hold or not - Treasure DAO Proposal Released for Layer 2 Migration

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News Treasure DAO Proposal Released for Layer 2 Migration 3 mins ago - Around 2 mins mins to read

Key Points:

Treasure DAO members will vote on a proposal to migrate its gaming ecosystem from Arbitrum to ZKsync, with voting starting on September 17.

The Treasure DAO proposal would involve shifting the testnet and launching the mainnet on ZKsync’s ZK Stack technology by mid-November, pending approval.

According to The Block, Treasure DAO members will vote on a proposal soon to migrate its Web3 gaming ecosystem from the Arbitrum blockchain to ZKsync.

Read more: Treasure DAO Review: The Fisrt NFT Project On Arbitrum

Treasure DAO Proposal on Blockchain Migration

Development was announced in a statement that came out today, showing the Treasure DAO proposal was due to kick off on September 17. If approved, the move will see Treasure DAO shift its core operations into ZKsync’s ZK Stack technology, aiming for mid-November to go mainnet.

The transition process presented in the paper involves migrating the current testnet from Arbitrum to a new one on ZKsync, culminating in the deployment of the mainnet. The Treasure Core Developer Team emphasized that voting will be left to the community, as the team typically refrains from participating in governance decisions.

“This proposal comes after extensive internal deliberation and carefully considering Treasure’s long-term goals,” the team said.

The move is part of a wider strategic change even though the DAO has a long-standing relationship with Arbitrum. Supporters say ZKsync’s infrastructure will be more conducive to the Treasure DAO’s goals in decentralized gaming. MAGIC holders will now decide if the migration to ZKsync will happen.

MAGIC Holders to Decide Future of Treasure DAO’s Gaming Ecosystem

The Treasure DAO ecosystem, driven by its NFTs, has been built on Arbitrum. Its flagship product is a central metaverse called Bridgeworld, containing in-game assets like Treasures and Legions. Its functional native token, MAGIC, serves as the source powering an expansive economy reaching beyond more than 30 homegrown and externally project-developed games.

This Treasure DAO proposal follows the earlier backing by Treasure’s co-founder Karel Vuong of the “Gaming Catalyst Program,” this year, which aimed to earmark 200 million ARB tokens toward the development of games on Arbitrum. After that, an Arbitrum DAO vote raised that allocation to 225 million ARB.

Arbitrum Layer 2 Magic Treasure DAO Treasure DAO Proposal Zksync

Author Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Treasure DAO Proposal Released for Layer 2 Migration - Coincu