MonkexPrice

(MONKEX)

Monkex is a community-driven Web3 project established on the Metis Andromeda network. Originally launched in 2022, it centers around the "Monkex Coffee Shop Club," featuring a collection of 5,000 unique NFTs. The project operates as a decentralized digital hub where members engage in a virtual "coffee shop" setting. It is governed as a Decentralized Autonomous Community (DAC), where the development and direction are led by its community members, often referred to as Metisians.

The project was founded by a Metis community member known as 'Endomorqhine.' However, it is fundamentally a community-led initiative. There is no centralized corporate entity overseeing the project; instead, it is managed as a Decentralized Autonomous Community (DAC). This structure allows community members to lead development efforts and make key decisions regarding the ecosystem's growth and treasury management through decentralized voting.

The $MONKEX token utilizes a deflationary model to manage its total supply, which is capped at 7,000,000 tokens. Every on-chain transaction triggers a 7% total tax. From this, 5% of the transaction amount is permanently burned, reducing the circulating supply over time. The remaining 2% is directed to the community treasury to support ongoing development and ecosystem initiatives.

$MONKEX is the liquid native token of the project that can be traded on decentralized exchanges. In contrast, veMONKEX (vote-escrowed Monkex) is a non-transferable token obtained by locking $MONKEX for a specific period. Holding veMONKEX is essential for governance, as it allows users to vote on treasury allocations and the future direction of the project. Typically, longer lock-up periods result in greater voting power and higher yield multipliers for the holder.

Holders can stake their $MONKEX tokens via the project’s official decentralized application or through supported decentralized exchanges on the Metis network. Staking rewards are generally generated from token emissions and a share of the transaction fees collected by the protocol. By participating in staking, users can contribute to the ecosystem's liquidity and security while earning rewards for their long-term commitment to the project.

As a Metis-native token, $MONKEX is primarily traded on decentralized exchanges within the Metis Andromeda ecosystem. For storage and transactions, any Web3-compatible wallet that supports the Metis Layer 2 network, such as MetaMask, can be used. Users should always verify they are interacting with the official contract address (0x186573b175aDF5801cF95Fb06b232ccAB123c6F4) to ensure security and avoid unofficial versions of the token.