Crypto

Magic Eden Abandons Multi-Chain Strategy for iGaming Focus

Guavy AI Editorial Team Published August 25, 2026

Instruments

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Magic Eden is abandoning its multi-chain strategy and shutting down its Bitcoin (BTC) and Ethereum (ETH)-compatible marketplaces as early as March, in a move to focus on iGaming. The company's CEO Jack Lu said the decision is based on the 'massive opportunity' in this area.

According to Dune data, Magic Eden generated $576 million in monthly trading volume last month, with 99% of that coming from Solana-based assets. In contrast, Bitcoin-based assets accounted for just $121,000 over the same period.

Magic Eden had expanded into EVM-compatible chains including Polygon and Avalanche (AVAX) as part of its bid for cross-chain dominance, but this experiment is now ending. The company's ME token has traded around $0.12 according to CoinGecko, down 97% from its peak in December 2024.

Users holding Bitcoin Ordinals or EVM-based assets in Magic Eden's wallet are advised to withdraw before mid-March, when the wallet enters export-only mode ahead of full closure in early April.

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