SteakONomics
SteakHut’s exclusive launch with Rocket Joe is fast approaching. Now is the ideal time to familiarise yourself with the inner workings of $STEAK.
Steakonomics covers topics such as token use cases, token distribution, and how holding $STEAK could mean passive income through periodic dividend payments.
Introducing $STEAK
$STEAK is the SteakHut governance token representing ownership in the SteakHut protocol. $STEAK has four primary use cases:
· $STEAK-Holders receive a portion of SteakHut protocol revenues in the form of buy-backs and $JOE dividends
· $STEAK token holders will be able to vote on proposals in direct proportion to their holdings
· $STEAK token holders can supply $STEAK-AVAX LP on Trader Joe to receive compensation and incentives for supplying liquidity to the market
· Any bonus tokens/assets generated from Trader Joe will be paid as a special bonus to STEAK-holders
Obtaining $STEAK Tokens
$STEAK is a deflationary token with a fixed supply of 5,000,000 tokens. As such, there are limited ways to obtain $STEAK. These include:
· Through our exclusive Rocket Joe Launch. Participants will gain exclusive early access to Airdropped $STEAK tokens!
· Purchasing $STEAK through Trader Joe Liquidity Pools after launch
· Becoming a Herd member and Zapping your JOE into hJOE, which will earn $STEAK emissions (with huge boosts for our first Zappers!)
· Through other limited special airdrops and promotional activities
Profit Share for STEAK-Holders
As owners of the SteakHut protocol, STEAK-Holders will be entitled to receive a share of revenues generated by the protocol fees.
The profit share will be paid out of revenues generated by the platform’s performance fees, which operate on a sliding scale of 3% to 20%.
The performance fee will be utilized as follows:
- Retained for $STEAK-Holders and returned via Buy-Backs and Dividends (50%)
- Distributed to JOE Zappers to incentivize Zapping (50%)
Revenues will be returned to $STEAK-Holders through our exciting periodic Buy-Back Barbecue Burn program, and $JOE Dividends.
$STEAK Buy-Back Barbecue Burn Program
Once established, the $STEAK Buy-Back Barbecue Burn Program will use excess protocol fees to purchase $STEAK on-market and burn them.
Token burning means the remaining tokens represent a larger proportion of ownership in the SteakHut protocol.
Burning Tokens = More profits per token
The Buy-Back Barbecue Burn Program increases STEAK-Holder’s ownership in SteakHut, returning profits to the community.
Periodic Dividends
As the protocol matures, SteakHut will return protocol fees to STEAK-Holders via periodic payments. This will allow the SteakHut community to earn passive income through the protocol!
Payments will be made in liquid treasury assets generated by the protocol. Since the protocol operates in $JOE, the payments are likely to be $JOE tokens. From time to time, other currencies/tokens may also be paid out in the future to STEAK-Holders depending on the holdings of the treasury.
$STEAK Token Distribution
SteakHut will have a total supply of 5,000,000 $STEAK. No further $STEAK will ever be minted and, over time, the supply will reduce with periodic buy-back and burning events. The distribution of tokens is illustrated below. A large number of tokens will be vested on launch.
Token Release Schedule
Herd Emissions 50%
Purpose: To incentivize early JOE Zapping with SteakHut by rewarding $STEAK emissions.
The emission schedule will follow a two-year logarithmic decay function. This will encourage the long-term holding of Zapped Joe tokens, as well as early Zappers.
The SteakHut emission schedule rewards our earliest members.
The allocation may also be used to further incentivize other users: JLP depositors, STEAK-Holders, LP providers (hJOE:JOE and $STEAK:AVAX) as required. This will be at the discretion of the SteakHut team to best optimize the protocol.
Team Tokens 20%
Purpose: To align the interests of the SteakHut development team with the SteakHut community.
Vesting: 6-month Cliff, 12-month Linear Vest
Bonus Emissions (15%)
SteakHut bonus rewards will be deployed discretionarily as incentives based on market conditions.
These may be added to further boost emissions as needed.
Bonus Emission tokens will be held in reserve over a 24-month period by the SteakHut Community Treasury. If unallocated, the SteakHut team will consider burning the tokens at 24-months.
Rocket JOE (10%)
SteakHut is extremely excited to be using a Rocket Joe Launch to bootstrap liquidity for our governance token, $STEAK.
Rocket Joe allows us to generate liquidity in the form of a STEAK-AVAX liquidity pool. This will allow SteakHut to generate protocol-owned liquidity.
Tokens will be rewarded as follows:
· 8.75% of tokens reserved for launch
· 1.25% bonus tokens airdropped to rJOE participants
This represents a 12.5% bonus for rJOE participants!
$STEAK will open for deposits through Rocket Joe on Sunday 1 May 2022. Make sure you’re ready, start staking your $JOE for rJOE now in order to participate.
The LP tokens that participants receive from the Rocket Joe launch will have no locking period.
Treasury 5%
Purpose: Progressing the SteakHut Protocol
Vesting: 10% TGE, 12-month Linear Vest
5% will be held by the community treasury and will be used for various purposes such as bug bounties, partnerships, marketing, and community engagement.
The use of these tokens will be dictated by the SteakHut team and used in a manner to benefit the entire SteakHut community.
SteakHut: We’re just around the corner
SteakHut’s Rocket Joe Launch is fast approaching. With tonnes of rewards and bonuses for our first Herd members, you won’t want to miss it.
Make sure you are staking your $JOE for rJOE, the more you accumulate the more AVAX you can contribute towards the SteakHut launch.
On launch, the SteakHut protocol will be live, open for users to come to join the SteakHut Herd. Other roles within the community also include:
· Zappers: Zap your $JOE for $hJOE and start earning $STEAK emissions (big rewards coming for our first Zappers, so get in quick!)
· JLP Depositors: Deposit your JLP tokens with SteakHut’s Herd boosted pool, so you can take advantage of our high yields and low fees.
In the meantime, check out our website landing page while we wait for the dApp to launch, be sure to follow us on Twitter and join the Discord to stay up with the latest SteakHut news.
It’s going to be a busy few weeks here at SteakHut.
LFJOE
