Actionable Tips on Farming Magic Eden Rewards:
Creating an AMM Pool
Minimum $SOL needed: 0.25 SOL
Collections Traded: Solmaps
This is the most simple and cost-effective method to farm for $NFT. MagicEden is offering rewards for participating in activities like creating Automated Market Maker (AMM) pools. Here’s a step-by-step guide to setting up an effective AMM pool, specifically the Open Solmaps pool:
Step 1: Create the AMM Pool
- Go to MagicEden’s website and select “Create AMM.”
- Choose the Open Solmaps pool for a straightforward setup.
Step 2: Configure Pool Settings
- Set the starting price and leave it unchanged to maintain stability.
- Opt for a very low “Change by” value, considering NFT values typically don’t fluctuate significantly.
- Adjust the Liquidity Provider (LP) fee to zero, focusing on diamond farming and potential airdrops rather than earning fees.
Step 3: Finalize the Pool Setup
- After adjusting the settings, click “place order” to activate your pool.
Step 4: Monitor Rewards and Adjust Strategy
- Regularly check your rewards on MagicEden’s rewards page. Using a new wallet is recommended for a full loyalty bonus.
- Due to a current bug affecting automatic sales, once a third of your offer is filled, cancel it.
- Set up a new AMM pool, this time including a sell order for the amount already bought.
Step 5: Ongoing Pool Management
- Continuously monitor the pool to ensure its price is close to the Floor Price (FP). Make adjustments as necessary.
- Regularly check the activity tab to confirm your presence as both “Buyer” and “Seller” in transactions.
By following these steps, you can effectively participate in MagicEden’s rewards program, maximizing your potential earnings through smart AMM pool management.
Offer Diamond Farming
- Focus on Top Collections: Start by targeting NFTs from top collections, especially those offering additional diamond bonuses (e.g., +25% or +50%). High-volume collections are preferable as they provide more opportunities for transactions and thus, for earning diamonds.
- Making Offers: One of the key strategies involves making offers on NFTs within these top collections. The goal is to make competitive offers without necessarily being the highest bidder. Even without having the top offer, you can still earn diamonds, as the system rewards a range of offer placements, not just the highest.
- Calculating Offers: When making an offer, consider the collection’s floor price on Magic Eden and the associated fees (typically around 2.5%). Your offer should account for these fees to ensure you’re making a competitive yet profitable bid. If your offer becomes outdated or you wish to withdraw it, Magic Eden allows for easy cancellation or adjustment of your offer.
- Monitoring and Adjustment: Keep an eye on your offers and the collection’s activity. If necessary, adjust your offers to remain competitive. It’s worth noting that the process involves a degree of randomness; diamonds are awarded for offers based on various factors, including timing and the offer’s competitiveness.
Earning Diamonds through Daily Activities
- Loyalty Maximization: Aim for 100% loyalty to receive double the Diamonds. Adjust your listings on Magic Eden by delisting and relisting NFTs and track your progress using the Loyalty-o-Meter.
- Purchase Strategy: Earn Diamonds by buying NFTs listed natively on Magic Eden. Use the toggle button to filter these listings.
- Listing Approach: List your NFTs natively on Magic Eden. The closer your listing price is to the floor and the longer it remains listed, the more Diamonds you earn.
- Making Offers: Put forward offers on NFTs. Your Diamonds accrue based on how close your offer is to the floor price and its duration.
- Stay Alert for Bonuses: Watch out for temporary 50% Diamond Bonuses on select collections, as all bonuses are cumulative.
Magic Eden Wallet Usage
- Early Access: Try to obtain an early access code from a Magic Eden employee.
- Wallet Integration: Once the wallet is public, earn Diamonds by actively using it.
Magic Ticket Holders
- Stay Updated: Await further details from Magic Eden on how Magic Ticket owners will be incorporated into the rewards system.
Cross-Chain Activity
- Engage Across Chains: Participate in activities across all chains where Magic Eden is present (Solana, Ethereum, Polygon, & Bitcoin) to meet airdrop criteria, which may include trading volume and NFT minting.
