Magic Eden is suspected of using Coinbase to process small amounts of output for it to reduce hassle and save on integration costs
2024-05-20 02:38:55
On May 20th, Danny, the founder of Deezy, said on the X platform that he found that Magic Eden has performed a "little cleverness" on Coinbase. Magic Eden adds a small amount of output to the market fee in each market purchase. These outputs are not large, such as 1000 to 2000 Satoshi. Integrating these small transactions in the future will cause trouble and additional costs. Cleverly, Magic Eden did not use its own address to receive these UTXOs (unspent transaction outputs), but chose the Coinbase account address, so that these small deposits go directly to Magic Eden's Coinbase account, and Coinbase is responsible for the integration fee. However, Coinbase lost a lot in the integration process due to its large size and slow response.
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