TIP-01 Approval of Treasure DAO Tokenomic Framework
Council proposes the DAO formalise the Treasure Tokenomic Framework outlined in the medium article:
The Treasure Council, with support and passion from the community has achieved a considerable amount in the two months since its inception. Moving beyond its roots as a derivative of Loot, Treasure aspires to become a sprawling ecosystem that connects the metaverse, sitting at the intersection of NFTs x DeFi x Gaming.
From a pure grassroots team, the community led Council has delivered the following key milestones from launch:
- Fair launch of the $MAGIC token via NFT staking (Loot, N, Treasures, AGLD)
- Fractionalisation of Treasure Bags (one of the first to do so)
- >80% of MAGIC locked in single sided staking contract to earn Legion NFTs
- Novel approaches to incentivise LP (as an access key)
- Introduced and educated a new wave of users to DeFi
Migration to Arbitrum
- Migrated circa 88m MAGIC to Arbitrum via our migration contract (one of the first to actively move from ETH L1)
- Creation of hundreds of feature rich and detailed artworks and minting thousands of NFTs on Arbitrum for Treasures, Legions, Rivermen, Numeraires, Seeds of Life and special keys
- Generously reweighted Grin and Honeycomb rewards
- Announced MAGIC-OHM pair for Arbitrum
Genesis Mine and Life on Arbitrum
- First dual staking mine - MAGIC (ERC20) + Treasures (ERC1155)
- >76% of circulating supply committed to our Genesis mine for between 2 weeks and 3 months (TVL of ~$33m USD)
- #8 liquid pair on Arbitrum Sushiswap with ~$4m in liquidity and weekly trading volume of $4.2m
- Market cap on circulating supply >$50m (~$10m on liquid supply)
Soon to be released
- First fair NFT ‘governance model’ - only veMAGIC holders and LP can vote where weight of veMAGIC adjusts based on duration of timelock
- First all token standard NFT marketplace on Arbitrum
- Several key integrations - LIFE, SMOL Brains, Getting Bodied, FUDFarm
The above has been achieved within two months, fully self-funded (~$600k USD) without a cent raised externally, and from a team of free contributors.
In order to scale out and build the Treasure ecosystem, a clear Tokenomic framework is required. It is recommended that the existing framework be actioned.
Implement and formalise the existing Tokenomic framework within circa 350m total supply of MAGIC (derived from 1/3 emissions generated from the Treasure Farm):
- 33% from the Treasure farm fair launch
- 25% allocated to ‘mining’ under a halvening construct whereby annual emissions reduce by 50% each year
- 17% allocated to staking and liquidity for liquidity provision, protocol owned liquidity and other staking rewards
- 15% allocated to the ecosystem fund to be used for growing the Treasure Ecosystem
- 25% of Y1 emissions (or 3,911,782 tokens) have been minted to fund core contributors to grow Treasure DAO
- Allowing the above tokens to be used as required to fund ecosystem growth
- The means through which tokens are liquidated will be proposed and agreed in a later TIP
- 10% allocated to founding and core contributors
- Circa 10% of tokens emitted at the end of the Treasure Farm have been minted as contributor tokens (or 11,644,017)
- The 11,644,017 will be vested on a 3 month cliff plus 2 month linear basis from the 6th of October (when the Treasure farm ended) where 1/3rd released at the end of month 3, 1/3rd at the end of month 4 and 1/3rd at the end of month 5
Polling Period (CLOSED, QUORUM MET)
The polling process begins now and will end at 13:00 UTC on 7 November 2021. After this, a Snapshot vote will be put up at 14:00 UTC on 7 November 2021.
For: Current Tokenomics are implemented.
Against: Tokenomics are revised and put up for vote.