Treasure DAO Launches MagicSwap, the First AMM with Universal Token Compatibility
- Treasure DAO has launched the MagicSwap v2, an automated market maker (AMM) with universal token compatibility.
- The protocol supports both ERC-20s tokens and non-fungible tokens (NFTs) enabling trading within all gaming economies.
- Other platforms require users to use Uniswap and NFT marketplaces separately.
Treasure DAO has launched the MagicSwap v2, an automated market maker (AMM) protocol that supports universal token compatibility. In a blog post published on the DAO’s website, the organisation said the protocol will initially support ERC-20s, ERC-721s, and ERC-1155s tokens while also enabling the addition of different NFT types.
The protocol also allows users to trade all types of tokens (both fungible and non-fungible) within a gaming economy rather than requiring users to use Uniswap and NFT marketplaces separately.
The protocol has also integrated royalties into the pool creation process, enabling each pool to set up automated royalties.
MagicSwap v2 is set to launch in Q2, 2023 where it will be deployed on Arbitrum Nova, before expanding to other chains to connect web3 gaming economies through the Treasure DAO infrastructure.
MagicSwap is powered by the $MAGIC token, the governance token of Treasure DAO. The token will be used for the deployment of the protocol on the Arbitrum blockchain, and for other chains that will be added in the future.
MagicSwap’s primary goal is to provide immersive gaming experiences to players, keeping them away from the destruction of worrying about asset prices.
“Many critics of web3 have claimed that crypto games have been “over-financialized.” MagicSwap allows for a less speculative experience without eliminating the advantage of blockchain-based gaming (e.g. transferable assets, allowing skilled players to be rewarded for their achievements). MagicSwap establishes the optimal middle ground between GameFi and soulbound token economies,” the DAO wrote.
According to the announcement, Treasure DAO also has plans to upgrade future versions of the MagicSwap protocol to allow pool creators to distribute rewards to liquidity providers by leveraging the Sushi reward program.
However, unlike SushiSwap, MagicSwap will allow liquidity providers to be rewarded in both ERC-20s tokens and NFTs. Pool creators will also be able to select up to five tokens including both fungible and non-fungible.
The protocol will also allow projects to use ERC-1155 as the base pair to create pools, a first of its kind for NFT AMMs.
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