Summary
- Expand gMAGIC to account for additional sources of locked MAGIC, including: (i) Magicswap through all pools with game partner ERC-20s; and (ii) decentralized finance and other exchanges such as Beefy’s mooSushiMAGIC-ETH vault and Balancer’s 50% MAGIC / 50% USDC weighted pool.
- Reduce the governance staking contract’s staking lockup period from 14-days to 7-days.
Rationale
Accounting for Magicswap
With Magicswap serving as the native automated market maker (“AMM”) governed by the TreasureDAO community built specifically for its ecosystem of game tokens, all MAGIC added by the community to MAGIC denominated liquidity pools with listed ERC-20s should count towards governance power within TreasureDAO. Currently, the listed game tokens include $ANIMA (Realm), $ELM (Tales of Elleria), $GFLY (BattleFly), and $VEE (Zeeverse).
Accounting for decentralized finance and other exchanges
Over time, MAGIC has seen increased adoption across the decentralized finance and exchange landscape with alternative liquidity sources being formed organically through the adoption and usage of new protocols by the Treasure and MAGIC community. Today, these protocols include Beefy’s mooSushiMAGIC-ETH vault and Balancer’s 50% MAGIC / 50% USDC weighted pool which was initially seeded by the frank125 of the Life DAO team (see original proposal).
Increasing potential governance participation while minimizing risk
Following the sunset of the Atlas Mine in Bridgeworld, the MAGIC governance staking contract was implemented to enable alternative channels to obtain gMAGIC outside of the Harvesters and MAGIC-ETH Sushi LP. To this day, any MAGIC that is staked in the governance contract is subject to a 14-day withdrawal lockup period to mitigate governance risks. Reducing the lockup period to 7-days is likely to encourage greater participation in MAGIC governance while continuing to maintain the necessary protection against governance attacks.
Proposal
(1) Add gMAGIC support for all Magicswap LP tokens at 0.5 ratio to MAGIC for all current and future supported ERC-20 pairs
Current pairs include:
- ANIMA-MAGIC LP
- ELM-MAGIC LP
- GFLY-MAGIC LP
- VEE-MAGIC LP
(2) Add gMAGIC support for Beefy’s mooSushiMAGIC-ETH vault at a 0.5 ratio to MAGIC.
Calculated using balanceOf mooSushiMAGIC-ETH * getPricePerFullShare (0x8cbaAC87FDD9Bb6C3FdB5b3C870b2443D0284fa6)
(3) Add gMAGIC support for Balancer’s 50% MAGIC / 50% USDC weighted pool at a 0.5 ratio to MAGIC.
Calculated based on a user’s share of the pool:
- (A) User’s holdings of BPT
- (B) Total supply of BPT
- (C) User’s % share of BPT = (A) / (B)
- (D) Total MAGIC of pool in the Balancer Vault:
getPoolTokenInfo
-poolId: 0xb3028ca124b80cfe6e9ca57b70ef2f0ccc41ebd40002000000000000000000ba
token: 0x539bde0d7dbd336b79148aa742883198bbf60342
- (E) User’s MAGIC contribution = (C) * (D)
(4) Decrease lock period from 14 days to 7 in the MAGIC governance staking contract
See contract link
Voting Period
Voting commences now, ending Thursday, December 14, 2023 at 6:00 UTC (see local time via timestamp: [1702569600](https://hammertime.cyou/?t= 1702569600)).
Voting Eligibility
- Only holders of MAGIC staked in the Harvesters or the TreasureDAO Governance Staking contract, and MAGIC-ETH SLP on Arbitrum can vote.
- gMAGIC will be calculated on a 1:1 basis across all options
- If TIP-34 is ratified, this voting eligibility will change for future proposals
