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An On-Chain Investigation Of The Early MAGIC Miners
Key Takeaways
10 min read
  • The majority of addresses in this cohort have taken most of the profits from their initial investment or have transferred their capital to another wallet. However, some have increased their position relative to the initial size.
  • The average net position size remaining in the same wallet relative to the initial position currently sits at ~20%. However, when focusing on addresses with non-zero balances, this percentage rises to 67%.
  • 127 of the 200 addresses currently have a non-zero MAGIC balance, with an aggregate of $18m in total holdings. Other popular Arbitrum tokens this cohort has invested in recently include RDNT, GRAIL, Y2K, JONES, and ARC.
  • An investigation into top MAGIC whales and other high-signal and high-activity wallets in the Early MAGIC Miner label surfaced interesting positions and investments they have taken.


Treasure launched its native marketplace, TreasureTrove, MAGIC token, and the TreasureDAO ecosystem in October 2021 before launching its flagship metaverse Bridgeworld in January 2022, making it one of the first projects on Arbitrum. Because of their first mover advantage, Treasure has continued to dominate as one of the blue-chip protocols on the network and is responsible for over 95% of all gaming and NFT volume on Arbitrum.

Furthermore, this means that addresses that were early adopters of Treasure and investors of the MAGIC token are considered among the earliest settlers on the Aribtrum network and have profited substantially from it. Hence, this report will break down the cohort of addresses that qualify as an...