MAGIC (TreasureDAO) is up 13.21% in 24 hours, with a market cap of approximately $34.6 million.

Gate News Bot reported on December 9th, according to CoinMarketCap data, as of press time, MAGIC (TreasureDAO) is currently priced at $0.11, up 13.21% in the past 24 hours, reaching a high of $0.13 and a low of $0.09. Its current market cap is approximately $34.6 million, an increase of $4.04 million compared to yesterday.

MAGIC is the native token of the TreasureDAO ecosystem. TreasureDAO is the largest decentralized NFT ecosystem on the Arbitrum Layer 2 network.

MAGIC Token Overview:

• Ecosystem: MAGIC is the universal currency within the TreasureDAO gaming and NFT ecosystem. TreasureDAO aims to connect different games, NFT communities, and metaverse projects through a shared metaverse infrastructure.
• Use Cases:
  • Medium of Exchange: Users use MAGIC as the payment currency when buying and selling in-game assets (such as equipment, land, and characters) on the Treasure NFT marketplace.
  • Staking: Users can stake MAGIC tokens to receive sMAGIC tokens and participate in DAO governance.
  • Governance: sMAGIC holders can vote on important proposals within the Treasure ecosystem, such as admission of new games, use of treasury funds, and protocol upgrades.
  • Resource Acquisition: In games within the Treasure ecosystem, MAGIC is the key currency for acquiring “minerals” (resources used for upgrading and minting new items).
• Scarcity and Deflation: MAGIC has a maximum supply of 347 million tokens. The token is designed to be deflationary through in-game consumption, protocol fees, and community burn mechanisms, thereby increasing its scarcity as the ecosystem develops.
• Cross-chain Bridging: Originally based on Arbitrum, MAGIC tokens can be used on multiple networks, including Ethereum mainnet and BNB Chain, through bridging technology.

Latest Developments

• Infrastructure Transformation: TreasureDAO is transitioning to building decentralized gaming infrastructure, not just operating as a game studio. They have launched the Ruby mainnet (Arbitrum Nova) and the Sapphire mainnet (Arbitrum Nitro) to support the rapid expansion of their ecosystem.
• Core of the Arbitrum Ecosystem: MAGIC is the largest gaming token by market cap in the Arbitrum ecosystem and is one of the core assets of this Layer 2 ecosystem.

In summary, the MAGIC token is the economic backbone of TreasureDAO’s expansive gaming and NFT ecosystem, aiming to create a decentralized metaverse owned and governed by the community.