Author: Carrie, Shenchao TechFlow
Do you remember Treasure DAO?
If you’re a seasoned cryptocurrency investor, you’re probably familiar with this name, which has been mentioned frequently during the 2021-2022 blockchain gaming and NFT boom. Originating from a project derived from Loot, it quickly built a gaming and conversion ecosystem on Arbitrum, standardized by the MAGIC code, and was once dubbed “Nintendo’s Web3”. Names like Bridgeworld, Smallverse, and Legions were well known to anyone immersed in Discord and OpenSea at the time.
The early NFT market has achieved significant trading volume, with the project’s MAGIC token reaching a historic high of around $6.30 in February 2022.
Now, hearing that again, many people’s first reaction might be: “Is he still there?”
Still active, but perhaps looking for other opportunities. On November 4, Treasure published TIP-63 advice in its governance forum, where it proposed creating a strategic growth fund of up to 173 million MAGIC tokens, roughly 50% of the current maximum supply (about 348 million).
If issued in full, the total supply of MAGIC would increase to approximately 521 million (excluding additional staking emissions). These funds will be used to launch the new Treasure DePIN network and drive the project’s full shift towards AI agents.
Details and milestones of token increase
The MAGIC token is not issued all at once. According to the original proposal:
- 100 million Treasure Foundation tokens will be minted on February 3, 2027, for cybersecurity budget, institutional partnerships, market making, and development resources.
- The remaining 73 million tokens are tied to milestones of this newly developed network, with 7.3 million tokens unlocked upon reaching each planned milestone. These milestones include completing the audit, officially launching the network, reaching a specified number of nodes, achieving 10,000, 50,000 and 100,000 actively running AI agents, as well as meeting the required thresholds for MAGIC staking ratios and token burn volumes.
The timeline is also clear: the discussion period for the above proposal ends on November 18, the voting period runs from November 18 to December 2, and the network is scheduled to launch on March 3, 2027.
The proposal also allows for the minting of 500 Legions Genesis NFTs to a DAO treasury, with 50 of them allocated to the organization for on-chain storage and non-transferable. The network will provide additional inflation, reducing the target annual inflation rate from about 5% in the first year to 2.5% starting in the fourth year.
The proposal is currently under discussion. MAGIC’s latest price is around $0.084-$0.085, with a traded market cap of around $28-29 million, which represents a ~98.7% decline from its all-time high.
Common paths after forging a novel
In today’s cryptocurrency industry, it is not uncommon for narratives to be proven false.
In the face of declining liquidity and cost pressures, most initiatives in areas such as blockchain gaming, metaverses, and custom blockchains have failed to deliver on their early promises. The treasure itself had previously followed the same path of transformation:
In 2025, due to operational costs and financial pressures, the self-built Treasure Series was shut down, with publicly disclosed annual costs of approximately $450,000, and the game publishing business was shut down.
Many projects don’t end with abrupt exits, but instead head in directions that are more narratively significant today, AI Agents and DePIN among them.
AI agents and DePIN remain highly watched segments of the market. The former emphasizes independent agent implementation and economic interaction, while the latter focuses on the coordination of distributed physical resources.
The new Treasure design attempts to combine both elements. In simple terms, it aims to create a network that can run AI agents continuously. Ordinary users own NFTs that represent artificial intelligence agents, while nodes are responsible for actually running those agents.
You must participate MAGIC nodes and a specific NFT to participate. As long as someone keeps paying these agents computational fees, the virtual worlds or game states they maintain can persist even if the original developers leave. When agents use computational resources, they pay in stablecoins; A portion of this fee goes into the contract, while another portion is used to buy back and burn MAGIC.
The logic of the proposal is that MAGIC will upgrade from a “gaming token” to a “network token,” offsetting long-term inflation through fees generated by proxy usage, staking requests, and the copying mechanism.
This essentially involves reintegrating the project into the broader wave of AI infrastructure as a single component, rather than trying to build an entire “gaming empire” independently.
For this kind of shift, narrative appeal can only explain short-term interest; What really determines whether a project can remain part of the AI wave are observable metrics. Factors like the number of agents, actual paid usage, node activity, fee revenue, and token burn volume are key details to evaluate moving forward – purely narrative-based shifts no longer provide much room for hype.
After all, the industry has seen too many “AI” claims — only projects that can turn those claims into verifiable on-chain activity will avoid being left behind in the narrative cycle again.
Finally, Treasure’s original proposal includes a sentence that seems somewhat self-summary:
She believes that she did not abandon her original vision for 2021, but only found the implementation layer that was missing at that time. Most crypto-savvy readers will likely agree with this statement; It is only after the network is running at full capacity that it can be determined whether an order is right or wrong.
