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Here are some of the common questions that I've seen being asked by the community:
It's really easy to understand, but not clear to everyone. There's a video called Way's my Digimon can die in my channel, where I specify everything related to this.
It depends on what you want to achieve, but I can say for sure that you will need max stats to at least beat it . Also, one good Digimon to battle here is Lilymon.
I tried to make it as easy as possible, but you can check my quick tutorial video.
They refresh every hour starting from the 2.0 version.