Summary

In order to enable a seamless bridging experience to move MAGIC from Arbitrum One (arb1) to Treasure chain’s mainnet (treasure), TIP-46 proposes the following actions:

• Deploy a Hyperlane Warp Route and supporting smart contracts to power direct, real-time (Fast Track) collateral-based bridging of MAGIC between arb1 and treasure (”MAGIC Fast Track”).
  • [Optional] Dynamically monitor incoming bridge requests for automated collateral top-up on treasure.
• Extend functionality of the MAGIC token on Ethereum (eth) to support minting and eventual burning of additional (bridge collateral) supply.
• Mint additional MAGIC supply for use solely as bridge collateral to facilitate mint-to-burn within a closed-loop for migration purposes. The proposed method is zero-sum and does not result in additional MAGIC circulating supply.
• Continue ongoing design and future rollout leveraging Chainlink CCIP for a long-term cross-chain MAGIC interop strategy.
• Approve the council-managed operation to migrate MAGIC held in the DAO’s various multisigs as well as the MAGIC-ETH protocol-owned liquidity (”PoL”) (ratified in TIP-43) through the canonical Arbitrum bridge and/or MAGIC Fast Track Bridge.
  • For the PoL portion, 80% will be bridged through the MAGIC Fast Track Bridge when available with the remaining 20% bridged through the canonical Arbitrum imminently as approved in TIP-43

Read Full Proposal

See the proposal here

Voting Eligibility The following holders of MAGIC can vote:

• (A) Stakers in the TreasureDAO Governance Staking contract, and Sushi (MAGIC-ETH SLP) on Arbitrum One.
• (B) Holders of all listed Magicswap LP tokens and stakers in Beefy’s mooSushiMAGIC-ETH vault or Balancer’s 50% MAGIC / 50% USDC weighted pool.

gMAGIC will be calculated on a 1:1 basis in (A) and 0.5 ratio in (B) (50% of MAGIC amount)