Summary
This proposal will end the reward claim for the Atlas Mine, which opened in 2021 to distribute MAGIC as part of the project’s fair launch.
Rationale
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The unclaimed MAGIC in the Atlas Mine has sat dormantly for years and was originally allocated to bootstrap the community around the Bridgeworld project. It has been many years since that time. Individuals who have not claimed their MAGIC likely forgot that they participated in this bootstrapping event years ago and are clearly disengaged from the Treasure project.
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These farmers will remember that they participated in the Atlas Mine only after MAGIC starts outperforming the market and regaining attention, creating sell pressure from disengaged speculators who add no value to the Bridgeworld project.
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In recent years, most airdrops and token farms included explicit conditions for rewards becoming unclaimable after a set period of time. The DAO should step in and legislate this cut-off that should have been included initially.
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Reallocating rewards to Bridgeworld development, specifically the Canopy game, is in the best interests of today’s community. Funds will go towards game development and MAGIC allocations for recently joined contributors.
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Claimable MAGIC will be removed from the rewards contract 14 days after the passage of this proposal. 14 days is an adequate time frame. Farmers have had multiple years to claim their MAGIC but failed to do so. Moreover, the governance process itself takes time, creating additional buffer time to withdraw.
Implementation
MAGIC will be removed from the Atlas Mine rewards contract 14 days after DAO approval. Stakers will still be able to withdraw their deposited assets but will have no claimable MAGIC. Recouped MAGIC will go towards new contributor vesting contracts.