What Is Cake Monster (MONSTA)?
Cake Monster is a platform based on blockchain technology that aims to offer a financial tool to users independent of volatile market conditions. The platform aims to provide a DeFi token.) that can be used by the traders and the token holders during difficult market conditions or during the period of speculation in the market.
According to Cake Monster’s whitepaper, the DeFi token holders exposes themselves to several risks like loss of control over their holdings, insecurely written smart contracts, and extremely volatile conditions, if they wish to earn a high yield on staking. Moreover, the high gas fees during staking increase the expense of the token holders. The absence of good sustainability and stability of the ecosystem of protocols adds to the problem of the DeFi token holders. Therefore, Cake Monster aims to develop a stable and hybrid monetary policy to protect the ecosystem from volatile market conditions.
MONSTA is the BEP-20 based native meme token of the Cake Monster protocol. The token is issued on the Binance Smart Chain (BSC). BEP-20 is a token standard issued on the BSC to provide flexibility to developers for launching different ranges of tokens. MONSTA combines sustainable, stakeless dividend yield, and reward generation of the tokens with NFT utility and fun memes. Cake Monster protocol also seeks to offer a feature named Gravity Vault CAKE Reserve, a vault for CAKE, which is a non-native asset of the protocol. This vault continuously fills with CAKE and brings stability and safety to the protocol. The Gravity Vault CAKE Reserve enables all MONSTA holders to get rewarded with a CAKE token in exchange for their MONSTA tokens at the end of each deflationary cycle.
The MONSTA holders are also allowed to vote for the future design and direction of the protocol. The voting power of the token holders is directly proportional to the amount of MONSTA tokens held by them.
History of Cake Monster (MONSTA)
The whitepaper of Cake Monster was published on December 05, 2021. The initial supply of MONSTA was ten billion, whereas the end supply is one million.
