Lykeum, Likeum, Lycem, though the name varies based on the region in which you visit one common thing is shared... this glowing blue crystalline substance makes the world turn. Lykeum is used for the application of magic (enchanting) to objects. Lykeum is also used in the creation of the most complex magical spells, acting as a replacement for almost any components required. Uniquely found in the mines of Akosa, this substance was the primary driver for the initial exploration to the island - the crystal allowed for the channeling of Magic in a way previously thought impossible. One thousand years after the island has become isolated, Lykeum is the most precious resource on the Island and allows for continued survival in the face of impossible odds. The rarity and challenge of collecting Lykeum created the initial treaty between the peoples of Akosa and continues to ensure the unstable truce between the peoples.
If you are familiar with D&D then you know magic items already exist. This is true for Akosa with one mechanical (plot device) difference, Lykeum is leveraged here to remove the need for ANY component, handy when you are stuck on an island.
Lykeum in nature is a nearly indestructible crystal and the methods for refining this crystal are a closely guarded secret. It is not unusual for those unexperienced miners who find Lykeum to dig around the crystal itself, capturing massive rock pieces and transporting them to a guild of mages or Bhir Lodur for refining. This is due in part to the unique growth nature of Lykeum, this substance is almost impossible to mine from the ground and likely requires a specific skill set and tool to do so.