On-chain delisting is a new feature introduced by Magic Eden, designed to enhance the security of your digital collectibles, specifically Ordinals traded on the Bitcoin blockchain.
What is on-chain delisting?
On-chain delisting empowers users with the ability to cancel their listings directly on the blockchain, providing an additional layer of protection against potential exploits and unauthorized access.
Why on-chain delisting matters
Magic Eden has implemented on-chain delisting as a proactive measure to safeguard users' assets. This feature ensures that users have full control over their listings and can take immediate action to mitigate any risks posed by mempool sniping.
How on-chain delisting works
Magic Eden offers the flexibility for regular users to choose between on-chain delisting and off-chain delisting. However, in cases where tokens may be impacted by security vulnerabilities, on-chain delisting becomes mandatory to ensure the safety of the assets.
Security measures
Protection against exploits: On-chain delisting provides robust protection against exploits, reducing the risk of unauthorized access to listed Ordinals.
Batch delisting: Users have the option to cancel listings from all marketplaces simultaneously, streamlining the process and enhancing security.
Increased visibility: By requiring on-chain delisting for certain tokens, Magic Eden enhances transparency and confidence in the platform's security measures.
Transaction costs associated with on-chain delisting
While on-chain delisting offers significant benefits in terms of security and user control, there are some considerations to keep in mind. Users must be prepared to incur transaction fees for on-chain delisting, potentially resulting in additional costs. These fees can spike, particularly during periods of high activity on the Bitcoin network.
With the introduction of on-chain delisting, Magic Eden reaffirms its commitment to prioritizing the security and integrity of users' digital collectibles. By empowering users with enhanced control and transparency, Magic Eden continues to set the standard for safety and reliability in the digital collectibles marketplace.
If you have any questions or concerns do not hesitate to reach out to our support team by opening a ticket, using the chat widget.