Daily Top Mover — Treasure (MAGIC)
Equities soared as the Fed lifted its benchmark interest rate by a well-expected 25bps. While Fed Chair Jerome Powell’s acknowledgment of ongoing disinflation buoyed the market, he has not alluded to any rate cuts in 2023. Meanwhile, the broader cryptocurrency market followed in the footsteps of equities, with Bitcoin and Ether up by 2.43% and 2.84%, respectively, in the past 24 hours. The top mover for today, MAGIC, registered a 24-hour return of 30.0%, outperforming the broader market as active users surged.
MAGIC is the native token of Treasure, a decentralized gaming ecosystem built on Arbitrum. Treasure is a platform to onboard web3 users to blockchain games, supporting a number of games with infrastructure, such as NFT marketplace Trove and decentralized exchange MagicSwap. The recent outperformance comes as active users on Treasure surged, sending tailwinds to MAGIC due to enhanced utilities. The spiking of active users was likely attributed to a newly launched Game Builder Program, which aims to support and incentivize aligned, high-potential games building in the Treasure ecosystem. Among ecosystem games, The Beacon has the strongest user growth of late.
Check Out the Latest Prices, Charts, and Data for MAGIC/USDT!
Talk of the Town
Ethereum’s Shanghai upgrade has been all the rage as we approach the set date in March. Till then, Ethereum’s core developers have been working hard to fine-tune testnets and upgrades to ensure a successful upgrade. On Wednesday 1 Feb, 2022, the Zhejiang public testnet went live. This testnet will undergo another upgrade on 7 Feb, 2022, allowing users to test and simulate withdrawals of their staked ETH in preparation for the Shanghai upgrade.
Check out what else is buzzing in the crypto scene today:
Judge Bans Sam Bankman-Fried From Contacting FTX Employees and Using Signal. (Link)
US Blacklists Bitcoin, Ether Addresses Tied to Russian Sanctions-Evasion Efforts. (Link)
Social Token Project Rally Shuts Ethereum Sidechain, Stranding Users’ Crypto Assets. (Link)
Source: Bybit Blog | Treasure’s (MAGIC) Active Users Surge; Ethereum Launches Public Testnet ‘Zhejiang’
