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I just read that Magic Eden is shutting down markets and people are scared thinking it’s disappearing. But don’t worry, that’s not exactly the case. What happened is that Magic Eden made a bold decision: it closed its operations on Bitcoin and EVM chains like Ethereum, Polygon, and Avalanche. Basically, they are returning to what has always been their strength: Solana.
For those who didn’t know, Solana has always generated most of the volume on Magic Eden. Now, the company is going back to its roots and letting go of everything else. But there’s something urgent if you use their multi-chain wallet: it will go into export-only mode on April 1st, and on May 1st, it will be completely shut down.
The reason behind this is clear. Maintaining a multi-chain platform proved to be too costly. Magic Eden prefers to focus its team on what works instead of spreading out everywhere. Additionally, they are investing in new ventures like Dicey, a platform for iGaming and betting. The plan is to integrate their $ME token into a smaller, more profitable ecosystem.
This is not an isolated case. In 2026, more than 20 major blockchain projects announced closures or reductions. The era of 2021-2024, when everyone was expanding at any cost, is over. Now, the game is sustainability. While some are returning to hardware wallets for security, platforms are focusing on the chains where they truly have users. Magic Eden chose Solana.
If you have assets on Magic Eden, this matters to you. Bitcoin and EVM NFT trading ended in March. Starting April 1st, you can only export, not send or receive. And on May 1st, the app will disappear from stores. The simple solution: export your seed phrase now, import everything into MetaMask if it’s EVM, or Xverse if it’s Bitcoin, and that’s it.
What’s interesting is that Magic Eden once controlled 80% of the Bitcoin Ordinals market. Losing that is a blow, but the company believes that this more focused model is the only way to stay relevant. The problem is that the $ME token has fallen approximately 87% in the last year, so recovering will be difficult. Still, Magic Eden’s bet on Solana and crypto entertainment is a move many in the industry are considering: specialize or disappear.