> For the complete documentation index, see [llms.txt](https://icedtea12.gitbook.io/bitwizards/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://icedtea12.gitbook.io/bitwizards/usdmagik-tokenomics/what-is-usdmagik.md).

# What is $MAGIK?

Brief explanation of the $MAGIK token & its contribution to "BitWizards"

**$MAGIK** is the coin that facilitates our holders’ interactions within our "BitWizards" ecosystem. 

Our main priority over at "Tycoon" will be to utilize $MAGIK as a governance token. This would mean all holders small OR large will be able to contribute and dictate the future of "BitWizards" equally.

While larger holders should play a higher role in the direction of "BitWizards" we believe some smaller holders who may share the same vision as a "whale" but don’t have the facilities to acquire more should be treated just as equally. 

 **$MAGIK** was created under the **Ethereum blockchain** as an **ERC20 token**, and can be acquired on chain by holding a "BitWizard". 

1 $MAGIK = 1 $MAGIK

![$MAGIK TOKEN](https://1838013988-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FiECymMnyTYAsVwoMg1ZI%2Fuploads%2FikTGwKvCSFnpcceAFWZb%2Fimage.png?alt=media\&token=3b95364c-27a3-42ea-b721-c1e40d2441ac)