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- 🔥 Gate Post Ambassador Exclusive Posting Reward Task Round 2 Is On! 🏆 Round 1 winners will be announced on May 26!
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Registration Period 🕙 May 23, 03:00 AM – May 26, 04:00 PM UTC
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- 🎉 #Gate Post# Hits 50,000 Followers!
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End at 18:00, May 25 (UTC)
Treasure DAO announces restructuring plan as its financial situation faces challenges.
Gate.io News bot message, the chief contributor of the blockchain game ecosystem Treasure DAO, John, recently released an announcement stating that the organization will undergo restructuring and cease game operations with Treasure Chain.
According to public documents, Treasure DAO's annual operating expenses reach 8.3 million dollars, and the current treasury balance is 2.4 million dollars. According to the original plan, the existing funds will support operations until July 2025. John proposed the suggestion to withdraw 785,000 dollars of idle funds from the market maker Flowdesk; once approved, the organization's stablecoin balance will increase to 3.2 million dollars, and the operating time will be extended to February 2026.
The document also disclosed that the ecological fund currently holds 22.3 million MAGIC tokens, worth approximately 2.3 million USD. The price fluctuation of MAGIC tokens between December 2023 and February 2024 will directly relate to the ongoing operation of the DAO.