1. What is Treasure
Treasure DAO (Treasure for short) is the metaverse game ecosystem native to Arbitrum, aiming to bring games and players together through its ecological token MAGIC. Treasure started as an NFT project on the Loot ecosystem, and later independently became a decentralized game ecosystem that shares resources, community and infrastructure.
The platform integrates applications such as NFT, DeFi and GameFi, and aims to support NFT and Metaverse projects to build their own ecology on the platform and achieve integration between projects.
We can understand Treasure from two angles. First of all, TreasureDAO is a decentralized game publishing platform. The Treasure ecosystem provides developers with tools and resources to build, publish and tokenize games in the form of Web3.0.
Secondly, as the basic economic control layer of other games, other project parties may outsource the token management work to TreasureDAO for operation.
2. Team building and financing
1. Team
The vast majority of Treasures team members come directly from the community. Treasure consists of a globally distributed team of developers, product managers, artists, brand builders, marketers, economists, and gamers, all supported by a close and vibrant community of DAO contributors and passionate community members network support.
TreasureDAO establishes a framework through which the community can build with the team and be rewarded through MAGIC tokens to develop various key parts of the ecosystem. These incentives can promote the construction of a broader ecosystem and inspire other communities to build on Treasure built on the platform.
According to the official website (https://treasure.lol/team), the Co-Founders of Treasure are John Patten and Karel Vuong. Among them, John Patten is the co-founder and CEO and was the head of growth at Osmosis.
2. Financing situation
On September 16, 2022, Treasure DAO launched a proposal to sell the US$3.5 million ecological Token MAGIC. This token sale was led by Digital Strategies Guild, 1kx, Neon DAO and ID Theory, as well as new participants Arbitrum, Skycatcher Crypto, IOSG, Alchemy Ventures, IndiGG, StreamingFast and other strategic partners participated.
3. The origin of TreasureDAO
Let’s sort out the origin and development of the TreasureDAO project in order to understand the original intention of the TreasureDAO project.
2021.9: Officially launched with the goal of serving the game ecology and community first
Loot is a project launched by Don Hoffman in August 2021. It uses a bottom-up construction method to mint NFT for free. Treasure is one of the projects affected by this construction method. It was launched by John Patten in September 2021. project, the core theme is also community first.
Treasure offered the community free minting of Genesis NFT Treasure Cards and distributed some to the Loot community, and within a month of launch, Treasure created its first revenue protocol, Magic Farm.
From the beginning, Treasure iterated faster than any other Loot project and set a long-term goal of creating a place with a loyal community that game developers could build upon.
John Patten even proposed a new concept Proof of Imagination: Joy as a Form of Collateral, which was the core principle of the early development of the Treasure ecosystem.
2021.11: Transition to Arbitrum and launch of the first NFT market
Treasure started running on Ethereum Layer 1. After a month, the team realized that if they wanted to influence the gaming community through a unique bottom-up approach, it was not enough to only run on Ethereum Layer 1, so Treasure Officially transitioned to Arbitrum in October 2021, and launched Treasure Marketplace, the first NFT marketplace on Arbitrum, in November 2021.
2022.2: The first flagship game, Bridgeworld
Bridgeworld is a strategy game that revolves around mining, farming, summoning, exploration and more gamified DeFi action.
Atlas Mine is a staking protocol in Bridgeworld that rewards MAGIC based on quantity, time, and NFT promotions (such as Legions and Treasures). It builds an interconnected economy on top of MAGIC, Legions NFT, and Treasure NFT, aiming to guide Treasure ecosystem.
2022.4: Key improvements to bring in external partners instead of relying solely on core contributors
In order to realize its vision of becoming a decentralized gaming hub, the Treasure team realized that building a finance-focused ecosystem was not enough and began to shift its focus to building physical games and bringing in experienced game developers.
In April 2022, Treasure announced a partnership with Strider, a team of gaming industry veterans building games in the Treasureverse. It was also at this time that Treasure decided to expand the Treasure system into collaborative projects, rather than relying solely on core contributions. By.
2022.6: Rebranding, ambitious TreasureDAO
Treasure identifies 3 key layers: arsenal (games and materverses projects), community (Treasure’s sub-communities and community connections), and infrastructure (a shared economic engine, tools and resources to empower builders).
This shows that Treasure has enough confidence to create the first decentralized game platform and reshape the next generation of games. Take the Trove market as an example. Previously, Treasure planned to separate 2 markets: Trove for the entire Arbitrum NFT transaction denominated in ETH, and Treasureverse only for the Treasure market denominated in MAGIC, but later the team decided that Trove would become the core of Arbitrum and L2. The market is more confident, so it decided to combine the two into one, no longer distinguishing between the Treasure ecology and the external ecology, and providing an integrated trading experience.
4. Main products
TreasureDAOs current products mainly include Trove Market, BridgeWorld and MagicSwap, etc., and they have become the infrastructure in the Treasure ecosystem.
1、Trove Marketplace
TroveMarket provides market trading services for NFT assets in games or metaverse projects in the Treasure ecosystem.
Trove Marketplace will officially launch in June 2022. It evolved from the Treasure Marketplace launched in November 2021. The original idea was to provide an NFT trading market for ecological projects on Treasure. It is also the leading NFT trading market on Arbitrum.
To date, the total transaction volume of this market has exceeded 270 million US dollars.
2、BridgeWorld
The game launched by TreasureDAO focuses on the distribution of MAGIC tokens.
Bridgeworld is a strategic business, trade and domination game upgraded from the original chain game Legions. It is also the core game launched by the Treasure DAO team.
Bridgeworld integrates a variety of gameplay methods. Players can purchase legions to complete tasks and obtain various NFT rewards during tasks. NFT rewards can be sold for the native token MAGIC, or can be synthesized into more complex NFTs for mining.
3、MagicSwap
MagicSwap is a DEX that provides liquidity for game assets in the Treasure ecosystem.
MagicSwap is committed to creating a more balanced and dynamic financial system that provides a frictionless experience for NFT transactions. Using MAGIC as the governance and fee token, the protocol charges a 0.5% fee for transactions conducted on the MagicSwap pool.
5. Governance
Treasure DAO is a relatively mature decentralized governance organization for NFT projects currently on the market. Treasure DAO consists of two parts: Forum, which hosts project proposal discussions, and Snapshot, which conducts proposal voting.
Any community member has the right to propose proposals and improvements regarding Treasure governance and publicly announce them on the Forum for at least one day to collect opinions and discussion content. After the publicity is over, the proposals will be voted on in Snapshot.
Community members holding governance tokens review and vote on the proposal. If the proposal receives more than 66% of the votes in favor, the proposal will be passed. The voting rights are related to the number of governance tokens held. The greater the number of tokens, the greater the voting weight. The bigger it is, of course, the longer the token’s pledge time, the greater the voting weight.
Through decentralized governance, Treasure community members jointly decide on important topics such as project retention, organizational development, and project updates. It can be said that Treasure DAO is an important example of decentralized governance practice.
6. Token Economy
The total amount of MAGIC tokens is 347,714,007, and the current circulation is 222,275,433. The circulation of tokens accounts for 63.92% of the total supply of MAGIC tokens.
The distribution scheme of MAGIC tokens is as follows:
Treasure Farm： 33% ；
Mining: 25%;
Pledge: 17%;
Ecological construction fund: 15%;
Team: 10% (this part will be gradually released over 12 years)
MAGIC uses the method of high circulation in the early stage + subsequent output to be halved every year to release tokens.
MAGIC is the native token of the Treasure platform, and its main uses include:
1) Staking to earn MAGIC;
2) Used to summon legions in Bridgeworld and synthesize NFT;
3) As the settlement digital currency of TroveMarket;
4) Used in other scenarios in game projects, such as the battle pledge currency in BattleFly;
5) Participate in project governance, such as in-game ecological funds or distribution of treasury revenue.
With the continuous development of the ecology, there will be more and more usage scenarios of MAGIC tokens.
7. Operation data
1. Active users
According to the statistics of the dune platform, there are 1474 weekly active users.
It can be seen from the above chart that:
1) In the first half of 2022, there will be more active users. This is because the release of a series of new products such as BridgeWorld, Smolverse game system and NFT trading platform has gradually put the development of Treasure ecosystem on the right track, so there are more active users.
2) November to December 2022 is another peak period for active users, because during this period, the pixel-style Free 2 Play action role-playing game The Beacon once again set off the Treasure ecological craze. The game mechanism is very simple, mainly completing levels and answering questions. , buying and selling props, etc.
3) In January of this year, Treasure DAO launched a game creator program powered by Arbitrum. At the same time, due to the impact of the Arbitrum airdrop expectation, Treasure once again ushered in a small climax of active users on the chain.
On the whole, Treasures current ecologically active users are in a state of decline, which is consistent with the overall downward trend of the current GameFi track.
TroveMarket, as the NFT trading service market in Treasure, and the BridgeWorld game ecology are the core active places for users. Relatively speaking, there are more active users.
Magicswap has relatively few active users.
2. NFT transaction volume
According to data from the Dune Analytics platform, Trove’s current monthly NFT trading volume on Arbitrum is around 1.08 million MAGIC (a total value of approximately US$800,000), while the trading volume in January 2022 exceeded 42 million MAGIC, reaching a record high. value, and then NFT monthly trading volume continues to decrease. The current (July) monthly trading volume is only about 2% of the peak. Of course, the decline in NFT trading volume is mainly affected by the current downturn in the NFT market.
As can be seen from the above chart, the Collection with the largest NFT trading volume is Legions, accounting for 33.8%, followed by Smol Brains, accounting for 21.9%, and Treasures accounting for 11.9%.
Lets look at the data for the last 90 days.
In the past 90 days, Consumables has the largest trading volume, reaching 800,000 MAGIC, followed by Treasures, reaching 570,000 MAGIC, and Smol Brains ranking third, reaching 410,000 MAGIC.
3. Social media
Looking at the performance of social media, as of August 13, 2023, Treasure DAOs official twitter account has 144,000 followers, while the number of discord members is 32,004.
4. The game of incubation
According to the official website (https://treasure.lol/games), TreasureDAO has currently hatched 11 games, including The Beacon, Tales of Elleria, Kuroro, Knights of the Ether, Realm, etc.
5. MAGIC token performance
Currently, MAGIC tokens have been listed on exchanges such as Binance, Coinbase, OKX, Bitget, Huobi, Gate, etc. Most mainstream exchanges have listed MAGIC tokens. The market value of MAGIC is US$130 million. According to Coinmarketcap, the current market value ranking 168th with a fully diluted market capitalization of $206 million.
The historical low price of MAGIC token is 0.1837 USDT, while the historical high is 6.32 USDT. The current price has dropped 90.6% from the highest point, and the current MAGIC price is only more than 3 times the historical low price.
8. Summary
In short, TreasureDAO stands out among many GameFi projects due to its excellent token economic design, community operations and accurate grasp of market demand.
TreasureDAO provides a converged game platform for Web3 game players, and at the same time provides game developers or game publishers with the infrastructure required to develop games. Ultimately, TreasureDAO becomes the bridge between players and Web3 games.
TreasureDAO already has an active and loyal community where community participants can play games together, participate in ecological governance, stake tokens, etc. TreasureDAO has developed into a decentralized community of passionate players and builders. Driven game ecosystem, therefore, players are more deeply bound to the TreasureDAO platform. This is also one of the important factors for TreasureDAOs success.
MAGIC token serves as the fuel circulating in the TreasureDAO ecosystem, and Treasure is built around giving MAGIC tokens more empowerment.
Each community in the Treasure ecosystem builds its own story around the MAGIC token, connecting the narrative and economic ecology through MAGIC. In this way, MAGIC also acts as a reserve currency that connects the entire Treasure ecosystem.
Of course, the current daily activity and transaction volume of TreasureDAO has declined, which is also affected by the downturn in the entire encryption market. With the recovery of the encryption market and the influx of more users on the Web3.0 track, TreasureDAO’s advantages It will become increasingly obvious.
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