A gaming-focused altcoin built on Ethereum (ETH) is recording big gains, leading most of the crypto markets over the last month.
MAGIC is the native token and “natural resource” of Treasure, a project that aims to be a decentralized video game ecosystem.
Originally built on top of the Ethereum mainnet, Treasure ultimately migrated to Arbitrum, an optimistic rollup scaling solution that settles transactions off-chain for lower fees. Arbitrum doesn’t have a token yet.
Treasure just launched a new Game Builders Program (GBP) to incentivize aligned, high-potential games building in the Treasure ecosystem. The program is supported by Arbitrum, according to a thread from Treasure.
“Why build with Treasure?
Building with Treasure launches games into a powerful flywheel of deeply connected communities and builders, strengthened through interoperability.”
Joining the GBP grants builders hands-on support from Treasure, according to the announcement.
To kick off the new year, MAGIC soared as high as 185%, from a low of $0.48 on January 9th to a high of $1.37 yesterday. The Arbitrum-based altcoin has retraced since and is currently trading at $1.18 with a market cap of $242 million.
Arbitrum isn’t the only Ethereum layer-2 enjoying growth. Optimism (OP), another leading Ethereum scaling solution, hit an all-time high of $2.50 on Saturday, which is a gain of around 175% since the open of 2023.
Polygon (MATIC), the largest Ethereum scaling solution by market cap, is currently trading at $0.99, up about 31% year to date.