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Since launching the Rune platform on April 23rd, Magic Eden has quickly established a leading position in the Rune trading market. According to GeniiData’s panel, as of 12:00 on June 12th, Magic Eden’s market trading volume share ranks first, far ahead of the second and third-ranked markets, OKX and UniSat.
In just two months, the cross-chain NFT platform Magic Eden, founded on Solana, has received positive reviews from the Runes community users for its “good user experience” and “rapid infrastructure improvement”. From a marketing and development strategy perspective, it is evident that Magic Eden’s strategic development leans towards the Bitcoin ecosystem, seizing a rare opportunity in the market competition.
With a focus on user experience, Magic Eden has successfully captured the top spot in the Runes market. On June 10th, early Bitcoin ecosystem KOL xiyu mentioned, “Magic Eden’s Runes trading interface now shows candlestick charts… priced in sats, you can see the price trend of $dog starting from 4.24, getting closer to the experience of a cex.” This feedback represents Magic Eden’s continuous advancement in the Runes trading market.
According to GeniiData, as of June 12th, Magic Eden’s trading volume was $4.19 million, OKX was $2.72 million, and UniSat was $657,000. Magic Eden firmly holds the top position, accounting for approximately 54% of the market trading share.
Not only in the Rune ecosystem but also in the overall chain trading platform, MagicEden often ranks at the top. As of 12:00 on June 12th, according to Tiexo’s data from various blockchain leading trading markets, Magic Eden’s 7-day and monthly trading volume market shares were 37.56% ($69.6 million) and 34.34% ($32.8 billion), respectively. It is evident that based on Ethereum’s trading market, Blur closely follows, with OpenSea trailing behind.
Magic Eden’s market leadership position is largely attributed to its quick embrace of the Bitcoin ecosystem, demonstrating outstanding performance in the Bitcoin ecosystem and Runes trading.
In terms of user experience, Magic Eden excels compared to its competitors. Feedback from users indicates that while OKX Wallet has more domestic users, it does not support sweeping orders and can only interact with its own OKX Web Wallet. UniSat’s user feedback has also been less than ideal, with a Rune index bug occurring on June 11th, affecting some users’ interaction experience, despite the team quickly fixing it. In contrast, Magic Eden offers a smoother user experience, with a more global user base, a clean interface, and support for multiple order sweeping with low transaction fees.
On June 4th, Magic Eden updated its BTC ecosystem trading platform. Users summarized that it now has offers functionality, allowing users to place buy and sell orders at desired prices, direct NFT buying and selling, high-quality trend analysis charts that can adjust periods, powerful sweep function, but somewhat inconvenient to use, and a single page display for multiple images.
Looking back at the early development of the BTC Rune ecosystem, the UniSat platform once dominated the flow of Rune trading and new listings. However, it seems to have missed out on a good layout. As early as February this year, an analysis by users indicated that UniSat faced multiple challenges, from strategic decision-making to technical difficulties, resulting in a lack of substantial progress in empowering the ecosystem.
In this context, from May to June, UniSat has airdropped “Pizza” Runes to eligible users, trying to ignite a new wave of Rune popularity amidst intense market competition.
Magic Eden’s marketing strategy clearly shows a focus on the BTC ecosystem, positioning it as one of the company’s key development areas, while its competitors Blur and OpenSea have failed to catch up on this trend.
Magic Eden’s co-founder and COO, Z Yin, recently stated to Decrypt, “We believe that Runes will bring new vitality to the Bitcoin ecosystem, ushering in a wave of new developers and asset types that were previously only possible on other layer chains; we have a long-term belief in native Bitcoin activities… For us, adding Runes to the existing Ordinals market is a natural choice.”
Furthermore, in incentive programs, Magic Eden is breaking through its existing boundaries. Earlier this year, Magic Eden announced a collaboration with the new Non-Fungible DAO to open source its minting and trading protocols, as part of a broader strategy to decentralize the platform and empower the NFT community. In addition to open-source protocols, Magic Eden plans to introduce an encrypted token called “NFT” to reward NFT traders. The Non-Fungible DAO will distribute NFT tokens to users actively participating in the Magic Eden ecosystem, including those using market and minting protocols on different blockchains.
Apart from introducing NFT tokens, Magic Eden will expand its existing diamond reward program to all four supported blockchains: Solana, Ethereum, Bitcoin, and Polygon, providing rewards to users who complete tasks and participate in the Magic Eden market. Currently, the community is eagerly anticipating Magic Eden’s diamond airdrop.
Although Magic Eden has made significant strides in the Rune ecosystem, on June 10th, the Rune project RARE•WIZARD•ORB sparked some community controversy due to a minting fee of 0.00069 BTC, leading to some users criticizing the role Magic Eden played, bringing some negative impact.
Overall, through its focus on the Bitcoin ecosystem and continuous optimization of user experience, Magic Eden has secured a dominant position in the Rune market, becoming the main battleground, with its future actions worthy of further observation.
