“Creating a token is easy, creating a sustainable use case for a token is harder” — minifridge, 2022
Gm/ga/gn tribe! As you know (or maybe you don’t) a token has been part of the Monkeez roadmap from the start. $MNKZ is an ecosystem token powering anything and everything in the Zungle and earned by staking your Monkeez.
We’ve discussed token specifics in various places where you get your web3 content, but let’s summarize and go in depth here.
$MNKZ Specifics
$MNKZ is an ERC20 token on the Avalanche C-Chain with a total supply of 130 million. 10 million tokens have been initially reserved by the team for giveaways, incentives, and more. What does this mean specifically? We’re reserving an initial amount so that we can run contests and collaborations with prizes and rewards in the future, amongst some other things.
$MNKZ is earned by staking your owned Monkeez on our site . Daily emission rates for staking Monkeez differs depending on the tribe of Monkee. These rates are inversely proportional to the supply of the tribe within the collection. Tribes are based on fur color of Monkeez and are also an attribute within the metadata for use in filtering.
Tribe emission rates for $MNKZ:
- Api: 5 per day
- Wobo: 10 per day
- Xeba: 20 per day
- Pelu: 40 per day
$MNKZ Earning
If you’re reading this, that means staking is live! Head to the Zungle and start staking your Monkeez. You’ll see on the site you can either stake Monkeez individually or stake them all at once. The choice is up to you, but staking is non-custodial so no downside in staking them all. Just make sure you claim your tokens before you sell if your Monkee is listed. Token balances are claimable by the owner, not the address that staked.
$MNKZ Claiming
Claiming your tokens is easy as staking. Head over to the Zungle and either claim for a single Monkee or click the “Claim” button on the navbar to claim tokens for all of your Monkeez.
$MNKZ Uses
What is $MNKZ used for? Anything and everything in the Zungle. $MNKZ will be used to buy other NFTs for use within the Zungle for both Monkeez and Zoogz.
The next phase will launch some of these items, with a large initial use case centered around upgrading Zoogz. If all of your stats are 1s and 2s, don’t fret. Zoogz need to eat. Items can and will be bought in $MNKZ and then given to Zoogz to upgrade the initialized stats, however, not all of these items will be equal in $MNKZ price nor effect.
TL;DR
- Non custodial staking is live
- 130 million total tokens
- Token emission rates are based on tribe
- Tokens used to buy NFTs for Monkeez and Zoogz
Appreciate you all,
The Monkeez Team
