Young 02/12 (gm, gm)

https://x.com/yoitsyoung

Treasure $MAGIC – 158M Mcap / 200M FDV (~13.7% of $APE)

MV of Treasury As of Sept 30: 70M

Thesis 1: Fundamentally strong and sound metaverse/game studio business with underpriced equity

• Treasure currently attracts 4-5K WAU, 15-20K WAU at peak, 182K lifetime unique users, and currently has 10 studio grade games in pipeline

• Extensive product suite with revenue share back to token

  • Treasure Development Kit w/ support for game engines like Unity Unreal + template smart contracts for on-chain games (live)

  • Treasure NFT marketplace w/ fee capture (live) 

  • ERC-20/1155/721 omni-pool AMM

  • Treasure smart accounts and identity authentication kit

• Increasing control of user journey and stack

  • Treasure desktop client for an almost steam-like experience

  • Developing account abstraction functionality alongside sovereign chain.

• Strong and competent developer ecosystem with aligned incentives

  • Smol NFTs came about as a fair launch, open mint collection in 2021, and is only traded within Treasure. Today, Smol NFTs are designated as the main character in Smol Bound, a project led by the team behind Plant Vs Zombies 2, whose investment was led by Play Ventures and Bitkraft.

• High book-value to market-cap ratio makes this a value play in an of itself

  • As of Sept 30, >50% of MAGIC is DAO owned, and 5% is in Protocol Owned Liquidity. Total Treasury value sat at 70M in valuation; and this was before the bull upswing post elections.

Thesis 2: Decisive pivot to an AI-centric strategy, and the first major gaming ecosystem to do so (confirmed Ai16z partnership) 

• One of the core devs for Smol world, leading game and community in Treasure in fact co-founded ai16z (and still remains at Smol)

• Ai16z is a 400M MC fund/VC run by AI agents. 

• Their main product is Eliza, a customizable agent framework for twitter and discord

• Internal speculation points to ai16z converting embedding AI sentience in current Smol NFTs, which is only traded on Treasure’s marketplace

Thesis 3: High likelihood for token re-rating on shift to individual blockchain (pre-2025)

• Apecoin did 2x in the interval of the shift to main-net 

• Staking MAGIC for yield and voting power had been switched off since a few months ago in anticipation of migration, and will resume for Treasure Chain via Eigenlayer

• Peak % of MAGIC staked (with lockup duration) was around 70%

• At a conservative 40-50% staking ratio (Ethereum is 28%, Solana 68%, ICP 45%) that would price MAGIC around 2x from supply dynamic alone

• Unlike some chains (ahem Worldcoin), MAGIC is the gas token.

• Timeline: Official statements from team on Discord point to the chain launching “before the holidays”. A governance proposal for bridging of Magic Token from Arbitrum One to Treasure Mainnet is set to conclude on 3rd of Dec 2pm UTC

For a long-horizon thesis of why MAGIC should exist as the decentralized game console, please see an earlier substack post.

Further links:

Public roadmap: https://treasure-dao.notion.site/Treasure-Public-Roadmap-70a2ea5323bb44ad907a86a0e3fe0894

Q3 Transparency Report: https://online.flippingbook.com/view/678018493/7/

LitePaper: https://files.treasure.lol/Treasure+Infinity+Chains+-+Litepaper+v1.0.pdf