Treasuredao will shut his treasury based mostly on ZKSync on 30 Might, nearly 5 months after saying pressing value -saving measures and securing short-term emergency powers.
Treasuredao pulls the plug to the treasury, its personal community constructed on the Layer-2-scale resolution of ZKSync, by 30 Might after TIP-52 has expired, in order that the emergency help choices of the core workforce deal with the closure with out stopping for extra votes.
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In an X thread On Might 6, the Treasuredao-Crew inspired customers to bridge all their belongings and non-fungal tokens by the tip of Might. The Wind-Down is a part of a wider Pivot to cut back prices and to focus on product improvement.
“Bridging to treasure chain has been stopped,” stated the workforce, and famous that “Magic-eth has migrated to L1 Ethereum and is now tradable on Uniswap”, whereas “Smol-Magic liquidity migration to L1 is underway.” Regardless of the closing of the chain, the workforce reassured that it’s in a robust place to proceed its actions as its USDC begin monitor “prolonged till after autumn 2026”.
“Treasure is in a robust place, with our USDC touchdown monitor prolonged to the autumn of 2026-exclusive a recovering magical treasury. The wind chain will pace up our product improvement and cut back operational prices, place our place for the subsequent section of progress.”
Treasuredao
Even with closing the mainnet, the workforce didn’t kill the choice as giving up, however as ‘a constructive transfer for the org’. The workforce additionally added that “measuring the chain is introduced as a necessity, no selection.”
But the shutdown comes with laborious monetary truths. In inner updates, co-founder John Patten noted The burn curiosity of the DAO had not turn into sustainable, with the runway probably dried up on the finish of 2025. Prices of the treasury chain prices round $ 450,000 a 12 months – cash that the treasury may now not justify, particularly with ZKSync subsidies that slowly unlock over time over time.
To facilitate the transition, the proposal lets the workforce handle round 3.18 million magic and 138 ETH in DAO possession liquidity. As Treasuredao put it, the closure is an “emergency measure that displays the present extraordinary circumstances, not a everlasting change of Dao Governance rules.”
Treasure was one of many early builders of Arbitrum earlier than launching his personal chain on ZKSync. At its peak it was even good for greater than 95% of all gaming and NFT transactions on Arbitrum and has generated greater than $ 260 million in market quantity for the reason that launch facts van Nansen.