TIP-47: Recoup MAGIC from Hop Protocol

Summary

Recoup MAGIC that was previously allocated in Hop Protocol to the Bonder and AMMs for Arbitrum One and Arbitrum Nova, for use as future incentives on the Treasure chain.

This proposal revisits TIP-35: Updates to MAGIC LP Incentives: Conservation for Future Initiatives that approved the reduction of seeded MAGIC in Hop Protocol from 1.5M to 200k MAGIC following the initial proposal ratified as TIP-27: Hop Protocol Partnership.

Rationale

With the launch of the Treasure chain, ongoing migration of MAGIC assets to the new network through the Fast Track Bridge (TIP-46), and transferring of MAGIC protocol-owned liquidity from Sushi to non-Arbitrum networks (TIP-43), freeing up additional emissions for more productive use on core networks for Treasure would better align with the DAO’s objectives.

Proposal

Recoup all remaining MAGIC that was maintained on Hop across the Bonder and StableSwap AMMs. Following the execution of TIP-35, this amounted to:

  • Bonder: 200k MAGIC
  • AMMs
    • Arbitrum One: 50k MAGIC
    • Arbitrum Nova: 50k MAGIC

Polling Period

The polling process begins now and will end at December 17, 2024 at 14:00 UTC. If quorum is reached, a following Snapshot vote will be conducted shortly thereafter.

i investigate the idea , sound good for me