Welcome to Magic Eden's guide on earning rewards and receiving fee discounts. Magic Eden has introduced an innovative fee structure that rewards active users based on their trading activity levels. In this article, we'll explore how you can maximize your rewards, understand the fee structure, and uncover other types of exclusive rewards available to you.
Magic Eden's revamped fee structure
At the heart of our commitment to active traders lies our innovative fee structure. Whether you're a maker or a taker, our platform fees adapt to your trading style. For an in-depth understanding of maker and taker fees, refer to our dedicated article here. Read on to grasp the intricacies and maximize your rewards.
Reimagined tier levels and volume requirements
Revamped tier levels and adjusted volume requirements have been introduced to enhance the accessibility of reduced fees, offering more accommodating entry points for users. The updated tier structure, outlined below, reflects a more inclusive approach to incentivize participation across varying levels of Solana volume:
Level | Previous Solana volume requirement | New volume requirement |
L1 | 0-50 SOL | 0-50 SOL |
L2 | 50-250 SOL | 50-199 SOL |
L3 | 250-1000 SOL | 200-599 SOL |
L4 | 1000-10000 SOL | 600-1999 SOL |
L5 | 10000+ SOL | 2000+ SOL |
Aggregating volume across Solana
Exciting news! Our new fee structure now considers trading volume across the entire Solana ecosystem. This ensures you benefit from lower fees, regardless of the platform you choose within the Solana network.
Important note:
Your dedication to Magic Eden is truly appreciated, and we want to ensure your loyalty doesn't go unnoticed. Stay loyal to maximize your rewards!
Navigating the reward cycles
The reward cycle begins anew at the start of each calendar month. Your reward level is dynamic, always reflecting the highest achievable status based on your trading activity. Even if you start trading midway through the month, your level is influenced by both your past and present trading endeavors.
Unlocking exclusive benefits
Our fee change update is here, offering fantastic benefits for all. If you're in Levels 1 to 4, get ready to pay less and earn more! For our Level 5 traders, major enhancements are underway. Enjoy reduced fees and increased earnings.
Maker and taker fee levels (December 2023):
Maker fees:
Level | Fee |
L1 | 0% |
L2 | 0% |
L3 | 0% |
L4 | -0.25% |
L5 | -0.25% |
Taker fees:
Level | Fee |
L1 | 2.50% |
L2 | 2.25% |
L3 | 2.00% |
L4 | 1.30% |
L5 | 1.05% |
Example
Let's say you're at Level 4 this month and purchase an NFT listed at 5◎ with a fixed royalty of 2%. Your taker fee would be 0.065◎ (1.30% * 5◎), and royalties amount to 0.1◎ (2% * 5◎). The total deduction during the transaction would be 5.165◎, covering the listing price, taker fee, and royalties.
Maintaining eligibility for rewards
To sustain a fair ecosystem, Magic Eden diligently monitors trading activity. Suspicious or artificially inflated trades may lead to a downgrade to Level 1, rendering profiles ineligible for certain rewards.
Connect and multiply: Linking multiple wallets
Have more than one wallet? Fantastic! Connect them all to your Magic Eden profile, and watch your reward potential multiply. Your reward level is determined by the cumulative trading activity across all linked wallets. To ensure you unlock the full spectrum of rewards, connect every wallet you own. For a step-by-step guide on how to connect wallets, check out our dedicated article.
Trading on Magic Eden brings opportunities to earn rewards and receive fee discounts. Actively engage in trades, link multiple wallets, and adhere to our guidelines to elevate your trading experience. Start trading smarter today and amplify your rewards at Magic Eden.