Diamond Claw Elite has Entered the Chat…
The long wait is finally over! We’re thrilled to be able to reveal the first look at our plans for a new Diamond Claw NFT collection, the Diamond Claw Elite, or DCE for short!
We recommend that you grab a cup of coffee or tea and settle in before you begin reading this article. There is a great deal of information covered, and although we have tried to organize and explain it succinctly, we want you to be adequately prepared for it. 😉
Moreover, we want to emphasize the importance of being cautious whenever a project undergoes an upgrade, migration, or any other alteration because scammers are always on the lookout for opportunities to exploit unsuspecting individuals. Therefore, we urge you to avoid falling prey to scammers and only adhere to instructions disseminated through our official channels.
- TL;TR — Some Background
- Benefits & Requirements
- Supply, Cost, Mint, and Limitations
- Fusion & Burn
- Rewards Overview
- Frequently Asked Questions
We want to emphasize that we have thoroughly assessed the technical feasibility of the suggested protocol modifications at the time of writing. However, in the improbable event that we face difficulties in implementing a change, we will collaborate closely with the DCE community and developers to substitute any lost functionalities.
TL;TR — Some Background
As most of you already know, the original Diamond Claw NFT collection is being retired due to the loss of its original features and benefits. Unfortunately, the DC Level 5 lost their passive CAKE dividends due to changes made by PancakeSwap to their syrup reward pools, which was a devastating blow. In addition, bot users exploited the Kitchen and iTax reward functions, monopolizing them and leaving no chance for the community to participate and reap the attached benefits. We understand how disappointing this has been for holders of all levels, and we have shared this deep frustration.
To ensure that community members get rewarded for their loyalty and dedication, we’ve spent considerable time brainstorming and consulting with them to create a sustainable and elegant reward system. As a result, we are pleased to announce the birth of the Diamond Claw Elite collection! This collection is designed to counter the monopolization of rewards, reliably reward our devoted community members, generate a new revenue stream for NFT holders and treasury, as well as enhance smart contract security and transparency by separating upgradeable feature elements from our primary smart contract.
Once again, we extend our gratitude to our community for their unwavering support and valuable input throughout this journey. We’re excited to proceed with the DCE collection, and we hope that you share in our enthusiasm for the potential improvements it offers and are confident that it will be a success!
The proposed new collection and the associated benefits are subject to a final vote, which is reserved exclusively for owners of the original collection. This decision has been made to express our gratitude for your loyalty, patience, and overall support during the last two years! Your participation in the voting process is crucial, and we encourage you to cast your vote through the Snapshot proposal provided below.
💙BUT PLEASE READ THE WHOLE ARTICLE FIRST 💙
You might want to transfer all your DC NFTs into 1 wallet before voting. Each NFT counts as 1 vote. Easy multi-transfers are possible via OpenSea.
Benefits & Requirements
The Diamond Claw Elite collection will provide two sets of benefits, subject to two MONSTA holding requirement thresholds — Basic & Premium.
Holding Requirement: 5 Million MONSTA (per wallet)
- Kitchen and iTax Rewards
To be exclusive to DCE holders and claimable monthly (equal share)
- Crumbs Claim
To be exclusive to DCE holders (equal share)
- Ability to Vote on Protocol Proposals
Snapshot votes for the MONSTA protocol will be exclusive to holders of the DCE NFTs (initially no holding requirements)
- Treasury NFT Sale Revenue
50% of revenue from all future DCE sales conducted by the treasury will be paid out at cycle 2 end (equal share)
Find more detailed info on “Treasury NFTs” below at “Supply, Cost, Mint, and Limitations”.
Holding Requirement: Hold 10 Million MONSTA (per wallet)
- All Basic benefits listed above
- 5% Discount
No MONSTA buy tax
- Doubled Inactivity Timer
Increased from 50 to 100 days
- Unclaimed Shares
Share of the unclaimed vault and reward assets including crumbs, kitchen, and iTax rewards at/after the end of the cycle
Possible Additional Exclusive Benefits (TBD, TBA)
Note: The following benefits are tentative utility additions, not promised, and are subject to change.
- Non-correlated Asset Staking Revenue
A portion of DCE treasury sale revenue could be staked and the yields split between active DCE holders at the end of the cycle. DCE holders could have the ability to vote on assets/reward pools and the level of ‘degeneracy’ while fund security will have the highest priority in the reviewing process.
- MONSTA Staking
The current staking program is set to end along with the end of cycle 1. It will not be re-introduced at the start of cycle 2 as we return to the basics of the original whitepaper and evaluate data. However, should a staking program be re-introduced during cycle 2, DCE holders will receive exclusive access and the ability to stake their MONSTA and receive associated yields.
- NFT Buy Back Program/ Turn NFTs Deflationary
As the supply of DCE NFTs increases over time, there might be some concern over reward levels. An option to counter this while also generating extra DCE revenue could be to buy back DCE NFTs with treasury funds, and resell them at a higher price. If an NFT then doesn’t sell within a specific timeframe after repurchasing it (for example: one week), it would be burned by the team to counter the incremental increase of supply over time from NFT treasury sales. A portion of the revenue from an NFT resell could be allocated towards buying back and burning MONSTA tokens, while the remaining funds are split between the project treasury and NFT holders. Overall, this would add an extra stream of revenue for NFT holders/treasury (by reselling at a higher price) as well as adding buy and burn pressure on MONSTA, or in the event of a non-sale and resulting burn, increase reward shares for DCE holders (by deflating the NFT supply).
- Provide In-depth Statistics
Stats for MONSTA holders on our website to track DCE rewards and other important metrics.
Supply, Cost, Mint, and Limitations
As the name suggests, Diamond Claw Elite is designed to be highly rewarding and attractive. To further add to their value and exclusivity — quantities will be limited and strictly controlled. Initial scarcity and incremental increase of its very limited supply via treasury sales ensure that the potential reward value for DCE holders is kept high, while also allowing the protocol an additional source of sustainable treasury health throughout the next cycle.
Initial Supply: 200 (public mint maximum)
Total/Max Supply: 600 (400 minted into treasury)
An additional supply of 400 DCE NFTs will be made slowly available to users throughout cycle 2 and strictly controlled by the project in order to generate non-correlated rewards (e.g. BNB) for NFT holders, as well as provide a stream of revenue for protocol development, maintenance, partnerships, marketing, etc. These NFTs will have a dynamic floor price and be available for buying from the MONSTA treasury on an NFT marketplace like OpenSea. As no original Diamond Claws will be required at this point, fees will be higher than the early supply release at the public mint while demand for the NFTs is considered to maximize NFT revenue shares for DCE holders.
Initial Supply Backfill
In the event, there is an inadequate number of DC5 NFTs available due to inactive DC5 holders, and less than 200 DCE NFTs are minted at the end of the public round, a second round will be initiated to get to the maximum initial supply of 200. Additional information will be provided when and if this situation arises.
Initial Supply Cost
To cover the development cost for the upgrade and provide new benefits for DCE holders, the community recommended introducing a mint fee. As a gesture of gratitude for their support, those who end up minting new DCE NFTs early and meet the basic activation requirements at cycle 2 start will receive a one-time reimbursement of $100. We made this gesture as these early supporters are ultimately the ones who will make this upgrade possible.
Price: $200 (with $100 cashback)
Date: During cycle 1 claiming period (June 19 — July 19, 2023)
The mint fee will be payable in BNB. The price will be set prior to minting going live and will be adjusted in the event of market fluctuation/change in BNB price.
50% of the public mint cost will be paid back to all active DCE holders (hold min. 5 million MONSTA) shortly after cycle restart.
The remainder of mint revenue from non-active NFT holders will be held in treasury.
25% of the mint fee is to pay for the development of the complete upgrade.
25% of the mint fee goes into the treasury for operational expenses such as additional audits, marketing, maintenance, etc.
Treasury NFTs sold during cycle 2 can be acquired with a 15% discount by original DC Level 3 & 4 holders who did not participate in the public mint round.
Discounts will only be available for the first 100 treasury market sales, commencing once a circulating supply of 200 NFTs has been attained.
NFTs will not be transferable and are ‘soulbound’ to users' wallets after purchase/mint to prevent trading out of treasury control. A treasury smart contract will act as a controller for transfers, sales, and purchases, where eligible wallets will be whitelisted for trading with the treasury on OpenSea, etc.
The reason for this is to maintain control over the DCE market by allowing only the treasury, in cooperation with the DCE community, to conduct NFT sales or purchases according to market demand. The additional earning potential for every active DCE holder will depend on the sales of the NFT treasury, as outlined in the ‘Benefits & Requirements’ section at ‘Treasury NFT Sale Revenue’.
The NFTs cannot be stacked, and only one NFT per wallet will be considered for a set of benefits.
Complete the Diamond Claw Set (Levels 1, 2, 3, 4, and 5).
Fusion & Burn
Upon fusing your DC collection (at mint), the retired DC NFTs will be sent to the MONSTA multi-signature wallet where they will be stored for a special “Fire in the Kitchen”. DCE holders will be able to win whitelist spots for burning the collection and earn MONSTA rewards for their participation. This celebratory community event will allow us all to say farewell to the old collection as we bid them goodbye and welcome a new era of Diamond Claw NFTs!
Further details about the special FITK event will be provided at a later time via our official news channel on telegram.
- Mint cashback in BNB for active DCE holders at cycle 2 start (one-time)
- DC FITK whitelist rewards in MONSTA (one-time)
- Treasury NFT sale share in BNB + staking yield (basic)
- Crumbs share in CAKE, BNB, or else (basic)
- Earn Kitchen & iTax rewards in MONSTA (basic)
- Unclaimed vault share in e.g. CAKE, BNB, or else (premium)
- 5% discount on MONSTA (premium)
Possible future additions (TBD, TBA)
- Non-correlated asset staking revenue
- Staking income in MONSTA
- NFT buy-back/resell revenue share in BNB
Frequently Asked Questions
How do I obtain a DCE?
In order to mint a new DCE NFT from the initial supply, users will be required to hold a complete Diamond Claw NFT collection (Levels 1, 2, 3, 4, and 5) in addition to paying the required minting fee. A new page will be provided on the dAPP where users will submit their DC NFTs to be burned/fused, pay the minting fee, and in exchange will receive their new DCE NFT after the upgrade is complete plus their 50% cashback. The estimated time for DCE minting is scheduled for June 2023 and we’ll provide more announcements before minting goes live. Minting will be available on a first-come, first-serve basis. We’re providing the details well in advance to allow users the appropriate time to plan and obtain the necessary requirements.
When will the DCE Benefits be active?
Rewards and benefits for DCE holders will be made live once the required protocol updates are completed (we are planning for the first quarter of cycle 2). In the meantime, a 50% cashback will be sent to all active NFT holders shortly after cycle 2 start.
What if I don’t have a complete Diamond Claw Collection?
We’re providing these details in advance so that users have the appropriate time to secure the needed DC levels they may be missing/need. DC NFTs are available on secondary marketplaces such as tofuNFT
Do my DC NFTs need to be active with the required MONSTA to mint a DCE?
No. Users will not be required to have their DC NFTs active at the time of minting. However, the new DCE NFTs will only provide rewards/benefits when the user meets either the Basic or Premium holding thresholds (5M and 10M respectively)
The cashback benefit only applies to early minters with active NFTs (basic) shortly after cycle 2 start.
What if I have DC NFTs but I don’t plan to mint a new DCE NFT? Will they have any use?
The existing Diamond Claw collection will be retired and not provide any interaction/benefit with the MONSTA protocol for cycle 2 and beyond. Holders of the DC NFTs that do not wish to partake in the DCE collection will have several options available to them:
- Secondary Marketplace
Users will be able to list and sell their DC NFTs on the secondary marketplace to other users.
- Exchange for lotto tickets
We will make a one-time limited supply of Eternal Cake lotto tickets available where holders of DC levels 3 and 4 will have the option to exchange them for lotto tickets. Tickets will be limited to prevent dilution of supply and will be available on a first-come, first-serve basis. DC levels 1 and 2 will be unable to exchange for tickets. This decision was made based on the floor price of these NFTs and their larger supply that were provided as free mints at the start of the cycle.
Users will be able to keep/hold their Diamond Claw NFTs for artwork or sentimental purposes. Please note that any DC NFTs still in circulation will not have any current or planned function in the MONSTA protocol and will be strictly for art/sentimental purposes only. They will not be exchangeable after the cut-off or quantity limits are reached.
- Buy discounted treasury NFTs
Legacy holders of Diamond Claw NFT Levels 3 and 4 will get an exclusive discount of 15% on possible treasury NFT sales later in the cycle if their wallet is eligible after public minting stops (determined by random snapshots).
Why are Crumbs going to be exclusive to DCE holders?
We carefully analyzed the data collected during cycle 1 and found that it was cost-prohibitive for smaller holders to claim crumbs, often resulting in them paying more gas costs than the rewards received. As we want to ensure that all DCE holders can benefit from this exciting opportunity, we have decided to better distribute these rewards to them. Additionally, since DCE holders will effectively hold and lock up a significant portion of the MONSTA floor, it will create price stability and benefit the entire community.
Why is voting going to be exclusive to DCE holders?
We’re pleased to announce that active DCE holders will be exclusively granted voting rights, as they are fundamental to the stability and prosperity of the MONSTA protocol. These dedicated and passionate community members have been incredibly supportive, and we value their contributions immensely. As we move toward a future where the protocol is governed by a DAO, we want to ensure that anyone who recognizes the benefits and future potential of MONSTA has the opportunity to shape its future alongside our team. In recognition of the significant financial risk that active DCE holders have taken on, we believe it’s only fair to reward their loyalty and support with exclusive voting rights.
What is the “Treasury”?
The treasury refers to the multi-signature wallet that stores the projects various funds and assets that are used for development, marketing, community events, and operational expenses.
We are excited to introduce the proposed DCE program, which we believe will provide immense value and benefits to all MONSTA holders. In designing this program, we needed to incorporate rewards and benefits that are provided and controlled by the protocol. This approach ensures stability and sustainability for cycle 2 and beyond, preventing a situation where we are forced to remove or reduce rewards due to external forces, as we experienced with the previous DC5 dividends.
We believe that by implementing this upgrade, we will be able to address several existing issues. This includes improving and optimizing the Diamond Claw NFTs, streamlining the current MONSTA reward system at large, and isolating upgradable code from our main smart contract to minimize future risk and increase transparency for potential investors.
A message from one of our CEOs and founders, Whaleorian:
I'm very happy to see us moving forward on this issue and I'm convinced that this upgrade will help greatly in supporting our whole MONSTA ecosystem. A streamlined reward distribution will give those who believe most in our outlined project vision a fair chance of earning passive income again. Ultimately, the most effective marketing comes from satisfied customers who are convinced of a product’s quality and share their positive experience with others. In my view, the Diamond Claw Elite collection represents a significant move in the right direction at the right time, as it addresses multiple important issues that we encountered during our initial cycle while we are also about to begin the second cycle.
We understand that it’s impossible to please absolutely everyone, but we are confident that our proposed solution will appeal to core and loyal supporters of the protocol. We have taken into consideration the feedback and suggestions from our community members to ensure that we offer the best possible program.
The proposal is currently subject to a majority approval vote, which is taking place through the Snapshot proposal linked below. If you are a current Diamond Claw NFT holder, you are eligible to cast your vote during the voting period. We encourage you not to miss this opportunity to have your say in shaping the future of the protocol!
You might want to transfer all your DC NFTs into 1 wallet before voting. Each NFT counts as 1 vote. Easy multi-transfers are possible via OpenSea.
Thank you for your continued support and dedication! We look forward to your feedback and participation in the voting process.
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.
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