Monsterra NFT Gaming platform is a multi-chain game developed on both the BSC and Terra networks based on the Axie Infinity pet world and Clash of Clans/Boom Beach gameplay from Supercell.
Monsterra is a fantasy role-playing game set in an invented world where citizens farm, develop a property, and wage war against other countries with supernatural creatures known as Mongen. The aesthetic of Monsterra is heavily inspired by games like Clash of Clans and Boom Beach and the pet-battling game Axie Infinity.
The objective of Monsterra is to build an empire by developing farms and properties and winning wars against other empires. Battles are won by deploying Mongo into enemy territory; these creatures fight automatically but can be given orders by the player.
The price is untracked for now. The revolutionized design of Monsterra is a combination of free-to-play and free-to-earn models which allows gaming enthusiasts to enjoy and have a high-profit stream with no prior investment.
What is Monsterra staking?
Staking any coin is a convenient way to earn passive income and multiply your cryptocurrency holdings. When you stake Monstera, you commit yourself to secure the blockchain and increasing the effectiveness of decentralization.
Monsterra or $MSTR is the native token of the free play-to-earn gaming platform, Monsterra network. The token is used to pay for gas fees and any transaction costs on the network. At the heart of the platform is a dynamic, state-of-the-art gaming network where players can earn, have fun, and compound their crypto earnings through staking.
How does Monsterra staking work?
The network has established a variety of staking pools with high ROIs in order to benefit Monsterra gamers and MSTR owners. Players may include gaming NFTs linked tokens into these pools to earn rewards from the Monsterra Game Universe. The benefits saved from the previous pools might be applied for future community initiatives, such as developing the ecosystem or buying back and burning MSTR tokens.
You entrust Monsterra to validators who operate nodes on the Monsterra Network when you stake. Staking enhances network security in some manner and is rewarded for it.
Monsterra’s PoS ecosystem works by giving users MSTR, the protocol’s own token, as a reward. You may acquire MSTR in one of three ways:
Becoming a good validator
To be a validator and sign up for the network, run a full node to confirm transactions on the blockchain. As a node validator, you get a share of fees and freshly minted MSTR. If you are malicious, make an error, or have an unreliable Internet connection, your MSTR rewards will be reduced as a penalty. Hence, note that becoming a validator is one of the ways of earning rewards from the Monsterra network.
Becoming a good delegator
Become a delegator, which is a kind of public node. You become a good delegator if you have another person’s MSTR and use it to assist the network in PoS validation. The greater the delegated stake, the more powerful the delegator’s voting right. This is less difficult than being a node validator, but it comes with its perk of benefits and challenges.
Monsterra has introduced a trustless cross-chain transaction channel called the Monsterra Bridge, which allows you to deposit and withdraw assets between different networks. So, how do you use the Monsterra Bridge to move Ethereum assets to Monsterra to take advantage of its quickest speed and low costs?
How to fund your Monsterra Wallet
Step 1 – To start, you’ll need a crypto wallet like MetaMask to link Monsterra tokens to Ethereum.
Step 2 – Go to the Monsterra Web Wallet by clicking Monsterra Bridge and connecting your MetaMask crypto wallet.
Signing a message is required to secure your wallet. The signature will not cost you any money. However, make sure that the website you’re on is https://wallet.monsterra.io/
Step 3 – Next, you can set the deposit amount in ETH and click “Deposit to Monsterra.” Your browser will show a MetaMask window asking you to confirm the transaction.
Step 4 – After confirming it, you’ll see your ETH balance in the Monsterra Web Wallet. The funds are now ready to be used on the Monsterra Network!
If you want to withdraw your assets back to Ethereum, go to the “Withdraw” page, input the amount you wish to send, and click “Withdraw from Monsterra.” Again, confirm the transaction in MetaMask. Your ETH will be sent back to your original account.
How to stake Monsterra in Metamask wallet
Staking on the Monsterra network is similar to staking almost any other ERC-20 token, with a few extra steps using MetaMask.
While you can claim Monsterra tokens from any wallet or exchange, you can only stake them via the Trust Metamask Wallet website. The Trust Wallet website is integrated with the Monsterra blockchain, allowing you to stake your tokens most securely.
Step 1 – Install the MetaMask browser plugin on your web browser. After you’ve installed the extension, follow these steps to complete the configuration:
Step 2: Select the MetaMask extension icon and set up your wallet.
Step 3 – Follow the step-by-step process of creating your wallet if you don’t have one.
Step 4 – Once you set up your MetaMask wallet, select the “Import Token” option. Scroll down or type “Monsterra”.
Step 5 – Select the Monsterra tokens and press the corresponding button.
Step 6 – Click on the “Stake” button. Enter the number of Monsterra tokens you want to stake, then click on the “Stake ” button.
Step 7 –You’ll receive a link to the transaction details in your email. To confirm your purchase, you can use the password you specified or a secure method such as U2F. Your staked Monsterra tokens will be immediately frozen and begin generating rewards based on your stake amount.
You can also change your staking preferences by selecting “Token Balances” from the drop-down menu in MetaMask while logged into your account. You may choose how long you wish to keep your Monsterra tokens, adjust your gas limit settings, and modify other account settings. You may withdraw your staked tokens from MetaMask by selecting the “Withdraw” option. Remember that you can only send coins from the Trust Wallet website, not other sources or exchanges.
How much can I earn with Monsterra staking?
Monsterra and any particular blockchain have many options for generating money, so it all comes down to what you want; your personal preferences as a defi investor. Some individuals enjoy staking their investments in return for value over time, while others like to sell them on exchange networks.
The best approach to increasing your staked tokens’ value is to keep them in a wallet that gives staking incentives, such as the Polygon Wallet.
If you stake your polygons in a connected wallet like this, based on the current market price, you may earn rewards interest.
A staking pool with market data and trading tools is required if you want to trade your cryptocurrency and be more active. This will allow you to keep track of the market in real-time so that you may make better trading choices.
Finally, how much money you make utilizing a staking Monsterra depends on how much time and effort you are prepared to put into a DeFi network. If you want to continue and grow your Polygons, the return on your investment should be negligible. However, if you wish to trade them frequently to maximize your profits, it will take more capital.
How and where to stake Monsterra
Staking Monsterra on centralized platforms such as Coinbase, Kraken, Binance, FTX, Gemini, and Huobi is possible. Which one you pick depends on your location and its flexibility. People who live in the United States, for example, may choose Coinbase over Binance because of the restrictions imposed by Binance on the US market. The various APYs offered by various DeFi projects must also be considered when deciding. Kraken, for example, offers a much higher APY than Coinbase. Therefore most people could be interested in Kraken when considering staking their coins.
Best wallets to hold Monsterra tokens
Now that you have probably acquainted yourself with the process of earning Monsterra, you most likely want to purchase and store some of it. Here is a list of some of the best wallets where you can store your stacked coins:
Ledger Nano X wallet
The Ledger Nano X wallet is a secure hardware wallet that can keep your Monsterra token funds safe. The Ledger Nano X is also well-known. This wallet is simple to use. The Ledger Live app is a handy tool for talking to the Ledger Nano X using the Manager table and quickly installing any token dapp.
You may launch your investments on the Ledger Nano X in a few minutes, which includes secure elements and enables you to send, receive, and save MSTR tokens. The Ledger Nano X is a pricey crypto wallet that works with the Monsterra platform.
It is, nevertheless, worth the premium since it is one of the most secure hardware wallets for staking, NFTs, and Defi access. This wallet also supports stake validating or delegating. Hence you can become a validator or delegator through the same.
Phantom Wallet
The Phantom wallet is another alternative wallet available today, thanks in no small measure to its Google Chrome extension. It’s a top-notch software wallet because it enables you to quickly access the crypto, monitor your NFT collection, and get involved with Defi.
The Phantom wallet also supports staking directly, allowing you to delegate your coins to a validator and begin receiving rewards. A Phantom wallet is also an excellent choice for keeping your MSTR entirely safe and secure, allowing you to use all of the features without raising any concerns.
Advantages of buying Monsterra tokens
Players may profit from Monsterra’s staking model in a variety of ways:
- Users who participate in staking may get rewards and shared revenue. The token and NFT in the staking pool will still be accessible for in-game actions.
- If they use those tokens or NFTs in-game activities, they will not have to pay a gas fee.
The amount of money that a user can earn staking is dependent on these variables:
- A stake amount is fixed to the number of MSTR tokens a user stakes.
- The duration that the Monsterra is locked.
- The validator is designated to validate transactions on behalf of a delegator (delegation fees will vary).
- The sum of all staked on the network. If there are too many of them, you will be compensated less for staking.
- The market will determine stability rewards at the conclusion of the locking period in actuality. The cumulative total of coins plus interest will be worth more if the price of AVAX rises throughout the locking period. Risk of buying Monsterra.
Risk of buying Monsterra
- If the price of MSTR decreases over time, the accumulative total may be worth less than it was at the start of the staking period. The Monsterra platform is a way to help solve some of the biggest challenges in the gaming industry.
- If you are staking a micro-cap altcoin that barely has any liquidity on exchanges, you may find it difficult to sell your asset or to convert your staking returns into bitcoin or stablecoins.
To mitigate the negative effects of long reward durations on your overall crypto investment returns, investors can choose to stake assets that pay daily staking rewards.
Should you buy Monsterra?
Monsterra aims to fit into the fast-paced gaming world and understand the problems facing players and gaming studios alike. Embark on a journey to learn more about staking and the various available options to earn through Defi. However, do not take this as investment advice yet. Do your due diligence and make informed decisions before investing in alternative digital assets. Nonetheless, take note that there are multiple ways to earn through Monsterra; you could stake your coins to become a validator or a delegator.
Source: https://www.cryptopolitan.com/how-to-stake-monsterra-tokens/