As a proud MONSTA holder, you’re probably buzzing with anticipation as the MONSTA protocol approaches the end of its first cycle. This moment signifies a remarkable achievement for the protocol, and you can’t help but feel the electrifying anticipation! The moment is almost here for you to claim your well-deserved share of the accumulated assets in the MONSTA Vault.
In this article, we will delve into the important details regarding the cycle end, snapshots, claiming procedures, and other essential information to ensure a smooth process for all MONSTA holders.
Cycle End Date and Snapshot Details:
The official end date and time for MONSTA Cycle 1 is set for June 18th at 15:25:31 UTC. It is crucial to take note of this specific time as it marks the first snapshot that will determine your total holdings and share of the vault. Reward emissions for b/sMONSTA will also end at this time. Make sure to be prepared and organized before this date to maximize your participation.
Claiming Procedures for b/sMONSTA and Regular MONSTA Holders:
Vault-claims will work very similar to how you’ve claimed Crumbs in the past. For holders of b/sMONSTA, the process begins with claiming your vault share on the staking page of the dapp. Once you have completed this step, you can proceed to transfer funds as needed to different wallets such as a hardware wallet and then unbake/unstake your holdings without incurring any early unstake penalties. Continue to hold your MONSTA for the second snapshot for remint.
If you only hold regular MONSTA, you can claim your vault share directly on the “vault” page of the dapp. However, if you also hold b/sMONSTA, it is important to claim your share on both sections of the dapp, both the staking and vault pages. Be thorough and ensure you claim from all relevant sections to secure your maximum share of the vault.
Note: Claim buttons will appear in the UI by the time cycle end and vault claim arrives and we’ll let everyone know in advance if they will need to clear their cache or any other pertinent details prior to claim.
Claiming Pending Rewards and Snapshot Considerations:
To ensure that all your rewards are included in the vault share calculation, it is vital to claim any pending rewards before the snapshot date/time. This includes b/sMONSTA rewards, ApeSwap farm/pool rewards and treasury bonds, as well as any pending Monsta Party rewards. Failure to claim these rewards before the snapshot will result in their exclusion from the calculation. Take the time to review and claim any outstanding rewards to maximize your share of the vault.
Snapshot #2 and Reminting:
Approximately 30 days (or 720 hours) after the cycle end time (~July 18th 15:30 UTC), Snapshot #2 will occur, capturing your total MONSTA holdings for remint calculations. Only regular MONSTA is included in this snapshot (not b/sMONSTA) so it is important that all b/sMONSTA be converted back to regular MONSTA to be included in this snapshot. We repeat- only regular MONSTA will be considered for reminting. Therefore, it is recommended to unbake/unstake your b/sMONSTA holdings after claiming your vault share and doing any required moves/transfers you wish to do.
Reminting of MONSTA will be available for a period of 14 days following Snapshot #2. Make sure to claim your remint within this window to participate fully in the next cycle. Once reminting closes, holders will be unable to claim any cycle 2 remint shares
Tax and Trading During Claiming and Snapshot Periods:
Regular transactions involving regular MONSTA, such as buying, selling, and transferring, will be subject to the normal tax rate of 5% during and between the claim and snapshot periods. It is important to be aware of this tax and factor it into your trading activities. Trading will continue as usual without any interruptions.
iTax is disabled during the claim phase until the new cycle is started. Claiming your vault share will reset your timer as well.
Rollover of Unclaimed Vault Assets and Community Voting:
Any unclaimed vault assets at the end of the claim and remint period will rollover into the cycle 2 vault. A community vote can be conducted at a later time to decide whether these assets should be swapped or converted into something else. For example, the community may decide to swap CAKE to BNB based on the prevailing preferences.
Unclaimed b/sMONSTA Rewards and ApeSwap Treasury Bonds:
Any remaining unclaimed b/sMONSTA rewards will continue to be available but will not count towards vault claims or remint calculations. The community can hold a vote after some time has passed to decide if these remaining unclaimed tokens should be burned or made unavailable.
Similarly, any unclaimed rewards from ApeSwap treasury bonds, which reside inside a contract, will not be included in the remint calculations. They will remain claimable per the vesting schedule but will not be factored into the vault share/remint calculations unless claimed prior to Snapshot #1.
Future Considerations and Community Vote:
As b/sMONSTA is not planned for cycle 2, a community vote will be held to decide if the itax refund function should continue and if a partial refund should be offered in regular MONSTA instead.
FAQ (Frequently Asked Questions)
1. When is the end of MONSTA Cycle 1 and when is Snapshot#1?
— The end of MONSTA Cycle 1 and Snapshot #1 are scheduled for June 18th at 15:25:31 UTC.
2. How do I claim my share of the MONSTA Vault?
— If you hold b/sMONSTA, you need to claim your vault share on the staking page of the dapp. After claiming, you can proceed to unbake/unstake your holdings without any early unstake penalties. If you only hold regular MONSTA, you can claim your vault share on the “vault” page of the dapp. If you also hold b/sMONSTA, you’ll need to claim on both the staking and vault pages.
3. What should b/sMONSTA holders do before claiming their vault share?
— b/sMONSTA holders should first claim their vault share on the staking page of the dapp. Afterward, they can proceed to unbake/unstake their holdings without any early unstake penalties.
4. How do I ensure all my pending rewards are included in the vault share calculation?
— It is important to claim any pending rewards before Snapshot #1. This includes b/sMONSTA rewards, ApeSwap farm/pool rewards and treasury bonds, as well as any pending Monsta Party rewards. Any rewards not claimed and reflecting in your token balance by the snapshot date/time will not be included when calculating your vault share. Make sure to claim all pending rewards to have them included in the calculation.
5. When does Snapshot #2 occur, and what does it capture?
— Snapshot #2 occurs approximately 30 days (or 720 hours) after the end of the cycle, around July 18th at 15:30 UTC. It captures your total MONSTA holdings to calculate your remint amount. Only regular MONSTA holdings will be considered for this snapshot, so it is recommended to convert b/sMONSTA back to regular MONSTA after claiming your vault share.
6. How long do I have to claim my remint of MONSTA?
— You have a period of 14 days to claim your remint of MONSTA after Snapshot #2 occurs. It is essential to claim within this window to participate fully in the next cycle.
7. Will there be any tax implications during the claiming and snapshot periods?
— Yes, regular transactions involving regular MONSTA, such as buying, selling, and transferring, will be subject to the normal tax rate of 5% during and between the claim and snapshot periods. Keep this tax in mind while conducting transactions. You can make transfers tax free with b/sMONSTA prior to unstaking/unbaking.
8. What happens to unclaimed vault assets?
— Any unclaimed vault assets at the end of the claim and remint period will rollover into the cycle 2 vault. The community can hold a vote at a later time to decide whether these assets should be swapped or converted into something else, such as swapping CAKE to BNB.
9. What will happen to unclaimed b/sMONSTA rewards?
— Any remaining unclaimed b/sMONSTA rewards will continue to be available but will not count towards vault claims or remint calculations. The community can hold a vote after some time has passed to determine if these remaining unclaimed tokens should be burned or made unavailable.
10. Can I still claim ApeSwap treasury bond rewards after the snapshot?
— Yes, unclaimed rewards from ApeSwap treasury bonds will still be available for claiming according to the vesting schedule. However, they will not be included in any vault share or remint calculations unless claimed before Snapshot #1. With current available discount of 45+% at time of writing, you can check the Liquidity Bonds dashboard and decide if it might be worth obtaining one regardless of the remint!
11. What is the plan for b/sMONSTA in cycle 2?
— B/sMONSTA is not planned for cycle 2. A community vote will be held to decide if the itax refund function should continue and if a partial refund should be offered in regular MONSTA instead.
12. How can the community influence future protocol decisions?
— The community can actively participate in the decision-making process by engaging in community votes and discussions. Keep an eye out for updates and announcements regarding voting mechanisms and contribute your ideas and opinions to shape the future of the protocol.
13. When will b/sMONSTA rewards stop emitting?
— Approximately the same time as snapshot 1, b/sMONSTA reward emissions for the baking and staking pools will stop. Claim any outstanding rewards prior to snapshot 1 to have it included in the vault share calculations. After snapshot 1, you can claim your vault share. If you wish to transfer/move around any b/sMONSTA between wallets, it’s recommended to do this before you unbake/unstake for snapshot 2.
14. What happens to iTax during claim period and remint?
— iTax is disabled during the claim phase until the new cycle is started. Claiming your vault share will reset your timer as well.
15. I don’t currently see any claim buttons for claiming my share of the vault?
— Claim buttons will appear in the UI closer to the end of cycle and we’ll announce ahead of time if users need to clear their browser cache or take any other actions to have them appear/load.
About Cake Monster
Cake Monster is a unique and elastic DeFi protocol that works in deflationary two-year cycles on BNB Chain. The intrinsic token (MONSTA) value is backed by its non-correlated asset vault reserves (e.g. BNB, CAKE), which are largely used to reward holders at the end of each cycle.