Treasure Is A Decentralized NFT Ecosystem For Metaverse Projects
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Daily Top Mover - TreasureDAO (MAGIC)
While the market awaits November’s CPI print on Tuesday and the Federal Reserve’s decision on Wednesday, U.S. equities rebounded overnight in anticipation of lower-than-expected inflation reading. Meanwhile, the broader cryptocurrency is unimpressed, with BTC and Ether clinging onto the $17k and $1.2k support levels, respectively. MAGIC, TreasureDAO’s governance token, however, outperformed the broader market, with a 24-hour 7.9% increase as of the time of writing, on the back of bullish news on exchange listing and the popularity of the ecosystem game, The Beacon.
Treasure is a decentralized NFT ecosystem on Arbitrum that is built specifically for metaverse projects. MAGIC is the sole currency for marketplace transactions and acts as the reserve currency for the entire web of metaverses connected under the Treasure umbrella.
The reasons for the increase in price are mainly threefold. First, listing on major exchanges, including Bybit and Binance, provided an immediate boost to the token price. Exchange listings usually give investors confidence as exchanges go through strenuous due diligence before listing a token. Second, The Beacon, a new blockchain game on Treasure, has gained traction over the week, pushing the ecosystem’s number of weekly active users to a record level. Trove, the native NFT marketplace, and MagicSwap, the native token exchange, have also seen evident growth after The Beacon took off in social media. The surge in trading activities on Trove and MagicSwap sends a tailwind to MAGIC’s token prices as it creates demand for owning the native token. Last but not least, The Beacon’s rise might stem from the investors’ mounting attention on Arbitrum, the leading optimistic rollup that is slated to issue its native token. The anticipation of Arbitrum’s airdrops has stimulated the growth of many projects in the ecosystem. The rise of GMX is one such example.
Check Out the Latest Prices, Charts, and Data for MAGIC/USDT!
Talk of the Town
On Dec 8, 2022, Bybit officially announced its integration with ApeX Pro, a permissionless and noncustodial DEX, powered by StarkWare's Layer 2 scalability engine, StarkEx. It operates on an order book model and delivers limitless access to the perpetual swaps market. As part of the integration, ApeX Pro launched a 50M $BANA campaign where users can claim rewards from the pool by simply making a deposit on ApeX Pro from Bybit. Find out more here!
Check out what else is buzzing in the crypto scene today:
USDD depeggs even further. (Link)
SushiSwap (SUSHI) CEO said the DEX lost $30 million on incentives to LP in the past year. (Link)
Polygon’s NFT market sees a significant increase in adoption. (Link)
Source: Bybit Blog | Treasure DAO's Governance Token Surges; ApeX Pro Launches 50M $BANA Campaign
