Author: Curry, Shenchao TechFlow
Do you remember Treasure DAO?
If you're a seasoned crypto investor, you're certainly familiar with this name, frequently mentioned during the 2021–2022 blockchain gaming and NFT boom. Originating from a Loot derivative project, it rapidly built a gaming and metaverse ecosystem on Arbitrum, unified by the MAGIC token, and was once dubbed “Web3’s Nintendo.” Names like Bridgeworld, Smolverse, and Legions were well-known to anyone immersed in Discord and OpenSea at the time.
The early NFT market once generated significant trading volume, with the project token MAGIC reaching a historical high of approximately $6.30 in February 2022.
Now, hearing it again, many people’s first reaction might be: “Is it still around?”
Still active, but possibly seeking other opportunities. On November 4, Treasure posted TIP-63 on its governance forum, proposing the establishment of a strategic growth fund of up to 173 million MAGIC tokens, approximately 50% of the current maximum supply (around 348 million).
If fully issued, the total supply of MAGIC will 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 transition toward AI Agents.
Details and Milestones of the Token Increase
The token minting of MAGIC is not released all at once. According to the original proposal:
- 100 million tokens will be minted to the Treasure Foundation on February 3, 2027, for cybersecurity budgeting, institutional partnerships, market making, and development resources.
- The remaining 73 million tokens are tied to key milestones of this newly developed network, with 7.3 million tokens unlocking upon reaching each planned milestone. These milestones include completing the audit, the official launch of the network, reaching a specified number of nodes, and achieving 10,000, 50,000, and 100,000 actively running AI agents, as well as meeting 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 authorizes the minting of 500 Legions Genesis NFTs to the DAO treasury, with 50 of these allocated to the Foundation for network staking and non-transferable. The network will introduce additional staking inflation, reducing the targeted annual inflation rate from approximately 5% in the first year to 2.5% starting in the fourth year.
The proposal is currently under discussion. MAGIC's recent price is around $0.084–$0.085, with a circulating market cap of approximately $28–29 million, representing a drawdown of about 98.7% from its all-time high.
Common paths after narrative falsification
In today’s crypto industry, it’s not uncommon for narratives to be proven false.
In the face of liquidity retreat and cost pressures, most initiatives in areas such as blockchain games, the metaverse, and custom blockchains have failed to deliver on their early promises. Treasure itself previously followed this same path of transformation:
In 2025, due to operational costs and financial pressures, the self-built blockchain Treasure Chain was shut down, with publicly disclosed annual costs of approximately $450,000, and the game publishing business was discontinued.
Many projects do not end with a sudden exit but instead pivot toward directions with greater narrative premium today—and AI Agents and DePIN are among them.
AI agents and DePIN remain highly watched sectors in the market. The former emphasizes autonomous agent execution and economic interaction, while the latter focuses on coordinating distributed physical resources.
Treasure’s new design attempts to combine both elements. In simple terms, it aims to create a network that can continuously run AI agents. Ordinary users hold NFTs that represent AI agents, while nodes are responsible for actually running these agents.
Nodes must stake MAGIC and a specific NFT to participate. As long as someone continues to pay the computational fees for these Agents, the virtual worlds or game states they maintain can persist even if the original developers have left. When Agents use computational resources, they pay in stablecoins; a portion of these fees goes to the nodes, while another portion is used to repurchase and burn MAGIC.
The logic of the proposal is that MAGIC will upgrade from a "gaming utility token" to a "network token," offsetting inflation over the long term through fees generated by Agent usage, staking demand, and a burn mechanism.
This essentially involves reintegrating the project into the broader wave of AI infrastructure as one component, rather than attempting to independently build a complete “gaming empire.”
For this kind of transition, narrative appeal can only explain short-term attention; what truly determines whether a project can remain part of the AI wave are observable metrics. Factors such as the number of agents, actual paid usage, node activity, fee revenue, and token burn volume are key details that must be evaluated moving forward—pure narrative-driven transitions no longer offer significant room for hype.
After all, the industry has seen too many "转向 AI" claims—only projects that can turn those claims into on-chain verifiable activity will avoid being left behind by the narrative cycle again.
Finally, the original proposal from Treasure includes a sentence that reads somewhat like a self-summary:
It believes it has not abandoned its original 2021 vision, but merely found the execution layer that was missing at the time. Most crypto-savvy readers will likely nod in agreement with this statement; whether it’s truly right or wrong may only be determined once the network is fully operational.