Popular NFT marketplace Magic Eden recently announced the launch of an automated market maker (AMM) platform that allows users to act as buy-side liquidity providers (LPs), sell-side LPs, and parallel LPs. This is an important development for NFT traders as it simplifies order management for buying and selling multiple commodities, regardless of LP size.
To access Magic Eden’s AMM pool, users need to click on the shopping cart and select the “Advanced Order” switch. The “Create Marketplace” option will then appear, and users can choose to “buy only,” “sell only,” or “both.”
The AMM platform has three types of LPs: buyer LP, seller LP and parallel LP. A buy-side LP is similar to a diverse set of offers with different prices. Users do not need to enter prices one by one, but only need to describe their entire buyer LP according to the pricing curve type (linear or exponential), the highest bid on the curve, and the number of single buy orders on the straight line. The delta amount on the curve increases on the curve and determines whether royalty payments are enabled.
Sell-side LPs, on the other hand, are like multi-item listings with different prices. Users do not need to enter prices one by one, but simply pass the valuation curve type (linear or exponential), the minimum selling price on the curve, the NFT set needs to enter the party LP sale, how much the delta increase on the curve, and whether each sale requires Pay royalties.
Magic Eden’s AMM platform is an exciting development for NFT traders as it allows them to easily manage multi-item buy and sell orders. This means traders can focus on their NFT investments instead of spending time managing orders. Additionally, the launch of the AMM platform can be seen as an opportune time for the continued rapid growth of the NFT market. With the launch of the AMM platform, Magic Eden offers a $50,000 total prize pool with zero Maker fees and a 1.3x fee multiplier on all liquidity pools.
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