Grabbing the flow of Bitcoin ecology, Magic Eden landed on the leading trading market.

Since the launch of Runes on April 23rd, Magic Eden has quickly taken the lead in the Runes trading market. According to the GeniiData panel, as of 12:00 on June 12th, Magic Eden's market volume share ranks first, far ahead of the second-place market OKX and the third-place market UniSat.

With just two months, the cross-chain NFT platform Magic Eden, which started on Solana, has received positive feedback from the Runes community for its 'good user experience' and 'rapid infrastructure improvement.' From a marketing and development strategy perspective, behind this is the company's strategic tilt towards the Bitcoin ecosystem. In the market competition, Magic Eden has seized a rare opportunity.

User experience wins, Magic Eden successfully seizes the leading position in the Runes market

On June 10th, Xiyu, an early KOL in the Bitcoin ecosystem, said, 'You can see the k-line chart on the Runes trading interface of Magic Eden... Priced in sats, you can see the price trend of $dog starting from 4.24, getting closer to the experience of cex.' This feedback is a microcosm of Magic Eden's continuous advancement in the Runes trading market.

According to GeniiData, as of June 12th, the volume of transactions on Magic Eden was $4.19 million, OKX was $2.72 million, and UniSat was $657,000. Magic Eden ranks first, accounting for approximately 54% of the market trading share.

Not only the Rune ecosystem trading, but MagicEden also frequently ranks first in the whole-chain trading platform. As of 12:00 noon on June 12th, in the blockchain top trading market data summarized by Tiexo, Magic Eden's 7-day trading volume and monthly trading volume market share were 37.56% (with a trading volume of $69.6 million) and 34.34% (with a trading volume of $32.8 billion), it can be seen that the Ethereum-based trading market Blur closely follows, followed by OpenSea.

Magic Eden's market-leading position is largely due to its rapid embrace of the Bitcoin ecosystem and its outstanding performance in the Bitcoin ecosystem and Runes trading.

As early as March last year, Magic Eden launched the inscription market. With the new popularity of Bitcoin and inscriptions, from March 4th to March 5th this year, inscriptions accounted for 84% of Magic Eden's 24-hour volume, while Solana NFT's volume accounted for only 13%.

Currently, according to Dune's data, the trading volume of the Bitcoin ecosystem in Magic Eden has been gradually expanding since November last year. As of June 1st, Bitcoin accounted for 27.8% of its trading volume, Ethereum accounted for 23.8%, Solana accounted for 48.1%, and Polygon accounted for 0.3%. On April 1st, the trading volume of Bitcoin reached a peak of 50.3%.

Magic Eden cross-chain volume. Blue represents Ethereum, orange represents BTC, green represents Solana, and purple represents Polygon. In terms of user experience, Magic Eden stands out compared to its competitors. According to user feedback, although OKX Wallet has more domestic users, it does not support order scanning and can only interact with its own OKX Web Wallet. UniSat's user feedback is also not very ideal, and a Bug in the rune index occurred on June 11th. Although the team quickly fixed it, it still affected the interaction experience of some users. In contrast, Magic Eden's user experience is smoother, with a more global user base, a simple interface, support for multiple order scanning, and low transaction fees.

On June 4th, Magic Eden's BTC ecosystem trading platform was updated. Some users summarized: 1. Offers function is already available, which means you can place buy orders at the price you want. 2. Correspondingly, you can also directly buy NFTs from a seller. 3. The trend analysis chart has reached a high standard and can adjust the cycle. 4. The sweeping function is very powerful, but it is still not very convenient to use. 5. A single page of image display can already show a considerable number of pictures. This user said, "Its strength has exceeded imagination, and everyone has witnessed its gradual development."

Looking back at the early days of BTC inscription ecosystem development, the UniSat platform once seized the traffic entrance for inscription new listings and transactions. But nowadays it seems to be missing out on a good layout. As early as February this year, some user analysts said that UniSat encountered longest difficulties, first of all, in terms of strategic decision-making, UniSat did not know what ecology to focus on, reflecting a state of confusion. Second, it faces a technical dilemma and has no way to achieve the zone it wants to do. "As a result, seven or eight months have passed, and there has been almost no substantial progress in ecological empowerment, and the empowerment of $SATS has become an advertising slogan, but this slogan has been overdrawn longing..."

Against this backdrop, from May to June, UniSat has airdropped 'Pizza' inscriptions to eligible user wallets, attempting to ignite a new wave of inscription craze. The market competition can be described as fierce.

Magic Eden Tilted Towards Bitcoin Ecosystem

From the perspective of Magic Eden's marketing strategy, BTC ecology has become one of the company's focuses of development, while its competitors Blur and OpenSea have missed this opportunity.

The latest four videos released on Magic Eden's official YouTube are all related to inscriptions or runes, further reflecting its ambition to enhance its influence in the Bitcoin community.

Magic Eden's latest 4 videos on YouTube are all related to inscriptions or runes Z Yin, co-founder and COO of Magic Eden, recently told Decrypt, "We believe Runes will bring new vitality to the Bitcoin ecosystem, ushering in a wave of new developers and new asset types that were previously only possible on other layers of the chain; we have a long-term belief in native Bitcoin activities... For us, adding Runes to the existing Ordinals market is a natural choice."

In addition, in the incentive program, Magic Eden is also breaking through the original limits. Earlier this year, Magic Eden announced that it will collaborate with the new Non-Fungible DAO to open source its minting and trading protocols. This is part of Magic Eden's wider strategy to decentralize the platform and empower the NFT community.

In addition to the open-source protocol, Magic Eden also plans to introduce an encrypted token called 'NFT' to reward NFT traders. The Non-Fungible DAO will distribute NFT tokens to users who actively participate in the Magic Eden ecosystem, including those who use markets and minting protocols on different blockchains.

In addition to launching NFT tokens, Magic Eden will also expand its existing diamond reward program to all four supported blockchains: Solana, Ethereum, Bitcoin, and Polygon. The diamond program provides rewards to users who complete tasks and participate in the Magic Eden market. Currently, community users are very excited about the diamond airdrop from Magic Eden.

Although Magic Eden has achieved phased success in the Rune ecosystem, on June 10th, the Rune project RARE•WIZARD•ORB caused some community controversy due to the minting fee of 0.00069BTC, and also caused some users to criticize the role played by Magic Eden in it, bringing some negative impacts to it.

However, overall, by leaning towards the Bitcoin ecosystem and continuously optimizing user experience, Magic Eden has established a "dominant" position in the runic market in terms of trading volume, becoming the main battlefield. Its subsequent actions are worth further observation.