if your futures position value exceeded $10,000 at delivery, outgoing transfers from your trading account will be temporarily disabled for 30 minutes post-settlement.
Risk Warning: The above summary, which may contain information provided by third parties, is for informational purposes only. OKX does not guarantee its accuracy or completeness, and it should not be considered financial or investment advice. Digital assets are highly speculative, volatile, and can become illiquid. Investors could lose their entire investment. You must conduct your own research and assess your risk tolerance before trading. OKX is not liable for any trading losses. Please consult OKX's Terms of Service and Privacy Policy for more information.