Summary

This proposal seeks to use up to 1.5M MAGIC and 5 ETH for Hop Protocol’s fast bridging support for MAGIC to/from Arbitrum One (One), Arbitrum Nova (Nova) and ETH L1 as part of an initial pilot for 6 months. This would allow a daily bridge limit of ~250k in each direction and can be increased if/when demand is required. Fast bridging will greatly improve the UX of transferring MAGIC across chains when games building with Treasure on Nova scale up. Once established, this could reduce bridging time from One to Nova (and vice versa) down to 1 minute (indicative). MAGIC used in this program is recoverable by the DAO.

For more details and the full proposal, please see the governance forum.

Voting Period

Voting commences now, ending Monday, May 8, 2023 at 2:00 PM UTC (see local time via timestamp: 1683554400).

Voting Eligibility

• Only holders of MAGIC staked in the Harvesters or Governance Staking contract, and MAGIC-ETH SLP on Arbitrum can vote.
• gMAGIC will be calculated on a 1:1 basis across all options