Fire Up Your Grill: Your Chance to Win SBF Tokens
Community Sale
Thank you for staying with us. We are glad to announce that Steakbank’s official community sale launch is finally here! We have also completed the audit of our contracts by Beosin & 360safeguard. First and foremost, we would also like to mention that we have noticed our community’s eagerness to participate in the public round, and we have specifically structured the sale to benefit and incentivise those who help grow the community and distribute tokens in a fair manner, allowing the former to grow and spread the word on what’s cooking for SteakBank’s upcoming “Community Sale” Launch.
This Community Sale Launch is by the community and for the community, and we would want to provide anyone, besides liquidity providers, the opportunity to participate in this Sale. Therefore there will be two formats where users can receive lottery tickets for the sale.
Users who do not have enough capital to provide LBNB/BNB into the liquidity pool can participate and win lottery tickets, by joining the Publicity campaign and spreading our message. Users also have the flexibility to just provide LBNB/BNB liquidity into the LP Pool, and receive lottery tokens. Users who contributed to both efforts, will have more lottery tokens and therefore have higher chances of securing the winning ticket.
Community Sale Details:
The two ways participants can qualify to receive the lottery tickets are:
- Join the Publicity Campaign by spreading our message, via Twitter.
- Contributing to the LBNB/BNB Pool Liquidity by staking LBNB and BNB on PancakeSwap pools.
1) Publicity Campaign
A total of 500 winning tickets ($50,000 USD) are being distributed to community members in allocations of $100 per winning ticket. To have a chance to win one of these allocations, community members have to follow a few simple steps:
- Retweet this tweet
- Follow SteakBank on Twitter — https://twitter.com/SteakBank
- Join SteakBank’s Telegram group — https://t.me/steakbank_finance
- Fill out this form with your Twitter and Telegram handles, Binance Smart Chain (BSC) address, and e-mail — https://docs.google.com/forms/d/e/1FAIpQLSdKzontxNlCF9fjtz2JBs-Lb46q5jeItXcPMeS5bURhhy2S_g/viewform
If you win one of the 490 allocations, SteakBank will contact you using the email address you left in the form. We reserve the remaining 10 allocations to award active Twitter and Telegram community members, based on the team’s discretion.
2) Contributing LBNB/BNB Pool Liquidity
As for providing liquidity to the LBNB/BNB pools, 500 of the winning tickets will be distributed to the participants providing liquidity to the LBNB/BNB pools. Each winning lottery ticket will allow participants to purchase $200 worth of SBF.
Lottery Ticket Allocation (Providing Liquidity to LBNB/BNB Pool)
Users will be able to claim up to a maximum of 10 lottery tickets based on their daily average LBNB staked in the LP pool (represented by X below) over a specified number of days leading up to the ticket claim date. (Note: 5 LBNB staked in LBNB/BNB LP pool, would mean that you would also need to have another ~5 BNB, because the pool consists of 50% LBNB and 50% BNB. So in total that would be roughly slightly more than 10 BNB)
For example, 5 ≤ X < 10 means that your average LBNB staked in the LP pool over the specified period is kept at 5 LBNB or more, but does not exceed 10 LBNB.
(Note: Please be reminded this is the LBNB portion of the LBNB/BNB pool. An equivalent value of BNB is needed to be supplied for the other end of the pool)
For example, if your daily average of LBNB Staked in the LP Pool over the specified period is 155 LBNB, you will be eligible to claim 7 lottery tickets.
The recording of users’ LBNB/BNB LP token balances will start at 2021–05–04 4:00 AM (UTC). SteakBank will record users’ LBNB/BNB LP tokens for 7 days from 2021–05–04 4:00 AM (UTC) to 2021–05–11 4:00 AM (UTC). The final LBNB/BNB LP token holdings for each user will be determined as the average of the 7 days, using the Daily Average LBNB/BNB LP token balance calculation.
SBF Token Sale Details:
- Token Name: SteakBank.Finance (SBF)
- Public Sale Token Price: (To be announced)
- Token Contribution: (BUSD)
Subscription Timeline (Updated as of 10 May 2021):
- Preparation Period 2021–05–04 4:00 AM (UTC) to 2021–05–11 4:00 AM (UTC): During this period, user’s LBNB/BNB LP token balances will be calculated in hourly snapshots every day over a 7-day period. Your final average daily LBNB/BNB LP token balances over these 7 days will determine the maximum amount of BNB that you can commit later on.
- Subscription Period 2021–05–11 4:00 AM (UTC) to 2021–05–11 10:00 PM (UTC): Subscriptions will open at this time for all eligible users for a 10-hour period. Users must claim their ticket shares at the same time, prior to committing their BUSD. During this period, users can check how many ticket shares they have and claim the tickets, via our dedicated Community Sale page. Whitelisted users(contributed lp) can click on our “claim” button to get their tickets.
- Committing Period 2021–05–11 10:00 PM (UTC) to 2021–05–12 3:00 PM (UTC): Contract draws the winning tickets, users can now check their winning tickets, via our dedicated Community Sale page, and the lottery winners can directly click on Approve and Buy button, committing their BUSD.
( Note: During this period, at any point before the closing of the committing period, users have the flexibility to refund their BUSD. In the event there are any winning lottery tickets left unclaimed, the SBF tokens allocated to that ticket will be burned. ) - Closing Time 2021–05–12 3:00 PM (UTC).
- Listing on Pancake on 2021–05–12 3:00 PM (UTC): SBF/BUSD token pair will be tradable on Pancake.
- Claiming Period, 2021–05–12 3:15 PM (UTC): The SBF tokens purchased will be directly airdropped to the respective community sale participants.
With these SBF tokens issued. Token holders can submit and vote on proposals, burn SBF to accelerate their unstaking process, or HODL to accrue value when tokens are burned during staking and unstaking processes.
(Note: LBNB/BNB farming will be a continuous process and will always continue even after the community sale launch and genesis farming)
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 where liquidity providing, yield farming, LP mining, and lending platforms make users lock up their tokens and make them unable to use them for other purposes like governance voting or layer1 reward distribution.
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.
By staking BNB and minting LBNB, users will earn validating rewards (rewarded in BNB), and when providing liquidity in LBNB/BNB pools, user will earn another additional yields (rewarded in Steakbanks’ native token, SBF).
