TreasureDAO’s Ambitious 8M MAGIC Re-mint for Ecosystem Prosperity
- TreasureDAO’s pivotal TIP-29 proposal addresses a supply overestimation of Ethereum L1’s MAGIC Farm.
- The proposal highlights a dynamic plan for MAGIC token allocation.
- TIP-25 introduces a meticulous schedule for MAGIC token unlocking. Starting from June 2023, 185,580 MAGIC tokens will be unlocked monthly until June 2029.
TreasureDAO has embarked on a pivotal decision-making process.
The current focus of attention is the TIP-29 proposal, centered around the reevaluation and reallocation of the much-discussed MAGIC tokens. The voting process commenced on the 15th of August and is slated to conclude on the 25th of August.
The proposal, bearing the title “TIP-25 and MAGIC Token Allocation and Allocation Schedule,” has captured the interest of the crypto community due to its intricate nature. Following constructive negotiations between the board and the r3gen Finance team, it was unveiled that the initial MAGIC Farm’s total supply had been somewhat overestimated on the Ethereum L1 network. The current assessment has pegged the maximum total supply at approximately 339,645,510 units, deviating from the originally outlined 347,714,007 units in the token economy framework. Evidently, this discrepancy has left 8,068,497 MAGIC tokens unmined.
The TIP-29 proposal has put forth a two-pronged solution. Firstly, it advocates for the re-mining of the aforementioned 8,068,497 MAGIC tokens. Secondly, and more significantly, the proposal underscores the allocation of these tokens to the Ecosystem Fund, which stands as a cornerstone of TreasureDAO’s overarching objectives.
Moreover, in conjunction with TIP-25, the proposal delineates a comprehensive strategy for the allocation of MAGIC tokens to the Ecosystem Fund. A substantial 13,361,748 MAGIC tokens are poised for allocation, a move that not only reaffirms the community’s commitment to TreasureDAO’s ecosystem but also bolsters its long-term sustainability. Furthermore, the proposal charts out a meticulous timeline for the gradual unlocking of 185,580 MAGIC tokens each month, commencing from June 2023 and continuing until June 2029.
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