CryptoUniverse AMA Session With SteakBank.Finance: Everything you Wanted to Know
The SteakBank.Finance team has made an Ask Me Anything (AMA) session with the CryptoUniverse Community. Our project coordinator, Salty SteakChef, did his best to answer every question the community had.
We’re recapping the AMA session in case you were unable to participate in it. SteakBank has grown to have over $13 million in total value locked and thousands of users, so naturally,, not everyone could be available then. Hopefully, some of these questions will be your own.
What Makes SteakBank Unique
The AMA naturally started with an introduction to SteakBank and the team behind it. As has been previously mentioned, our team has been in the space for quite some time and has experience working for funds, top cryptocurrency trading platforms, and projects with a fully diluted market valuation above $1 billion.
Our coordinator then introduced the SteakBank project, which most of our users should by now be familiar with. As a small reminder, we’re a liquid staking platform on the Binance Smart Chain where users can earn multiple streams of cash flow. SteakBank allows participants to earn validator rewards and improve their capital efficiency by unlocking liquidity with a liquid derivative token.
The next question was what makes SteakBank unique compared to other projects. Salty SteakChef made it clear that when staking with us, users can earn interest in BNB delegated to validators on the Binance Smart Chain network and use a minted liquid LBNB token as a replacement for the staked BNB. These tokens can then be used anywhere users want to earn additional yield.
Salty SteakChef added a few more unique advantages:
- “Our users can be sure they are getting the highest yield from the validators (with validators being able to change their rate every day). We help them dynamically switch to the highest yield, and we can also allow our users to unstake tokens even before the 7 days fixed period.”
SteakBank’s Native SBF Token
The next question from the CryptoUniverse community’s moderators was on the utility and role of the SBF token. Salty SteakChef pointed out that it has three main use cases:
- It can be used to submit and vote on governance proposals
- It can be burned to accelerate users’ unstaking processes
- SBF can accrue value when other tokens are burned during staking and unstaking processes as its supply drops
He added SteakBank will be setting up its governance system soon, so users can vote on which proposal they prefer. The next being the user experience and user interface they prefer for Steakbank’s platform.
Upcoming partnerships
When asked about potential partnerships coming in the near future, Salty SteakChef pointed out some announcements are going to be made soon, and to SteakBank’s current strategic partnership with Stone DeFi, in which we provide the project support to increase asset liquidity on the Binance Smart Chain.
Salty SteakChef added we could partner with lending and borrowing platforms, for example, to increase the usage of LBNB overall. It could, for example, be used as collateral to take out cryptocurrency-backed loans.
Community questions
We then entered a part of the AMA where the chat was opened to every one of CryptoUniserve’s 10,000 community members. Salty SteakChef picked some of the most exciting and unique questions out of the hundreds that were asked within a few minutes.
SteakBank on other networks
The first question was whether SteakBank will simply focus on the BSC network or expand to other blockchains such as Ethereum or Solana. SteakChef replied there are indeed plans to launch on other chains and the team has spoken with some other layer 1 validators.
To ensure things are fair for everyone, we will not be revealing which network we’ll launch on until an official announcement is made.
Core reasons to use SteakBank
Salty SteakChef answered a question on this using three simple points:
- “You get high yields with much lower risk (validating rewards won’t get slashed, almost no IL [impermanent loss] in LBNB/BNB pools. Users can stack their funds to earn yield from multiple sources.”
- “You get much better liquidity (users can unstake eariler, compared to delegating to validators, which has a fixed 7 days unbonding period)”
- “Users don’t need to monitor validators’ yields daily; we will choose the best yield and monitor for them, and help our users delegate to the most profitable one.”
Moreover, we are working on setting up a validator node ourselves on the network. The profit from running that node would be used to buy back and burn SBF tokens.
Long-term benefits of holding SBF
When asked about the long-term benefits of holding SBF, Salty SteakChef pointed out that holders can indirectly earn fees:
“When LBNB is being minted and redeem, there is a fee of 0.05%, these fees are collected, and used to buy back SBF to be burned.”
Smart contract audits
Finally, users concerned with security asked whether our smart contracts have been audited, and our project coordinators clarified they have been audited twice.
About SteakBank
SteakBank is a Binance Smart Chain (BSC) liquid staking platform. It allows derivative tokens to be issued on the BSC blockchain through the BEP20 standard. These representative tokens can then be used for liquidity farming or as collateral for decentralized lending, enabling users to earn multiple income streams from one single asset.
A simple yet powerful project, SteakBank aims to solve the liquidity issue found in the current DeFi sector. Currently, when users stake with validator, their tokens are locked up and unable to be used for other yield generation purposes such as liquidity providing, or lending. SteakBank is able to solve this problem and improve user’s capital efficiency.
Steakbank not only benefits token holders and project ecosystems by optimizing capital efficiency but also allows the communities to earn additional income without the need for further token allocation.
Steakbanks’ native token, SBF, will also be rewarded when users stake their liquid token in SteakBank’s liquidity pool.
