Magic Eden accused of “slow rug” as $ME rewards, governance and products changed after users locked tokens for years, while the platform pivoted toward Dicey

The author, a former community analytics contributor, argues Magic Eden changed course after users locked $ME for up to four years to boost staking power. Tokenomics reserved 225 million $ME for active-user rewards unlocking linearly over four years, while governance was funded with only 5 million $ME — about 3.1% of the 159 million $ME ecosystem-development allocation. Season 1 paid 10 million $ME plus a 2.3 million top-up; Season 2 totaled 10 million. Magic Lab's approved 295,000 $ME proposal lost value as $ME fell, and the community X account now promotes Dicey, the author notes.

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