Update: Migration Progress and What You Need to Know
Update: Migration Progress and What You Need to Know
Hey Monstas!
It’s been a few action-packed months as we prep for the next big chapter in our saga! If you’ve just rejoined the fam or you’re catching up after a little break, this update is your must-read guide to understand where we stand and what’s coming as we merge $MONSTA and $METH and re-launch as Based Monsta on Base Chain. 🔥
Snapshot and Progress Update
As of November 4th, we’ve completed the critical snapshot phase to capture wallet addresses and token balances for MONSTA and METH holders. This is a significant milestone, laying the foundation for the smooth transition of your holdings to the new tokens. You can verify your snapshot details including total new tokens to be received using the Migration Check Tool.
For those who may have missed the snapshot, don’t worry! A designated period will be provided for latecomers to exchange their tokens at a specified conversion rate. Details for this secondary claim phase will be shared soon, so stay tuned to project announcements to ensure you don’t miss this important window.
Are you a DCE NFT Holder?
Don't forget to confirm your wallet in the snapshot below in order to receive your compensation bonus! This very important step must be completed prior to launch in order to qualify for the bonuses!
Preparing for Launch
We continue to monitor broader market conditions and ETH price fluctuations as we fine-tune the optimal launch timing. Given that our project reserves are held in ETH, launching under favorable market conditions is essential for maximizing our impact and growth potential.
In the meantime, we haven’t been idle:
- Website and Media Assets: Final touches on our new website and various media assets are underway.
- User Documentation and Guides: Comprehensive documentation is being prepared to assist both new and returning users.
- Marketing Materials: Prepped and ready to amplify outreach efforts post-launch.
Recap of Key Developments
For those who need a refresher or may have missed the last several months of updates, here’s a brief recap of the last several months:
- Community Discussion Proposal MCP-2204/5: This initial proposal outlined the idea of merging projects and re-launching on Base Chain. It received unanimous approval, paving the way for the official governance proposal.
- Governance Proposal MCP-2024/5: This proposal detailed conversion rates, key features of the new token, critical changes to the vault system, and more. It passed with unanimous community approval, setting the path for winding down and pausing both projects for migration.
- Holder Snapshot: Trading for both MONSTA and METH was paused, and holders participated in a gas-free snapshot to capture their token balances and confirm their intention to migrate. This approach ensured that only active participants would receive the new token, avoiding airdrops to inactive or compromised wallets. Snapshot participants will receive their new tokens via airdrop at launch.
These initiatives were all part of structured governance votes where holders could contribute and voice their input. We appreciate everyone who participated and helped shape this path forward!
What’s Next?
Look out for updates regarding the new token launch. We’ll also be opening the new community group for Based Monsta soon, where we’ll host events and activities leading up to the public presale and launch!
Thank you for your patience and support during this transition. We’re building towards a brighter, more resilient future, and we can’t wait for you to meet Based Monsta!
FAQ
Q1: What is happening with $MONSTA and $METH?
A: We are merging the $MONSTA and $METH projects and transitioning to a new token called on Base Chain. This merger streamlines tokenomics, enhances sustainability, and sets the stage for future growth.
Q2: Why am I being redirected from cake.monster or app.cake.monster to this update?
A: The original MONSTA project URLs (cake.monster and app.cake.monster) now redirect here to provide everyone with the latest information on the migration and re-launch as Based Monsta. This update is a central hub for catching up and understanding what’s next.
Q3: What was the snapshot, and why is it important?
A: The snapshot recorded wallet addresses and token balances of $MONSTA and $METH holders. It serves as the foundation for determining who will receive MONSTAv2 tokens. If you participated in the snapshot, your new tokens will be airdropped to your wallet at launch.
Q4: I missed the snapshot. Can I still participate?
A: Yes! There will be a secondary claim period for latecomers to exchange their old tokens for Based Monsta tokens. It will not be available until launch, so stay tuned for updates on the specifics!
Q5: Why did these changes happen?
A: The decision to merge and migrate was driven by the need to overcome challenges like limited capital (MONSTA side) and high transaction fees (METH side), which hindered project growth. Moving to the Base Chain and creating Based Monsta allows for more sustainable operations, lower fees, and better scalability.
Q6: How were these decisions made?
A: The migration plan and associated changes were outlined in detailed governance proposals (MCP-2204/5 and MCP-2024/5) that were presented to the community. Holders had the opportunity to review, discuss, and vote on these proposals, which were approved unanimously.
Q7: What are the key benefits of Based Monsta?
A: Based Monsta introduces simplified tokenomics, a gamified cycle-end process with rewards, and new community engagement features like the "Keys to the Vault" program. It’s designed to incentivize long-term participation and offer better market dynamics.
Q8: I don’t like these changes. Why did the project go this route?
A: While we understand that not everyone may be on board with the changes, the decision to move forward with this merger and migration was made after extensive community consultation and democratic governance votes of which the active team abstained from participating in. The goal is to enhance the long-term sustainability and success of the project. We encourage reviewing the proposals and the reasons behind the decisions, as they were based on ensuring the future viability of the project.
Q9: Is this migration a rug pull or scam?
A: Absolutely not. The migration has been a transparent, community-driven process, with all major steps and decisions put to vote by the community. The remaining team has worked voluntarily during periods of limited resources to keep the project progressing. Our commitment remains focused on delivering value and growth for the holders.
Q10: What should I do next?
A: Keep an eye on official announcements for updates. Join the new community group for Based Monsta and participate in upcoming events leading to the public presale and launch!
Q11: Who does the team consist of or who is working on it?
A: You can view the current Monsta Corp. team roster on our team page