Magic Eden Adds BeraChain and ApeChain, Eyes Monad Testnet for Next Expansion

TL;DR

• Magic Eden expands: The platform integrates BeraChain and ApeChain, now supporting nine blockchains, aiming for ten by year-end.
• BeraChain and ApeChain highlights: BeraChain’s proof-of-liquidity mechanism and ApeChain’s impressive launch metrics boost Magic Eden’s ecosystem.
• Future plans: Magic Eden plans to integrate Monad’s testnet, marking its tenth supported blockchain and further diversifying its offerings.
  

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Magic Eden, a leading digital collectibles marketplace, has announced the integration of BeraChain and ApeChain into its platform. This move is part of Magic Eden’s ambitious multi-chain strategy, which aims to support ten blockchains by the end of the year.

Henlo Berachain 🐻 ⛓

Catch you on day 1, Q5

For now, check out our special Berachain splash page where you can secure allowlist for top projects, see the who’s who, and trade existing Bera collections on Arb + ETH. pic.twitter.com/ZRZKirbXyq

— Magic Eden 🪄 (@MagicEden) October 22, 2024

With the addition of BeraChain and ApeChain, the platform now supports nine blockchains, bringing it closer to its year-end goal. BeraChain, known for its proof-of-liquidity consensus mechanism, has gained significant attention in the blockchain community.

The network operates with three native tokens: BEX, BGT, and HONEY. Earlier this year, BeraChain successfully raised $100 million in a Series B funding round, further solidifying its position in the market. The integration of BeraChain into Magic Eden’s ecosystem is expected to enhance the platform’s capabilities and attract more users.

ApeChain’s Impressive Metrics

ApeChain, developed by Yuga Labs and powered by ApeCoin, recently launched its mainnet, showcasing impressive initial metrics. The network recorded over 360,000 transactions and deployed over 1,200 contracts shortly after its launch.

This activity led to a significant surge in ApeCoin’s market performance, with the token gaining 80% over the past week. Adding ApeChain to Magic Eden’s platform is anticipated to drive further growth and engagement.

Dominance of Solana and Bitcoin

Recent analytics from Dune, compiled by Sealaunch, reveal that Solana and Bitcoin are the leading blockchains on Magic Eden, each commanding about 42% of the transaction volume in October.

Despite Ethereum’s broader market dominance, it accounts for only 15% of the platform’s activity, while Polygon transactions make up less than 1%. Solana also leads in sales volume and user engagement, claiming over 72% of total sales and attracting nearly 68% of all buyers.

Magic Eden Future Plans: Monad Testnet

Looking ahead, Magic Eden is preparing to integrate Monad, an upcoming layer-1 blockchain, once its testnet goes live. This integration will mark the platform’s tenth supported blockchain, aligning with its expansion goals. The addition of Monad is expected to further diversify Magic Eden’s offerings and solidify its position as a leading multi-chain marketplace.