Magic Eden Abandons Multi-Chain Strategy for iGaming

Magic Eden is abandoning its multi-chain strategy and shutting down its Bitcoin (BTC) and Ethereum (ETH)-compatible marketplaces by early March. The move comes as the company focuses on iGaming, an opportunity CEO Jack Lu calls 'massive'. Magic Eden will retain support for Solana-based assets, which generated $576 million in monthly trading volume last month.

The platform's Bitcoin-based assets contributed just $121,000 to this total over the same period. Magic Eden had previously expanded into EVM-compatible chains like Polygon and Avalanche (AVAX) as part of its bid for cross-chain dominance, but is now ending that experiment.

Lu unveiled Dicey, a crypto casino and sportsbook, in January, citing what he described as a 'speculation supercycle'. Magic Eden has raised $140 million in total funding, including a $130 million Series B in 2022 that valued the firm at $1.6 billion.