Monader 🍆

Monad Project of The Day: Magma
 
Magma is a liquid staking protocol built on Monad, allowing users to stake MONAD tokens and receive gMONAD in return, which can be used in DeFi.

In October 2024, Magma raised $3.9M to build the first liquid restaking on Monad.

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How it works:

Step 1: Stake MON into the pool and receive your gMON LST to use in DeFi

Step 2: Magma delegates to top validators

Step 3: Receive staking rewards and extra APY from MEV

Yes! Magma Testnet is still live!

What to do?

- Participate in liquid staking with testnet $MON.
- Receive $gMON after staking
- Provide feedback to help shape the protocol before mainnet goes live.

Step by step on how you can start testing @MagmaStaking:

Step 1: Go to magmastaking.xyz
Step 2: Set Up Your Wallet
Step 3: Connect to Monad Testnet
Step 4: Get Testnet $MON Tokens
Step 5: Stake Your Testnet $MON for $gMON