{"id":20493,"date":"2025-04-03T18:16:56","date_gmt":"2025-04-03T18:16:56","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=20493"},"modified":"2025-04-03T18:16:56","modified_gmt":"2025-04-03T18:16:56","slug":"treasure-dao-shutdown-sends-magic-token-down-18","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=20493","title":{"rendered":"Treasure DAO Shutdown Sends MAGIC Token Down 18%"},"content":{"rendered":"
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Blockchain gaming ecosystem Treasure DAO has announced a drastic restructuring, closing down its game publishing operations and Layer-2 network Treasure Chain due to severe financial strain.<\/p>\n

The news sent its native token, Treasure (MAGIC), plunging 18% in 24 hours, worsening a months-long downtrend.<\/p>\n

How Treasure DAO Got Here<\/h2>\n

Treasure DAO gained early traction as a decentralized gaming hub, using its MAGIC token to fund game development and partnerships. However, financial mismanagement and unsustainable costs have brought the project to its knees.<\/p>\n

In a video shared<\/a> on X, John Patten, the DAO\u2019s chief contributor, revealed that the organization\u2019s annual expenses have surpassed $8 million, while only $2.4 million in stablecoins remain in its treasury.<\/p>\n

Several issues caused the financial troubles, including high labor costs totaling $6.1 million per year and infrastructure expenses of $800,000. Furthermore, the project had given out grants denominated in U.S. dollars but paid in MAGIC, which became increasingly burdensome as the token\u2019s value dropped.<\/p>\n

To correct the situation, the DAO proposed shutting down Treasure Chain, which consumes most of the infrastructure expenses and is deemed too costly to maintain. It will also look to recover $785,000 in idle funds from market maker Flowdesk to extend the treasury\u2019s runway.<\/p>\n

According to Patten, the treasury would have been depleted by mid-2025 without the drastic cuts. The project will now focus on four core products: the NFT marketplace, which was hacked<\/a> in 2022, Bridgeworld, Smolworld, and AI agent scaling.<\/p>\n

Community and Market Reaction<\/h2>\n

Treasure DAO\u2019s announcement sparked some outrage across social media, with community members questioning its transparency and leadership.<\/p>\n

One Discord user expressed frustration, saying, \u201cJust a few weeks ago, it was all hype and optimism, and now this? What was being hidden behind the scenes?\u201d<\/p>\n

Others, like Intrepidus.eth, expressed broader disillusionment with crypto projects, lamenting, \u201cMost of those guys don\u2019t know how to run a bloody company\u2026 really tired of crypto and the hype.\u201d<\/p>\n

Some speculated<\/a> whether the Treasure team had been dumping MAGIC ahead of the news, further eroding trust.<\/p>\n

The token\u2019s market performance has mirrored the ongoing turmoil, dumping 18.3% in the last 24 hours. Its current price of $0.08316 is almost 99% below its all-time high of $6.32, achieved in February 2022.<\/p>\n

The downturn is even more pronounced across longer timeframes, with a 41.6% drop in the past week and a 53.7% plunge over the last 30 days. MAGIC is also down 91.4% across one year, reflecting a prolonged loss of confidence.<\/p>\n

The post Treasure DAO Shutdown Sends MAGIC Token Down 18%<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Blockchain gaming ecosystem Treasure DAO has announced a drastic restructuring, closing down its game publishing operations and Layer-2 network Treasure Chain due to severe financial strain. The news sent its native token, Treasure (MAGIC), plunging 18% in 24 hours, worsening a months-long downtrend. How Treasure DAO Got Here Treasure DAO gained early traction as a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-20493","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/20493","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20493"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/20493\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}