An Introduction To SteakHut Finance
We at SteakHut are working on the next generation of yield boosting protocols, powered by Trader Joe and their veTokenomics model. Similar to the curve wars and more recently the Platypus party, we will serve to accumulate as much veJOE as possible and allow users to receive significantly boosted rewards by staking in SteakHut’s boosted pools.
The SteakHut launch is just around the corner, so best get your JOE and LP tokens ready.
Introduction to veJOE Tokenomics.
To understand the mechanics of SteakHut Finance one must first understand how the underlying Trader Joe veTokenomics operates.
At a very high level, users can stake Joe into the veJOE protocol to earn veJOE over time. The veJOE can then be used to provide boosted yields up to 150% higher than the base Liquidity Pools. Rewards are then paid in JOE tokens.
Essentially the more veJOE one holds, the higher the yields from the boosted farms will be.
What is SteakHut Finance
SteakHut Finance is a Defi protocol built on top of Trader Joe’s veJOE model. Users benefit significantly by staking supported LPs on SteakHut. By harnessing the power of the SteakHut Herd, users can yield up to 150% higher than if staked solo through Trader Joe.
SteakHut will enable users to participate in the boosted yields even if they don’t own any veJOE or JOE Tokens. Users will instead rely on SteakHut’s accrued veJOE balance to provide the boosted yields.
Users can also Zap their JOE tokens into SteakHut’s Herd Zapped Joe (hJoe). This hJOE will be exchangeable in the future 1:1 with JOE Tokens (after enough JOE is built up to support this proposal).
A liquidity pool will be established on Trader Joe 1:1 with JOE/hJOE, this will allow users to swap their hJOE if required.
Users of SteakHut who swap their JOE into hJOE will be rewarded with emissions of SteakHut’s Token ($STEAK).
Holders of STEAK tokens will receive a profit share from the protocol and governance voting power in the SteakHut protocol.
Why Choose SteakHut Finance?
SteakHut has been designed from scratch to work hand-in-hand with Trader Joe’s veJOE protocol. With our team’s first mover advantage we are well placed to start radically building the SteakHut Herd and working synergistically with Trader Joe. Whilst bringing a safe product to the Trader Joe community, with our smart contracts being audited by Paladin.
Through the power of numbers, the herd will be able to leverage our large economies of scale and take advantage of the veJOE Staking Pool and acquire governance of the JOE farming protocol.
SteakHut will be well placed to provide large boosted yields for the entire SteakHut Herd.
A Sneak Peek into Steak-O-Nomics
SteakHut is governed by means of our multi-purpose governance token, $STEAK.
$STEAK represents ownership in the SteakHut protocol, with members being able to vote on proposals in direct proportion to their holdings. More excitingly Steak-Holders being owners of the SteakHut protocol will receive profit shares.
Steak-Holders will earn an ROI through:
· $STEAK Buy-Back and Barbecue Burn program
· $STEAK stablecoin and pool staking program
· $STEAK special dividend payments
Post-Launch no further STEAK tokens will ever be minted, and SteakHut’s Steak Buy-Back and Barbecue Burn program will see the further reduction of the Steak float, to create a deflationary token.
STEAK Buy-Back Barbeque Burn Program
Excess protocol profits will be placed into the community treasury, which will be governed by the community. Initially, the treasury will perform periodic buybacks of the $STEAK token on-market and burn the tokens to reduce the supply and increase the underlying value of each token.
STEAK Dividend Program
Over time we will look to return liquid capital to Steak-Holders, allowing the SteakHut community to earn passive income through the protocol. At such time SteakHut will introduce our Dividend program.
$STEAK holders will be eligible for periodic and special dividend payments as we return excess protocol profits to the token holders.
The dividend program will be conducted via either stablecoin payments, AVAX, or JOE, dependent on treasury allocations at the time of payout.
Protocol launch
The protocol will be launched, once smart contracts have been tested and audited. The best way to participate is to join the community discord and turn on Twitter notifications.
Want to Join the Herd?
If you are as excited about the launch as we are, join our social media channels and become an active community member (there will be some prizes for community members).
Twitter: https://twitter.com/steakhut_fi
