What is MAGIC?
MAGIC is the native token for the Treasure metaverse. Treasure is a decentralized video game console built on Arbitrum. It connects games and communities through bottom-up-driven IP and infrastructure.
Treasure is aiming to solve one of the main problems with the current play-to-earn (P2E) blockchain games—unsustainability. In most cases, P2E games are designed such that users’ builders and games are separated from one another. In such a model, users tend to abandon the project and move on to the next one once the yield is exhausted. Treasure is solving this problem by building a gaming and NFT ecosystem glued together by the MAGIC token.
Treasures are non-fungible tokens (NFTs) that can produce new resources, such as mini-factories. The items require the staking of enough MAGIC tokens. Treasures can also produce instruments required to extract more MAGIC. The entire process is designed to make the mining process more difficult.
One of the key features of this token is that it is designed to be increasingly scarce. This ensures that the demand for the token remains high, thereby protecting the MAGIC price from deteriorating.
Most traditional liquidity mining projects experience instant success but lack long-term effectiveness. On the other hand, the Treasure project primarily aims to improve current LP incentives and create long-term economic assets.
Treasure is creating an ecosystem that other game projects want to join. The projects within the ecosystem receive 50% of MAGIC emissions during the first two weeks after the launch. They sell their NFT exclusively through the Treasure DAO marketplace. A portion of the sales, 2.5%, goes to the DAO. Additionally, partner projects accumulate MAGIC as part of their game mechanism.
MAGIC crypto is put into staking or LP positions indefinitely, leaving less of the tokens to circulate. The token then gains a loyal community and established use cases. It forms a foundation on which new types of derivatives and financial products can be built.
Additionally, the native asset, MAGIC coin, uses a unique PoW mechanism to issue new tokens. Users are required to stake the network's assets such as Legion, Treasures, and MAGIC tokens to earn new mining items. The cost of farming equals the price of the initial assets (mining equipment) and the time required to perform the actions.
The main goal of the project is to create an economy, in which the rarest assets are earned through labor, just like the PoW economy. This approach is more sustainable as it creates a slow yet continuous growth in liquidity. Some of the features that attract and retain users to the project are higher yield and lower fees.
Use Cases of MAGIC Tokens
The MAGIC token is a utility token that glues the Treasure ecosystem together. It facilitates transactions within the ecosystem. Users can buy different in-game assets using the MAGIC coin. The asset also facilitates the reward system within the Treasure ecosystem.
Furthermore, MAGIC crypto is a governance token. The token gives the holders governance power. They can influence the future of the project by enabling holders to vote on various proposals to the network.
Also, MAGIC token holders can stake their assets in exchange for rewards.
Moreover, MAGIC acts as a reserve asset across the Treasure ecosystem due to its deep liquidity.
Lastly, the token powers NFTs, turning them into productive yield-bearing assets.
If you plan to buy MAGIC crypto assets, keep in mind that the MAGIC price is volatile, just like any other crypto. Therefore, research it before investing in the token. You can use the MAGIC price chart above.
Who Founded Treasure?
Treasure was founded by three co-founders with Twitter handles @jpatten__ (John), @yyyy (Yuta), and @gaarping. The Treasure document lists the team members and community contributors. However, you can only find a link on their Twitter page. Little information about their other experiences is available.
Tokenomics of MAGIC
MAGIC is mined through staking Treasures. Users collect points for every Treasure staked. The project pays out 22,222 MAGIC daily, which is divided among the investors in the ratio of their total points to the overall points of all people staked.
The token has a fixed supply mechanism, which hedges against inflation, protecting the MAGIC price. The token is designed with a maximum supply of 347,714,007 MAGIC.
Similar to BTC, MAGIC undergoes yearly halving events. All supply is designed to be mined over 10 years. The token will be distributed at the following ratios:
- Treasure farm – 33%
- Mining – 25%
- Staking/Liquidity – 17%
- Ecosystem Fund – 15%
- Team – 10%
Users can earn MAGIC crypto by mining, playing, and participating in Bridgeworld.
