Magic Eden Temporarily Prohibits BRC-20 Token Trading for Consumer Safety
On October 22, 2023, Magic Eden, a multi-chain NFT marketplace, made the decision to temporarily prohibit the trading of BRC-20 tokens in order to prioritize consumer safety. This measure will remain in place even after regulations for BRC-20 tokens have been established. It’s important to note that this prohibition did not affect any other trading activities on the platform.
Support for BRC-20 Tokens and Expansion of Offerings
In June 2023, Magic Eden announced its support for BRC-20 tokens as part of its exploration of the Bitcoin ecosystem. This update allowed the platform to expand its offerings to include tokens built on top of the Bitcoin network. It not only facilitated trading of these tokens but also enabled anyone to create their own tokens on the Bitcoin blockchain.
Resumption of BRC-20 Token Trading and Promotional Offer
After a brief pause, trading in BRC-20 tokens was resumed on Magic Eden. To promote this resumption, the exchange offered a discount on fees for adding new listings to BRC-20 tokens. The fee reduction was set at 0.1% for one month as part of an ongoing promotion. On July 13, 2023, a tweet was sent out informing the audience about the reopening of the BRC-20 trading market on Magic Eden.
Promoting Greater Activity in the BRC-20 Token Market
The reduced fees were implemented with the aim of attracting new listings and increasing activity within the BRC-20 token market hosted on Magic Eden.
Hot Take: Magic Eden Prioritizes Consumer Safety by Temporarily Prohibiting BRC-20 Token Trading
Magic Eden’s decision to temporarily prohibit the trading of BRC-20 tokens demonstrates its commitment to ensuring the maximum level of safety for its users. By implementing this measure and continuing it even after regulatory agreements are in place, Magic Eden sets a high standard for consumer protection in the crypto market. The support for BRC-20 tokens and the promotion of their trading activity further showcase Magic Eden’s dedication to expanding its offerings and creating a vibrant token market. With its strategic decisions, Magic Eden establishes itself as a trusted platform in the multi-chain NFT marketplace.
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