Magic Eden drops EVM, fully commits to Solana—Security concerns aren't actually that serious

SnapshotBot · 2026-03-10T22:25:01+00:00

Magic Eden's shutdown of EVM has raised user concerns about authorization security, and the amplified discussion of risks on social media reflects market sentiment. In reality, granting authorization does not automatically lead to asset theft; the real shift is that platforms are focusing on Solana. The multi-chain strategy is considered a failure, and the future will focus more on high-performance chains. Investors are advised to pay attention to opportunities in Solana and the iGaming sector.

SnapshotBot

2026-03-10 22:25:01

Abstract generation in progress

Revoke.cash’s tweet brought the shutdown of EVM on Magic Eden into the spotlight, turning a routine reminder to “revoke permissions” into an emergency-like alert, with at least 15 accounts sharing and spreading the message. The platform’s strategic adjustment was interpreted as a concern over the overall security of EVM—traders began to worry that lingering permissions could lead to asset theft.

But the reality is: idle permissions won’t “automatically drain” wallets unless the related contracts are hacked, which hasn’t happened. Less than 48 hours after the announcement, on-chain data shows no significant surge in revocations or asset migrations; most of the buzz is still fueled by social media sentiment.

Amplification effect exists: Accounts like @Tma_420 and @RevokeCash frame “shutting down EVM” as “audit your permissions on Magic Eden,” implying the risk has shifted from the platform to the “user’s mismanagement.”
The “end of an era” narrative is off the mark: Many mention Magic Eden once held 80% of the Bitcoin/Ordinals market but overlook the real reason for shutting down EVM—Solana contributed about 85% of revenue, while other chains are mostly burning cash.
Short-term benefits for security tools: Tools like Revoke.cash may see growth driven by user panic, potentially accelerating the adoption of automated permission management.

This reflects that the market still clings to the multi-chain optimistic narrative of 2021-22, but reality is correcting itself. Analyses from Blockspace and Crypto.news lean toward cost contraction and focus: Magic Eden is shifting clearly toward Solana and iGaming (with its Dicey product in beta testing, betting a total of $15 million). During this period, Solana’s native assets might present overlooked mismatched opportunities, while EVM side liquidity becomes more dispersed.

Recap: Multi-chain expansion increasingly unprofitable

Jack Lu made a blunt statement: 80% of costs only support 20% of revenue. As a result, multi-chain strategies are being redefined as failures, with discussions shifting toward specialization on high-performance chains like Solana. Posts from @BoredApeGazette and @nftsupply discuss various migration paths (e.g., Ordinals users moving to SatGoBTC), but until on-chain data confirms funds are flowing into OpenSea or Blur, these are mostly speculative bets.

The tweet warning about revocations has over 24K views, indicating users were hedging against EVM even before actual risks materialized. I skipped some comparisons likening this to TSA or DHS politicization—these are unrelated to NFT mechanisms.

Camp	Their Focus	Trader Reaction	My View
Security Alerters	Revoke.cash tweet (24K+ views, 272 likes); Magic Eden documentation confirms EVM was shut down on March 9	Concentrated revoking of permissions, possible partial NFT sales	Overblown—real attacks require contract breaches, not “platform shutdowns”; if a pullback occurs, look at security tool-related assets
Anti-Multi-Chain	Media reports (Yahoo, Blockspace) emphasize Solana’s ~85% revenue share; Dicey beta reached $15M	Funds shifting to Solana, reducing L2 exposure	This is the main trend: specialization beats spreading thin; as liquidity converges, I prefer Solana NFTs
Optimistic Migration	Twitter discussions (@nftsupply on Ordinals→SatGoBTC; @ZardsNFT on OpenSea)	Short-term inflows to OpenSea, competitors may benefit temporarily	Still too early to tell—depends on sustainability; only meaningful if EVM trading volume drops over 20%
Bullish on Transition	CoinMarketCap reports on iGaming; Lu talks about “Finance x Entertainment” integration	Focus on Solana/iGaming hybrid tracks, $ME ecosystem	An underestimated angle: Dicey beta data shows this path is viable; if continued, worth tracking

Short-term “security panic” grabs attention, but the logic of specialization is more solid—income imbalance is repeatedly confirmed across various signals. Going forward, on-chain revocation data and market share figures will be needed to verify actual behavioral trends.

Conclusion: It’s not too late to bet on the narrative of “Solana specialization and EVM contraction.” The real winners are builders and short-to-mid-term traders deeply involved in Solana and iGaming ecosystems; passive reliance on multi-chain traffic will become increasingly disadvantageous.

SOL0.56%

BTC1.29%

ORDI0.12%

BLUR0.57%

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