Magma is a community-powered liquid staking protocol built on the Monad blockchain. It enables users to stake their Monad tokens while maintaining liquidity through its liquid staking token, gMON. The project has secured $3.9 million in funding from notable backers, including CMS Holdings, Bloccelerate, and Stake Capital.
How to Participate in the Magma Testnet
To engage with the Magma ecosystem and position yourself for potential rewards, follow these steps:
- Add Monad Testnet to MetaMask
- Open MetaMask and navigate to the “Add Network” section.
- Enter the following details:
- Network Name: Monad Testnet
- RPC URL: https://testnet-rpc.monad.xyz
- Chain ID: 10143
- Currency Symbol: MON
- Block Explorer URL: https://testnet.monadexplorer.com
- Obtain Testnet MON Tokens
- Visit the Monad Testnet Faucet and claim: Monad Testnet
- Stake and Unstake Test Tokens
- Access the official Magma testnet site: Magma Staking
- Connect your MetaMask wallet.
- Stake your testnet MON tokens to receive gMON tokens.
- Unstake your gMON tokens as desired.
- Regularly repeat staking and unstaking activities to boost your activity score.
Benefits for Early Participants
- Advance Testnet Access: Engage with Magma’s features ahead of the mainnet launch.
- Potential Airdrop Eligibility: Active testnet participants may qualify for future token distributions.
- Early Community Involvement: Stay updated with the latest developments and contribute to the protocol’s growth.
Final Thoughts
Magma offers an innovative liquid staking solution on the Monad blockchain. By actively participating in the testnet, you position yourself for potential future rewards and play a role in shaping the protocol’s direction. Stay engaged with the community and monitor updates to maximize your involvement with Magma.