The decentralized game console
Treasure is building a decentralized 'game console' and publisher stack.
- Cartridges: Games and metaverses built from the ground up by Treasure and seasoned builders, all connected by MAGIC.
- Community: Composite of many smaller communities, connected through lore, guilds, resources, and MAGIC.
- Infrastructure: The shared economic engine, tooling and resources that powers the ecosystem and empowers builders.
All connected by a dual resource model:
Treasures as composable resources
Total Marketplace Volume
Total Value Locked
% Circ. Supply Locked
Most P2E games today are unsustainable by design. Adoption of the game lasts as long as speculation over the native token continues. After yield has been exhausted, users move on to new projects and tokens.
Builders and games are separated from one another, left in isolation to deal with evaporating revenue, community attrition, and token illiquidity.
Treasure solves this by building a gaming and NFT ecosystem held together by the MAGIC token. MAGIC is backed by the network of metaverses, communities, and DeFi infrastructure built on Treasure.
A global economy with one native token bridging the worlds and connecting the infrastructure and communities utilizing them.
How Treasure Works
MAGIC as currency
MAGIC is the currency of the Treasure ecosystem that serves as cross-metaverse monies within the common economic layer.
MAGIC was designed to be increasingly scarce (emissions declining as complexity of the economy increases), as it weaves an ever-growing web of narrative bridges within Treasure’s ecosystem of metaverses.
Players are able to earn and use MAGIC through playing Bridgeworld (one of Treasure’s flagship products) and other game cartridges. Staked MAGIC in the Atlas Mine also enables holders to govern the broader Treasure ecosystem.
Treasures as resources
Treasures (NFTs) are a set of economic resources shared across metaverses. As such, each NFT carries with them a unique story that weaves between different worlds. They are lore of other worlds, and they, themselves are the bridges between them.
It began with Bridgeworld but utility for Treasures will continue to be introduced to other game cartridges, reinforcing our interoperability thesis of NFTs shared across metaverses.
Posts from TreasureDAO
Trove is the leading NFT marketplace on Arbitrum, built for the universe of projects in and around the Treasure ecosystem.Trove has officially launched its alpha version to level up your NFT collecting experience as the successor to the dominant NFT marketplace on Arbitrum, the Treasure Marketplace. Built by TreasureDAO and denominated in MAGIC and ETH, Trove aims to bring a new flavour to NFT marketplaces: gamification. Trove will offer both collections and collectors a unique, gamified experience that has never been attempted by a marketplace before.👉 Discover Trove AlphaStarting with successWhile it adorns a new name, Trove carries with it some rich history as Treasure’s original NFT marketplace — the aptly named Treasure Marketplace. Before Treasure, Arbitrum’s daily NFT volume was less than 1 ETH per day. Since launching our NFT marketplace on November 13, 2021, we have achieved over US$285M in trading volume (101M MAGIC) in just seven short months . In early 2022, Treasure’s marketplace was the second highest grossing marketplace in the world, writing 10% of OpenSea’s total volume with only two collections (Bridgeworld and Smol Brains).Your window into new worldsTrove has two types of collections: game cartridges denominated in MAGIC (from metaverses and games with deep integration into Treasure’s metaverse economy); and generalized collections that will be denominated in ETH.Trove expands upon Treasure’s established brand in gaming to cover a much wider range of NFTs, including art, photography, profile pictures, music, and more. Trove has launched as a curated marketplace at first but we have plans to introduce an open and permissionless listing model in the future.A new home for collectors and buildersFor collectors, the identity, passion, and tribalism that results from collecting NFTs is central to why many of us spend time in this space. Historically, marketplaces have played a very transactional (boring) role in facilitating the trading of NFTs to help users and collectors amass their treasure trove of collectibles. We believe the trading experience should instead provide marketplace users with delight and the magic of play. To help us feel more connected than ever before within and beyond the various communities that we occupy.For builders, we believe the marketplace should serve you and help you reach the masses while making your storefront an extension of the incredible brands that you’re building. As a core component of the Treasure infrastructure stack, builders on Trove will be able to tap into a loyal and highly engaged community from day one.Trove combines all of this together through a marketplace ‘game world’ for players (collectors and builders) to explore, allowing NFT collections to shine while bringing collectors together into a single nexus to express themselves through their NFTs, achievements, and reputation.A cornerstone of ArbitrumAs we look towards the future, we believe the flight of NFT capital from L1 to L2 is just beginning, and we are ecstatic to have planted our flag early on Arbitrum. We are seeing other builders flocking to Arbitrum, in part due to the thriving ecosystem we are creating at Treasure but also as a result of Arbitrum’s pioneering technology, transaction speed, and security. Arbitrum’s advantages for NFT trading will grow even stronger after the release of Arbitrum Nitro and AnyTrust chains.“From the beginning Treasure has been an instrumental part in growing the Arbitrum ecosystem and community. Smol Brains showed that blue-chip NFTs can in fact live on L2 Ethereum, while the rest of the ecosystem partners showed that true community won’t only watch you build — but build alongside you. We’re very happy to have them continue building and expanding their ecosystem on Arbitrum.” - Steven Goldfeder, Co-Founder and CEO at Offchain LabsThe future is brightTrove will soon feature over 40 collections by the end of its initial launch period. These collections include Trove’s new launch partners as well as existing Treasure game cartridges that were formerly part of the original Treasure Marketplace. As we come out of our launch, we will be working to onboard new collections and meet the demands of the 250+ projects that have already expressed interest in being listed. We will also be working to develop key features to realize our larger vision of gamifying the NFT marketplace experience. This will all start to unfold over time, and we can’t wait to reveal what we have in store.If you are interested in listing on Trove as we continue to expand our ecosystem of collections, please submit an application here. Calculated using the (daily volume of the Treasure Marketplace) x (price on the given day).
Treasure has rebranded with a new visual identity as it builds the decentralized game console.In just eight short months, Treasure has achieved milestones that we never could have imagined when we first launched. We’ve become the dominant NFT platform on Arbitrum, created an ever-expanding ecosystem of games and builders, and launched new brands sparking cultural movements.As we looked towards our next stage of growth, we needed to take a step back to set the foundation for Treasure. Today, we are beyond excited to unveil our work in rebranding Treasure as we forge our path forward to build the decentralized game console.Our journey from humble beginningsTreasure began as a Loot derivative on Ethereum Layer 1. In an experiment to prove out a thesis of social coordination enabled through the fair launch distribution of our native token MAGIC and NFTs, we were able to galvanize a strong, expansive community to become the dominant NFT platform on Arbitrum.Today, we proudly stand as an ecosystem of decentralized NFT economies and games, all powered by MAGIC and brought together by common infrastructure. We have captured the hearts and minds of players and builders across our vast ecosystem, boasting over 100k community members across brands with 9 games launched and counting. Through our marketplace, we have achieved over US$285M (fn 1) in trading volume (101M MAGIC) since launching seven months ago. Today, Treasure still accounts for over 95% of all NFT-related transactions on Arbitrum.Setting the stage for the futureWith our eyes set on building for the years to come, we needed to take a deep look into the very essence of Treasure to lay the groundwork to propel us forward into our next chapter — both strategically and visually.Strategy: Our thesis has remained the same since the beginning. Treasure aims to connect and empower builders, games and communities through the potential of web3. We look to reshape the next generation of gaming by decentralizing the process of game building and disrupting the traditional publishing model which has been built on ‘walled gardens’, end-to-end ownership and control of development, distribution, and management of game assets and IP. The current model constrains true community ownership and grassroot building, two factors we believe will be imperative to the future of world-building, product development and governance. Treasure aspires to pioneer this movement and seize the opportunity of creating an ecosystem of games sharing a composable economy with a common token and infrastructure bridging together the worlds and communities utilizing them.Identity: The Treasure of the past was dark, gothic, and mysterious. It was an ode to our ‘grungy’ grass roots, and originally designed to be deeply connected to Bridgeworld, our flagship product which was intended to take a different form early on before settling into its important role as gamified infrastructure and an anchor of the Treasure ‘economic layer’. Over time, we shifted focus towards building out the ‘game console stack’ and the underlying infrastructure, while empowering the community to build new cartridges of all shapes and sizes atop Treasure. But our identity lagged behind our strategy, necessitating a revisit to design a new brand identity that could invoke that magical feeling we experience when we play and find delight. One that felt timeless and could last through the ages and that brought forth the charm, wonder, and playfulness that Treasure and its community exudes.Meet the new TreasureThe moment you’ve all been waiting for. The new Treasure is the same one you already know and love, only better. After months of hard work, numerous slide decks, and countless logo and mark iterations, this is the culmination expressed as Treasure’s new brand.What is Treasure?Treasure is the decentralized game console connecting games and communities together through imagination, MAGIC, and NFTs. We offer players an engaging and broad set of games to play and provide builders with the infrastructure, tooling, and resources.Within our console stack, Treasure comprises three key layers:Cartridges: Games and metaverses built from the ground up by Treasure and seasoned builders, all connected by MAGIC.Community: Composite of many smaller communities, connected through MAGIC, lore, guilds, and resources.Infrastructure: The shared economic engine, tooling and resources that powers the ecosystem and empowers builders.All of this is fueled by a dual resource model — MAGIC powers everything and Treasures serve as the composable resources that connect it all together.Our New Brand IdentityAs the base-layer for metaverse projects, Treasure necessitates a strong brand identity that is easily recognizable but can also fall into the background for cartridges, collaborators, and builders to shine. Our rebrand helps bring this narrative to life and sets the stage for Treasure to move forward with a strong, unified identity that is both empowered and empowering.New Look and FeelBeginning with our logomarks, the stars symbolize the magic within our ecosystem, expressed by our community or the games that are built atop our platform. The gem silhouette that encloses the stars is a nod to our origins with the Treasure NFTs (i.e. the ruby) and gaming as a whole. The three new logos all play on the magical, timeless brand heritage, and charm of Treasure to show continuity across our core products:Treasure: The magic of play.MAGIC: Where new stars are born.Trove: A window into new worlds.Watch our logo reveal video here.Together with our other brand assets — new colour palette, typeface, imagery, and design system — our new identity offers a warmer, more inviting, and cohesive experience to our vast network of players and builders.New WebsiteTreasure’s website has been updated to reflect our sharpened narrative and new look and feel, while centralizing key content across the Treasure ecosystem and improving its user experience. Our website will continue to be updated and improved upon to reflect the ongoing changes and growth of the broader Treasureverse.While this is an incredible milestone, it is just the beginning of a long and ambitious journey together. This rebranding turns the page to Treasure’s next chapter of growth, signalling our maturation as an organization and setting the foundation for the next era in decentralized game creation.Let’s keep making magic!- The Treasure Team Calculated using the (daily volume of the Treasure Marketplace) x (price on the given day).
See this announcement as a PDFToday, TreasureDAO takes a huge leap forward in realizing our vision of the connected metaverse. Everyone, our time has come, and the AAA gamers are coming to Treasure.We’re teaming up with Strider and a former lead designer from one of the world’s leading MMORPGs’ to build one of the first bottom-up AAA NFT and web3 game studios.We’re partnering with the Strider team because they are veterans of the games industry that have launched products lauded for their creativity as well as the fidelity of their amazing live operations results. Additionally, Strider has a vision for making games that aligned with the organic and community-centric nature of the Treasure ecosystem. Strider is seeking to ensure that the community feels like they are part of the game dev process and can even contribute their way to be part of the core team. They want to not only make great games but utilize the power of web3 to make the experience of being a community member or a contributor feel fresh and fun.The Strider team itself consists of:Andrew N. Green: CO-FOUNDER, CEO: 20+ years in games and a small stint in film. Andrew has built teams, invested, and cultivated hits at: Stillfront Group, a16z (where he helped start the games investment practice), TinyCo / Jam City where their portfolio generated over $1.2B in revenue (Family Guy: the Quest for Stuff, Avengers Academy, Harry Potter: Hogwarts Mystery), Electronic Arts (Launched Dead Space), Atari, and Take-Two Interactive.Michael Cala: CO-FOUNDER, VP, CREATIVE: 20+ years building amazing brands and content in games. He’s created or helped develop the brands for well known franchises at Rockstar Games (GTA: San Andreas, Red Dead Redemption, Bully), Square-Enix (Life is Strange, Batman: Arkham Asylum, Just Cause) and his own Supernaut Studio which works with a variety of games large and small.Whirlybird: CO-FOUNDER, CPO: Systems thinker, team leader, balanced cynic and clear-minded designer. Whirlybird is currently the Game Director on the next installment of one of the largest franchises in the games industry. He previously ran Harry Potter: Hogwarts Mystery for TinyCo / Jam City and launched it to generate over half a billion dollars in lifetime revenue so far. He’s also held senior product roles at Storm8 (Design Home), Kabam (The Godfather: Five Families). He started his career in games at EA Partners Publishing (Titanfall, Rock Band, Portal 2) after a brief stint in finance.Nick Braccia: CO-FOUNDER, VP, CONTENT & PARTNERSHIPS: A man with a deep affection for the Oxford comma, Nick has created IP experiences for 20+ years. His work includes content and strategy for major game and TV productions such as Dead Space, Watchmen, The Purge, Westworld, and The Man in the High Castle. Co-creator and Co-EP of Shudder’s Video Palace.Linda Lamontagne: HEAD OF TALENT: A CSA-winning casting director and creative professional who has worked with some of the most exciting properties in the world. She’s served as Casting Director for Invincible (Netflix), Family Guy, Bojack Horseman, The Powerpuf Girls, and so many more.We already have more than 50 projects under development, and this AAA project, currently codenamed “Project Bilbo” will serve as a powerful showcase for Treasure, our NFTs and connected ecosystem.For the DAO, partnering with teams with AAA gaming experience will catapult us to a new level of web3 gaming and enable the Treasure team to double down on creating the economic engine and infrastructure that powers an ecosystem of games.Powered by MAGIC, Project Bilbo will deliver a world class game designed to attract a mass-market audience into GameFi and the world of Treasure.We can’t wait to share more details about Project Bilbo over the coming months — but in the meantime, we need TIP-13 approved so that we can get the ball rolling.
Treasure NFTs and MAGIC have been distributed for free. Treasure will continue to use this mint model for its products, but we are exploring ways to collaborate with projects that use paid mints.IntroductionTreasure was founded on the idea that decentralized metaverses should have fair launch origins. Rather than making users pay upfront, builders distribute the core building blocks of the metaverse for free and allow the community to create value with them. The long-term value of the metaverse is not determined by the initial mint cost but rather the work that users put into creating value. Fair launch ensures that the metaverse remains open, collaborative, and permissionless in design.We believe that Treasure’s success can be largely attributed to the free mint model. Treasure distributed its NFTs and the MAGIC token for free, creating a strong, loyal community that took these building blocks and developed an expansive ecosystem around them. Foregoing upfront payment also aligned the Treasure contributors in our long-term commitment to MAGIC. We have worked tirelessly to build interesting, profitable things that drive value back to MAGIC because our equity in the project is denominated in this token.As the project evolves into a more mature stage, our approach to scaling must also evolve. We are discovering in conversation with potential collaborators that our dogmatic approach to free mints is limiting the number of projects with which we are able to partner, thereby stunting the DAO’s growth. To scale exponentially from here, Treasure must now adopt a more nuanced, pragmatic approach. Founders will surely ask where the brightline is regarding paid mints. We plan to evaluate each project on a case-by-case basis. Projects with extremely high fundraising will have a much higher burden to prove their value-add to the Treasure ecosystem. Treasure is a community-focused initiative so we are looking to partner with projects with strong communities. We will consider how the mints were offered, the accessibility of the public sale, and other factors to determine whether the project is building on top of community’s ideas or simply extracting value from the community. (Below we discuss two projects with a partial paid mint that provide great value to the overall ecosystem.)We have identified a few key reasons to update our mint philosophy given the current state of the project.1. Treasure functions differently than other projectsWe have maintained that Treasure is a neutral, permissionless foundation for metaverse building. Treasure is the base-layer ecosystem creating infrastructure on which others can build. Our building blocks (NFTs and MAGIC) have been and always will be distributed for free. However, we do not expect other products to play a similar role in the metaverse. Our goal — which is distinct from other metaverse projects — is to empower builders with the tools and resources to scale, creating network effects that all participants contribute to and benefit from. Ancillary protocols built on top of Treasure will be different in design and purpose than Treasure itself. Therefore, these protocols will naturally have a different approach to mint costs than Treasure.2. Economies involve paid goodsWhile the free mint model was instrumental in establishing the base-layer of the Treasure economy, it is unsustainable to assume that every good or service in this economy will continue to be distributed for free. MAGIC functions as money, and users who have acquired it through gameplay are looking to spend or reinvest it.3. Innovation requires pragmatismTo continuously innovate, the DAO must remain open to re-evaluating and adapting our strategy over time. Innovation is not only fluid by nature, but it also requires pragmatism to consistently execute. It became obvious that the DAO needed to revisit its mint philosophy very early into conversations with projects looking to integrate with Treasure. These projects showed us that the fair launch nature of the base-layer is actually bolstered by collaboration with paid mint projects. We would like to credit two projects in particular for demonstrating this idea.Battlefly, an excellent proof of concept for the MAGIC token, auctioned off its Founders NFTs as part of a fundraising strategy for the project. The Battlefly team brought to us the brilliant idea of letting partner projects purchase MAGIC from the Treasury as an in-game reward for their players. This strategy grows MAGIC adoption without diverting emissions away from Bridgeworld. It also functions as an elegant diversification strategy for the DAO, divesting MAGIC into the hands of long-term aligned builders while diversifying the DAO treasury into ETH and stables to pay contributors.Lost SamuRise is a project built on top of Treasure that spawned a very interesting innovation regarding paid mints: using raised funds to purchase MAGIC and locking this MAGIC into the mine for the long-term to generate constant yield for the project. Through this investment, the SamuRise project bootstraps itself as a guild in Bridgeworld. Treasure has tried to position itself as a DeFi protocol with MAGIC functioning as a yield-bearing asset on which second-order DeFi protocols can be built. SamuRise’s design is confirmation of this vision and an excellent example of the creativity facilitated by Treasure’s building blocks. Moreover, SamuRise creates a token sink to further reduce the circulating supply of MAGIC, reinforcing the scarcity of the asset. Token sinks ensure that MAGIC remains primarily held by actors that are invested in the long-term success of the DAO. We thank SamuRise for challenging Treasure’s free mint dogma and showing us the importance of a pragmatic approach going forward!4. Exponential growthTreasure scaled horizontally and vertically in its first six months more than anyone thought possible. The DAO has worked to the best of its ability to harness this momentum into hiring new builders and diversifying projects. Nevertheless, we have found that talent acquisition has been a persistent blocker in our scaling efforts. Onboarding new builders is time-consuming and directly trades off with the work of our core contributors. A better model would be to let projects interested in building on top of Treasure bootstrap themselves and increasingly fold into the DAO as the project matures. The network effect of Treasure is not determined by the number of projects that carry the Treasure brand name but rather the number of projects integrated into the base-layer infrastructure. This infrastructure includes not only Treasure NFTs and MAGIC but also products like the Treasure marketplace (and soon the Treasure-native AMM).ConclusionThe core values of the Treasure project — decentralization, community building, storytelling — continue to endure. Treasure will also stay true to the free mint model for its own projects. However, it is time to expand the Treasure ecosystem to partner projects, some of which are designed differently than Treasure. The conversation about the free mint model is just beginning. The DAO has many important questions left to consider, such as whether paid mint projects are eligible for grants and MAGIC emissions.We look forward to the community debating these issues and moving the project forward!
With the MAGIC DAO set to launch, the Treasure team’s ability to control the direction of the project will wane. Decentralization will serve two purposes. First, it creates the conditions by which a true metaverse can develop, free of proprietary distortion.We have fought hard to maintain the fair launch nature of the project, to date eschewing outside funding and instead self-financing the project. We genuinely believe that Treasure will form the cradle for a cross-game, cross-chain metaverse. Having built this as a fair launch project will ensure long-term relevance for the project. The collaborators that we have attracted have been drawn to the project due to its genesis story, and we expect the organic growth of the ecosystem to continue to increase the longer that the project is able to sustain full decentralization.Moreover, decentralization solves a crucial scaling problem. There is no way the team (no matter the size) can scrape together a collective imagination sufficient to construct the entirety of this metaverse.Like Loot, Treasure was meant as building blocks for other creators’ narratives. Creating space for their work requires us to step away. We were thoroughly convinced of this fact in a recent community call where community members outlined their ideas for consumable farming (using Treasures to produce new resources). The ideas being offered were more nuanced than the conversations the team had been having. It is clearly time for MAGIC holders to take the helm in developing Proof of Imagination.Decentralized governance in this context really does constitute a new consensus mechanism. The world materializes because of governance’s decision about what exists in the world. The more building blocks stacked on top of this collective vision, the longer the chain of consensus becomes (and the more valuable the chain itself!). “The world is simply that which exists” is the guiding principle for Proof of Imagination. The team is very excited to get out of the way of the community and see how big they can make this world.Allowing governance to now shape the project, we wanted to offer three parting insights as the founders about how the treasury should be spent and the kinds of game worlds that the DAO should be cultivating. These ideas can be placed into three categories.Short-Term Objective: Gamifying LiquidityThe hardest part of Proof of Imagination is achieving the critical mass necessary for an invented universe to possess gravity.Gravity here, like true gravity, tethers the universe and holds it together by the edges. The gravity of a metaverse is simply consensus that it exists. Without this consensus, the world cannot be said to exist, and none of the assets in this world could gain the monetary premium needed for secondary economic structures to develop. (The longer the chain, the sturdier the architecture.)Treasure struggled significantly to achieve any stable liquidity for the MAGIC token. At one point in the farm, the liquidity in the Uniswap pool dipped to less than 50% of what the team has invested in the project thus far. The project was saved by the quick thinking of a then-community member, now Head of Growth at Treasure and co-founder, Gaarp. He will be acting as the operational head of Treasure going forward.Other metaverses have clearly struggled with liquidity as well. Most of the liquidity for the Banana token was apparently provided by a few Kongz whales who took the impermanent loss on the chin out of love for the project.Luckily, Treasure was saved not only by Gaarp’s plan to create supplementary LP rewards (implemented mid-farm) but also the support of a few key whales.So, MAGIC has now outlived the early peril of extremely low liquidity. The task for the DAO is figuring out how to keep liquidity incentivized long-term. This goal can be accomplished by framing liquidity as one of the core objectives of the game.We had suggested elsewhere a couple small ways to start building out this narrative. Instead of using MAGIC as the ecosystem’s core token, the project could transition to using LP tokens as the power source. You wouldn’t even need to call it an LP token. Ideally, the user wouldn’t even know that they’re using a LP token because it’s called a crystal or a chalice or some other item related to the metaverse.The LP token could also function as the key to unlocking new adventures or NFTs. Developing this concept would solve the impermanent loss problem. Impermanent loss can be reduced to the idea that financial yield does not compensate for the losses incurred by LPing (either real losses or opportunity costs). But the yield in game worlds we are talking about is qualitative — joy! The value of a great gaming experience goes beyond money. It unlocks joy through experiencing, collecting, collective brainstorming, collective experiencing, and so on… Outcomes that DeFi would never in a million years achieve without NFTs.Framing liquidity as the game’s core objective would take the form of metaphor. Three such metaphors come to mind: liquidity as weather, liquidity as time, and liquidity as a measure of spatial reach.Before diving into each metaphor, we wanted to briefly address a critique that a great number of people have made about MAGIC: “ETH is a metaverse currency, just use ETH.”ETH is the meta-metaverse currency. It will maintain this status forever, and MAGIC was never meant to diminish this status or compete with ETH.However, if ETH was the currency to create gaming metaverses, then it would’ve created game metaverses. (The world is simply that which exists.)This is the lesson of Loot. If something is the right building block, you’ll see new blocks built on top of it.Ethereum is the right building block. ETH is not the right currency building block. If it was, Axie wouldn’t have bootstrapped with SLP. DeFi Kingdom wouldn’t have used Jewel. Kongz wouldn’t have used Banana. You can’t chalk up all of these coins up to greed by individual developers. Clearly, hyper-coinization served a purpose in the metaverse (it allowed it to manifest!), and we certainly noticed this in the context of Treasure as the MAGIC farm resulted in more users and builders participating in our ecosystem.In the case of Treasure, ETH could not replace MAGIC because we are not using MAGIC to bootstrap the ecosystem. We used the dynamic between Treasure and MAGIC to bootstrap the ecosystem.The crux of the Treasure metaverse is the equilibrium between two resources — not the sturdiness of one alone. In fact, treasures and MAGIC were deliberately designed not to be able to operate without the other. The equilibrium, and the tension inherent in needing to continue this dance, is the game theory backing for our Proof of Imagination. ETH’s security as an asset was counter-productive to creating this design, which helped bootstrap the metaverse by establishing a core struggle faced by characters in the Treasure world.Metaverses are places where stories can be told. There has never been a story worth reading or a game worth playing that didn’t have conflict.Treasure developers have no control over ETH emissions. There was no way to achieve a nimble, reflexive interaction between treasures and ETH, so we opted to instead invent a new asset class.This explanation is not persuasive to everyone, although I do find it funny to hear it made by “ETH maxis turned OHM maxis” given the same critique can be made of OHM, especially now that OHM has emerged as a real competitor to ETH as the base pair in AMMs.OHM (and LUNA) perfected the equilibrium-as-core-mechanism model, which we’ve attempted to model.Now, returning to the metaphors of liquidity…Liquidity as WeatherWe have not prescribed a single genesis story for the Legions to create room for other storytellers.One such story could be that Legions are settlers on a new world, which is full of peril and imbalance that they must learn to manage (like any civilization).Low liquidity is akin to extremely bad weather. Volatile, cruel, literally an existential threat to the protocol (or civilization). LPing a shitcoin is like riding a tiny boat through a huge storm, knowing at any moment your boat could flip and drown you.Growth in liquidity could thematically correspond with stronger structures to protect the Legions against the natural world. Or, an even more fantastical version of this idea would be that as liquidity grows, the Legions are increasing their power to control the weather and use it for their advantage.These kinds of narratives would work best if combined with the LP-token-as-a-resource which lets the whole idea of “liquidity provision” be abstracted away. Users don’t even know they’re buying LP tokens. It appears to be some kind of NFT, like everything else in their Treasure wallet.Liquidity as TimeGrowth in liquidity could result in time shifts in the metaverse. New time periods would unlock whenever liquidity reached a certain depth.You could even design a world where time has frozen, and the solution is for the game players to collectively grow liquidity to re-start time. (The MAGIC-Treasure design is rooted in a similar idea. Productivity of Treasures, and output from the mine, is kickstarted by MAGIC staking.)As an aside, one of the first tasks of the DAO should be to informally decide how much influence the team should have in shaping Treasure’s ongoing narratives.One perspective would be that the team isn’t obstructing other builders when we create a product or game experience with a very specific narrative. It would be quite interesting to see various interpretations of the genesis of MAGIC, treasures, and Legions.Take, for example, the following story design: the Legions have awakened with no knowledge of their origins. The MAGIC that exists in this world seems to be the relic of an ancient race, but extant civilizations can’t discern what the motives of this people were.Did they invent MAGIC to remedy natural evil, or was MAGIC actually the evil that thrust the world into chaos?In this version of the story, the world still revolves around MAGIC and treasures. Maybe the inhabitants of this world have divided into factions (those who are against the ancients and those who deify them), while there is an undercurrent of uneasiness in the general population about basing one’s entire culture on relics that no one seems to understand…Ambiguity can allow for its own kind of story-telling.Spatial Representations of LiquidityExtending on the idea of LP tokens as keys to unlock adventures, liquidity could also be the key to unlocking new realms. As liquidity grows, the world expands outward. This design would create a very fun collective gaming experience and more importantly, begin to heal the extremely damaging mentality borne out of DeFi that LPing is a PVP sport.We should think of providing liquidity as a means to improve the world and explore its limits. This attitude seems much healthier than what DeFi 1.0 manifested.Another way to minimize the PVP feeling of LP would be to require players to have provided liquidity to join the other players in settling in the new world.How does one balance the need for a quadratic design (so that whales can’t own all of the new world) while preventing people from free riding and only contributing the minimal amount necessary to join other settlers? We solved this issue in the initial farm through centralization — specifically, being very opaque about the criteria — but this solution would not be possible in decentralized governance.We honestly have no idea how to design the mechanism described above, but we are extremely optimistic that the community with its wealth of creativity will be able to figure out something.Medium-Term Objective: MAGIC as a Natural ResourceInitially, we were resistant to turning MAGIC into a governance token as it seemed to be a lazy regurgitation of failed DeFi experiments — namely, one-token one-vote governance. This model of governance didn’t foster decentralization in DeFi summer. It resulted in plutocracy and a lot of community frustration when “the 99%” realized how little influence they had over the direction of the protocol.NFT-DeFi is the opportunity to revisit these failures and wipe the slate clean. Why port over bad designs when we have the chance to build something new, in an imagined world that carries none of the baggage of TradFi or DeFi?Here is the vision for MAGIC governance that we think the DAO should pursue: MAGIC exists as a naturally emitted resource. Governance aims to manage its harvesting, not its emission. Think of MAGIC as something like oil. Governments obviously do not legislate its existence. Their primary purpose (and that of industry) as it relates to oil is to manage its collection and distribution.There are several practical problems here. Beyond just capping the supply, you would have to somehow create a contract that distributes the supply to the mines, which then slowly drip out their outputs until the end of time with no further direction.This design just isn’t feasible. There’s no way to hide a mine in this universe in the way oil and ball clay and other resources lay dormant as undiscovered deposits until some lucky explorer finds the way to them.It would be quite nice to see a game create increasingly perilous routes to new mines (again using some sort of whale-killer mechanism that neutralizes the inherent unfairness of real-world resource mining). Invention of those obstacles would require an unfathomable amount of planning… unless some clever programmer figured out how to randomly create mines, distribute MAGIC to the mines randomly, then also randomly generate barriers to these mines (like rock, proximity, and depth of the deposit). We think this is possible, but far beyond our abilities.In Treasure, the role of smart contract developers can completely invert compared to the status quo. Today’s developers use smart contracts to tame the chaos of the existing world. Treasure builders could instead use smart contracts to create chaotic worlds that require taming. The game would be to restore harmony to the imperfect world that the developer deviously birthed, with imperfections taking the form of weather, time distortions, and so on.The exciting part about this design is that we might discover the mechanisms needed to solve problems for which DeFi offered no solutions. Imagine a world built by developers that mimics the cruelty of our own world. Some environments are resource-rich, while others are starved of resources. Blight, tornado, and other natural disasters compound this injustice.What good would this serve? Well, players would probably figure out how to make an insurance protocol that actually works! DeFi 1.0, steeped in a weirdly perverse worship of deception and sociopathic behavior, wasn’t exactly fertile ground for these kinds of experiments.The insurance industry, done correctly, is an inherently humanitarian industry. It is a collective exercise in overcoming the principal cruelty of the natural world — unequal distribution of tragedy. We believe that game designers might be the first group in crypto to crack the nut of decentralized insurance.At the end of the day, trustlessness is a bad framework for thinking about crypto. Treasure should lean into narratives that are trust-deepening and pro-social. We want game worlds to be not only experiences of joy, but also genuine attempts at making better, fairer systems that require community and coordination to assemble.So, in short, MAGIC should become a natural resource that is unfairly and unpredictably distributed around the Treasure metaverse. The MAGIC DAO should attempt the paradoxical: using governance to slowly disempower the DAO and make it less and less able to hold any sway over the natural world. The ideal outcome is that MAGIC ceases to be a governance token. Governance tokens don’t even exist! Instead, avatar NFTs function as governance tokens.They indicate the tribe to which the speaker belongs. Each tribe lobbies the DAO (whose actual power has waned significantly) to enact policies that they support. The NFT is the governance token.In a nutshell: DeFi governance was about ramping up decentralization and strengthening governance’s control over the protocol. NFT-DeFi might be about introducing game elements that makes governance progressively more difficult. Opposite approach, but it could yield better solutions to the original set of problems.Representative democracies are probably inevitable in game worlds. Take, for example, the group-mode for realm conquest. This mechanism results in the natural fragmentation of users into groups. Users break off to work in little groups to build settlements with implicit insider/outsider boundaries. Some sort of political system for that tribe is inevitable.NFTs as governance tokens are probably also inevitable. Given that the basic conditions for political formation (group identity, shibboleths, etc.) are integral to crypto culture, we might as well embrace it.We think a council comprised of NFT-community tribes, each choosing how to represent themselves before the council, would be an extremely fun experiment for NFTs — and could easily become the new norm for intra-DeFi governance.Long-term: Cross-Chain TreasuresThe move to Arbitrum is in no way short-term or medium-term. Hopefully Treasure becomes a staple of Arbitrum for the foreseeable future.But the most ambitious vision for this project should see Arbitrum as a pit stop on the larger journey.Treasure should consider one day creating its own app-specific chain with the Cosmos SDK, with Legions and Treasures acting as validator bonds. The majority of MAGIC liquidity would then reside off-world, on an AMM-specific chain connected to the Treasure chain through IBC.Here is the metaphor for how this would work: Legions are an interstellar civilization in search of the kindest possible environment for their life-form. Their civilization bounces between planets every few generations, moving onto an even-greener world when it presents itself, each time becoming better at the onboarding process so settlement is smooth and painless.After a few terraforming attempts, they discovered ways to power satellite civilizations with a remote planet, on which no life lives. The only thing on this planet is the power source, which is routinely carted off-world by driverless barges.Because of this, things move easily between worlds, but no world is over-crowded nor are specific worlds forced to live under universal rule. Moreover, the power-planet exists safely as a separate part of the universe, free from political turmoil on the colonized planets.It would be amazing to see games build their own chains. If NFTs function as better proxies for governance than most tokens, then in the case of game worlds, it is even more true.Why couldn’t NFTs play some role in staking as well?NFT mechanism design is evolving at a rate faster than anyone could have imagined. See Paradigm’s mind-melting work on RICKs, floor perps, etc. to see why we might already have enough mechanisms to cobble together a highly innovative blueprint for NFT-specific chains…Treasure should lean into the interstellar vision. If Ethereum (L1 or existing L2’s) was sufficient, Axie wouldn’t have built Ronin.The same could easily be said of Treasure one day, if the project finds the traction that we think it can.
Treasure💰 DAO: Full decentralization of the Treasure ProjectLater this week, the Treasure project will launch its native marketplace on Arbitrum. The marketplace — which will be the first NFT viewer and marketplace on Arbitrum compatible with all token standards — marks the end of the v1 launch. We recently issued new, fully animated Treasure and Legions cards as well as implemented the second wave of MAGIC mining. The current mine has a reflexive design wherein MAGIC staking results in higher emissions from the mine and “turns on” the capacity of treasures to begin minting consumables.Treasure on Twitter: "1/ To prepare for the launch of our native marketplace, we wanted to recap the project for new users.Treasure began with a simple idea: what if we built a metaverse around fictional resources instead of characters?From there, the Treasure metaverse was born. pic.twitter.com/4RB3W4P6B8 / Twitter"1/ To prepare for the launch of our native marketplace, we wanted to recap the project for new users.Treasure began with a simple idea: what if we built a metaverse around fictional resources instead of characters?From there, the Treasure metaverse was born. pic.twitter.com/4RB3W4P6B8We are also excited to announce one final bit of news before the marketplace goes live: implementation of the MAGIC DAO.Staked MAGIC holders will now have full control over all parts of the Treasure economy, including the MAGIC tokenomics and the Treasure marketplace.The DAO’s treasury will be the sole recipient of proceeds from marketplace sales. The market will launch with a 5% commission on sales to begin immediately raising funds for the DAO. Staked MAGIC holders will have the opportunity to adjust this rate — as well as the MAGIC tokenomics — through governance proposals.TokenomicsAs per the current token design, one-third of the total MAGIC supply was distributed in the initial 30 day farming period. We also minted tokens for the team that will be subject to DAO review (discussed below).Future MAGIC emissions will be distributed at the following ratios:MAGIC emission mimics Bitcoin’s halvening, but this event occurs every year as opposed to every four years. The total supply will be ~350,000,000 tokens.The team deliberately opted for high inflation at the beginning to create long-term sustainability. Successful DeFi protocols have almost universally implemented high emissions to help bootstrap a community and liquidity.Moreover, the design of the MAGIC mine created uniquely high rewards for users who were willing to lock up their MAGIC for longer periods. These users played a key role in bootstrapping liquidity for the protocol and demonstrated great confidence in its future. This group proved themselves to be the best stewards of the protocol and therefore the best possible trustees of the DAO.We plan to design initial DAO voting (subject to future DAO revision) to weight the votes of long-term stakers over short-term stakers. This weighting will minimize the ability of mercenary farmers to gut the future of the protocol through short-term oriented governance.Team Tokens and Ecosystem FundAfter the end of the MAGIC farm, the team carried out the announced plan of retroactively minting 10% of the farmed supply as team tokens (a total of 11,644,017 tokens).The team also printed (3,911,782 MAGIC) tokens for Q3 of the Year 1 ecosystem fund. (To date, none of these tokens have been spent. They will be sent in full to the DAO wallet.)The team will submit a proposal to the DAO to honor these preexisting allocations and distribute these tokens to the team, subject to the previously announced vesting schedule (three-month cliff for the first third, with the second third vesting in month four and the final third in month five).Given the fair launch origins of the project, we believe the 10% allocation is important to incentivize long-term participation by the team members. The NFTs in the ecosystem were created and distributed for free. MAGIC was also farmed for free. The 10% team allocation is important to establishing the team’s long-term interest in Treasure’s success.DAO ImplementationThe DAO will go live later this week, allowing MAGIC stakers to immediately being submitting proposals to governance. Initially, the funds in the DAO treasury will be limited to the aforementioned tokens — the existing team allocation and the ecosystem fund.After the marketplace launches, all proceeds will go directly to the DAO. (The team hopes that the DAO initially uses the treasury to aggressively fund development and ecosystem expansion and delaying fee sharing for staked MAGIC until sufficient runway for the project has been achieved.) Revenue will be subject to DAO voting before being spent or allocated.We are excited about this next chapter in the project and look forward to seeing decentralization advance the core mission of this metaverse!
Treasure began as a free, fair launch derivative of Loot. The treasure cards were intended as the building blocks for a self-contained universe. The MAGIC token — which today concluded its initial farming phase — is the substance that tethers the Treasure ecosystem. It is not just a currency. It is the economic resource that stabilizes the entire economy.And now, through the Life project, MAGIC will also be the resource used to power actual lifeforms in the Treasure metaverse.Genesis of LifeLife is the creation of NFT builder Jumpman. It is the first project built on top of Treasure not created by the team.The owner of a life NFT begins with a newborn wrapped in swaddling cloth. At pre-determined intervals, the baby grows — first into a child, then a teenager, an adult, and an elderly person.Through the evolution, the individual will display new traits and undergo age-related changes. They will go to school, fall in love, take an occupation, experience many triumphs and disappointments unique to their life, and finally, pass away.Life is a long experiential board game. It is meant to be an emotional experience. The NFTs breed like people, not hamsters. Their lifespans are finite but non-trivial, like our own.The owner of the NFT will be responsible for choosing the direction of the individual’s life. Transferring the NFT to another wallet would “reset” the individual back to a newborn, its life erased.Life NFTs are not merely collectibles. They will be the first NFT designed to simulate living, as an on-chain experience.At death, the owner will receive a commemorative NFT of the person that they shepherded through the world.The role of MAGIC and TreasuresMAGIC breathes life into the NFTs. The owner must stake MAGIC on their NFT to keep it alive. Within 48 hours of having its MAGIC life source removed, the life is extinguished.The Life builders will incorporate treasures into the project storylines. Treasures are used to enhance the individual’s life and open more opportunities for them.Daring users will be able to embark on riskier adventures, in which treasures are needed to protect your life from actual peril.MAGIC and treasures are the building blocks for Life. Treasure is the base layer for a self-contained universe. MAGIC is the ether powering this universe.Life is the first NFT of its kind in history. It will become a building block for many other projects as well.Life is Treasure’s initial and flagship integration, demonstrating the emotional depth and nuance that storytellers are capable of achieving in the metaverse.Gen0Like treasures, Life will not have a pre-sale. It will be distributed in the migration to Arbitrum.Users who stake 10,000 MAGIC in the MAGIC migration contract on treasure.lol will receive a Life NFT after the migration. (Each 10,000 equals one life.)The NFTs distributed in the migration will be the Gen0 of Life. There will be no opportunities to create a life with MAGIC after the migration. MAGIC will be used to sustain the life, but it won’t be able to create one.There are currently 7 million MAGIC staked in the Arbitrum contract, meaning only 700 Life NFT’s are slated to be made as of now. (There are 92 million MAGIC tokens. The total supply of Gen0 NFT’s is less than 10,000.)Life is being built by Jumpman, Treasure’s resident artist Mao, and the Treasure development team.You can follow the Treasure project on Twitter: www.twitter.com/Treasure_NFTLife project: https://twitter.com/LifeNFT_
The MAGIC farm is ending! The Treasure ecosystem will now officially be transitioning to Arbitrum in October.Here is a quick guide on everything you need to make the transition with us:Tomorrow (10/7), we will create a staking pool on Treasure.lol for MAGIC that will migrate you to Arbitrum when v1 goes live. You cannot withdraw after staking. (Your tokens will effectively be burnt, and you will be credited for this amount on Arbitrum.) *You will still need to claim your tokens on Arbitrum and deposit them into the v1 mine to continue earning MAGIC.* Read here to catch up on MAGIC staking and why it’s the crux of the project moving forward.If you stake 10,000 MAGIC in the staking pool tomorrow and own a treasure NFT, you will automatically receive a common legion claimable on Arbitrum.Tomorrow we will also release a staking pool for unfractionalized treasures. You can deposit your cards into this pool and be credited with treasure fractions on the other side when v1 goes live.Legion rewards will be claimable at the very beginning of v1.Leave your treasure fractions in the staking pools on Treasure.lol, and we will migrate you over. The same thing: your old NFTs will be burnt, and you will be able to claim the new upgraded cards.If you staked n, AGLD, or Loot, you can withdraw now and still receive your special rewards (but you must deposit 10K MAGIC into the Arbitrum migration pool!) These rewards are:For n holders: a special legion called the NumeraireFor Loot and AGLD: an airdrop of treasures. Previously, the team pledged to give away the founder’s reserve of treasures. We’re making good on this. Loot holders will receive 25% of the founder’s share (2.5% of the total supply of treasures). AGLD holders will receive the same deal. **PLEASE NOTE: If there is a low turnout among these groups for the transition, we will not be distributing the full amount. We are targeting each user to receive +/- 1 standard deviation of the median treasure holdings per user at the time of the airdrop so not to undermine the existing Treasure community. If we do not distribute the full amount, we will document as such and earmark the rest for future runway for the team.To recap quickly, here’s a flow chart to break it down:We appreciate our community for getting us this far. A fair launch, free project is really hard to pull off, especially in terms of keeping the core contributors motivated to keep going.The community kept this project alive. We not only received donations from community members. We’ve had people from the community volunteer countless hours to help us execute this. This list includes artists, comms, UI, Solidity devs, graphic designers, and more. Everything about Treasure — from the website and the logo to the art on the new cards we are releasing— were created by community members who DM’ed us their work and wanted to participate. We were seriously humbled by this and so grateful.These special rewards were meant as thank you’s to the community who have gotten us this far.Oh, and there were a couple other special rewards promised along the way. We plan to distribute those to staked MAGIC holders on Arbitrum. The adventures start very soon…????
RecapOn October 6th, the Treasure ecosystem will go live on the Arbitrum sidechain. To facilitate this transition, we will be offering special incentives for users who move MAGIC currently on Layer-1 Ethereum to the staking pools on Arbitrum.Each user who participates in the transition and commits to staking 10,000 MAGIC on Arbitrum will receive a common legion, which will be required for MAGIC mining and earning legion upgrades during v1. As a bonus, for every 100 common legions that are claimed, we will airdrop a special class legion to one of the aforementioned stakers. The special classes of legions are: Assassin, Fighter, Siege, Spellcaster, and Ranged. Holding one of these cards will provide the user with a shortcut through the upgrade quests for that particular class of legion.In addition to these special rewards, we have planned the following releases for the next two weeks:Genesis mine (October 6–9)Users who own at least one common legion will be able to participate in MAGIC mining during the genesis phase. Mining MAGIC will require staking one’s MAGIC in a time-lock. Each time-lock corresponds to a higher multiplier inside the mine. More information on the genesis phase is available here.Genesis legions are claimable on Arbitrum (October 6–9)Users who earned a genesis legion during farming will be able to claim their prize. Legions were earned from staking MAGIC in the single-sided pool, based the following criteria:15,000 staked MAGIC for one common legion50,000 for an uncommon legion150,000 for a rare legionGroup RewardsGroup rewards were available based on the total MAGIC staked in the pool. The below tiers were used:Tier 1: 10% of Total Supply Reward: one common legion card with visual flair (everyone gets one)Tier 2: 20% of Total Supply Reward: 100 rare legion cards with visual flair where winners are decided by raffle. Everyone will receive a token that will grant them a 2x multiplier for the first 2 weeks of consumable farming when released.Tier 3: 35% of Total Supply Reward: 5 unique 1/1 looks-rare legions, winners decided by raffle, everyone gets a single season 10% multiplier card on farming a single asset when ‘Seasons’ go live.Everyone who met the group reward prerequisites above will receive 1 raffle ticket. Raffle tickets will have the eligible users address stored. Three days after the end of the single-sided staking pool, the team will conduct the raffle and winners will be announced in discord and their reward will be sent to the listed address.Additional raffle tickets could also be acquired if the following conditions were met:Additional Raffle Ticket Eligibility: Criteria for extra raffle tickets must have been met by midnight, September 28th.Meeting the criteria after this date does not grant you eligibility for additional raffle tickets. This is to ensure accuracy of the additional raffle ticket counts.1 additional raffle ticket for every 50,000 MAGIC tokens contributed to the pool by your address.1 additional raffle ticket for holding/staking a grin or honeycomb treasure fraction.2 additional raffle tickets for holding/staking 3 grin or honeycomb treasure fractions.3 additional raffle tickets for holding/staking 5 grin or honeycomb treasure fractions.Marketplace goes live (October 6–9)Users will be able to trade their treasures and legions using MAGIC. The marketplace will also allow users to fractionalize their treasure cards and upgrade their old treasures into the new animated cards.Native marketplaceUpgraded Treasure cardsGame Play (October 6–9)We will be releasing the first beta of Treasure game play, beginning with an explorable map of the town. The town includes the mine, the market, the barrack, as well as other surprises.The town will include several characters, which will be explored in greater detail in v2 when seasons are rolled out. Each season, veMAGIC holders will be able to choose which character to ally with in order to receive a particular type of yield boost (e.g., the general controls legion farming).Join us for MAGIC farming until the 6th of October at www.treasure.lolTwitter: https://twitter.com/Treasure_NFTDiscord: https://discord.gg/TctsKT5H
Less than one month in, Treasure has already gone through several big changes. Users are able to fractionalize their treasures, farm MAGIC, and earn rare legion cards.The MAGIC farm has been a success thus far. 60% of MAGIC was locked in the single-sided staking pool. More than 40% of n NFT’s were locked in the farm, as well as 10% of Loot. Liquidity remained strong even after we implemented the single-sided pool incentives. The percent of MAGIC in the MAGIC-ETH UNI pool remained between 13% and 27% for the duration of the farm.Over the next two weeks, the project will immediately transition from the MAGIC farm to v1 roll-out on Arbitrum. The roll-out will feature a native marketplace, an ongoing MAGIC mine, and new legion creation. A detailed short-term roadmap, including plans for minimizing volatility during the transition, can be found here.Most importantly, v1 will feature a full launch of the Treasure economy. Until now, treasures and MAGIC have been only connected through farming. In v1, the two resources will begin operating in sync with one another. The equilibrium process will begin in a genesis event we call The Awakening.Incentive EquilibriumPreviously, we had discussed the overarching relationship between MAGIC and treasures. MAGIC is required to “turn on” treasures and make them productive. Treasures produce the instruments needed for mining MAGIC.The genesis phase of the project will establish the basic incentive equilibrium between the two resources. The incentive structure will be tested and refined during genesis to ensure the long-term viability of the project. This equilibrium will form the cornerstone for each subsequent building block of the economy.Everything in the Treasure ecosystem revolves around veMAGIC (vested MAGIC). Users can stake their MAGIC on mines and time-lock it, thereby converting their MAGIC into veMAGIC. Vested MAGIC cannot be traded or transferred until the user’s selected time period has expired.veMAGIC powers the Treasure economy. If more than 20% of circulating MAGIC has been converted into veMAGIC, then treasures “power on” and start producing consumables. MAGIC mines also begin emitting MAGIC above the 20% threshold.If veMAGIC drops below 20% of the circulating MAGIC supply, then treasures lose their productivity. MAGIC mines stop emitting any new MAGIC. Equilibrium must be regained for these processes to restart.MAGIC holders and treasure owners are pursuing very different things, but they are bound by the same core objective: increase the staking rate for MAGIC.Over time, the economy will expand greatly, and the connections between MAGIC and treasures will broaden. But their core relationship will continue to revolve around this very simple mechanism.This incentive structure creates a flywheel effect when things are working well and helps contain the damage when things are working poorly. In other words, the protocol is reflexively “powering up” or “powering down” to constantly regain this equilibrium. Let’s explore each loop specifically.Powering UpMore than 20% of MAGIC is converted into veMAGIC. Treasures activate and begin producing consumables. MAGIC mines open at 50% capacity, and new MAGIC is being emitted.To capitalize on this momentum, the protocol starts powering up.20% veMAGIC staking: MAGIC mines increase to 60% capacity. Treasures also increase their productivity at the same rate.30% veMAGIC staking: 70% capacity for MAGIC mines40% veMAGIC staking: 80% capacity for MAGIC mines50% veMAGIC staking: 90% capacity for MAGIC mines60% veMAGIC staking: 100% capacity for MAGIC minesIncreased MAGIC emissions during power upgrades are subject to their own vesting schedules. (We will be experimenting with these schedules during genesis before scaling up further).Powering DownThe percent of veMAGIC staking drops below 20%. The protocol immediately powers down to control the damage. Treasures lose their productivity and turn off. MAGIC emissions stop completely.Powering down accomplishes two goals. First, it prevents new MAGIC from suddenly hitting the market and accelerating the price cascade. Second, treasure owners are inherently motivated to step in as MAGIC buyers and help veMAGIC return to equilibrium.Most protocols are unable to recover from their farmed token ending up in the hands of mercenary “farm-dumpers” who crash the price below peg and walk away from the wreckage. There are no built-in buyers at this point.The dual incentive structure between MAGIC and treasures ensures that MAGIC retains demand even after the buy-side from one group becomes completely exhausted.Total EmissionsAfter the farm, one-third of planned MAGIC emissions will have occurred. “Planned emissions” here means that veMAGIC maintains the equilibrium point, and the protocol never initiates powering up or powering down.In reality, the protocol will probably fluctuate between power levels frequently, which means it’s only possible to describe the max supply as an estimated range. We will be able to describe the max supply range after the initial farming period ends on the 6th. (MAGIC is currently being farmed on a reward-per-token basis rather than a fixed pool reward.)AwakeningThe primary objective of the genesis phase is to calibrate the equilibrium between MAGIC and treasures. As such, the full functionality of treasures and other parts of the ecosystem will be withheld until the ecosystem proves itself stable and prepared for additional stressors. Miscalculating emissions of consumables and other items at this stage would prove fatal to the ecosystem’s long-term potential.At launch, treasure owners will be able to stake their treasures on mines to earn their share of MAGIC emissions. The greater the rarity of the treasure, the more weight the treasure has in the pool. We will be rapidly building out and testing smaller functionalities of treasures during the initial “powering up” phases of the protocol. This will allow us to observe how treasure productivity functions so that this process can be decentralized later and used by other builders.Previously, we had discussed Proof of Work mining for MAGIC. The act of mining MAGIC will be become progressively more difficult and time-intensive as time goes on. In the genesis phase, mining MAGIC will only require owning a legion and staking veMAGIC on a mine. Soon, we will incorporate basic treasure use and begin developing a framework for more rigorous forms of labor needed to acquire MAGIC. This phased roll-out will allow treasure functionality and MAGIC mining to ramp up in unison.Join us for MAGIC farming until the 6th of October at www.treasure.lolTwitter: https://twitter.com/Treasure_NFTDiscord: https://discord.gg/TctsKT5H