​📰 MAGIC/ETH LP Migration to Treasure Tomorrow! 🪄

The migration of all MAGIC/ETH LPs currently on Arbitrum One to the Treasure chain will take place tomorrow, Friday, January 17th, at 2:00 PM (UTC-3). This action is part of TIP-43’s initiatives to encourage cross-chain migration.

📌 Important details:

- Protocol liquidity: $1.5 million in MAGIC/ETH LP liquidity will be transferred to Treasure (representing 58.6% of MAGIC/ETH TVL; ~1.6M MAGIC and ~228 ETH).

- New pair on Magicswap: An ETH/MAGIC pair will be created on Treasure, with MAGIC as the base. There will be no MAGIC/ETH pair on Magicswap on Arbitrum One.

- Operation time: Starts tomorrow at 2:00 PM (UTC-3) and should last a maximum of 30 minutes.

- Impact for CEXs: This migration reinforces the case for CEXs to set Treasure as the default network for MAGIC, potentially generating temporary arbitrage opportunities.

🪙 Liquidity Rewards (LP):

- 160k MAGIC will be distributed as LP rewards.

- Target rate:

> 40% APR in the first month (January 17th at 3:00 PM to February 17th at 3:00 PM).

> Progressively reduces to 20% APR in the following five months.