Governance Voting
At Steakbank, our goal is to create and foster an open community where our users have the freedom to participate in the future of our platform. Together, we will build a financial infrastructure that is sustainable and democratic.
To get there, we plan on fully decentralizing SteakBank and will start by introducing the ability to be able to vote and submit proposals for SBF holders , thereby opening new possibilities for our platform to evolve in entirely new ways.
Today, we’re proud to announce our governance module that will allow you to propose, discuss, and implement changes to SteakBank without fully relying on the original team behind Steakbank.
SteakBank’s Governance Token
SteakBank Finance is now governed and upgraded by SBF token holders.
To start things off, several governance venues are available to SteakBank’s governance, each serving its own particular purpose.
A voting interface that allows users to use their SBF to choose based on their preferences. Votes on snapshots are weighted by the number of SBF delegated to the address used to vote.
Votes on Snapshots are typically off chain governance that doesn’t contain transactions, but provide a purpose for the community to come to a conclusive decision(i.e decisions on UIUX updates, Design, etc.).
As for on-chain governance, which we will expand more under ‘’Governance Portal’’, the proposal contains a transaction that is able to change the on-chain smart contract value. (i.e directly changing the stake and unstake fee rate by the transaction.)
Governance Portal
The formal governance portal can be accessed directly through the SteakBank decentralized application interface. Votes are delegated and cast through the portal.
Below we outline a preliminary draft for the SteakBank governance process. These processes are subject to change according to feedback from the SteakBank community.
- A user with more than 1% of SBF’s supply can create a proposal.
- Creating a proposal doesn’t cost any SBF
- A proposal that is “accepted” will requires more than 2% of the supply of SBF voting yes.
- Also, the amount of votes, voting for yes must be larger than those voting no.
- Voting periods last for three days
- If the proposal is passed, anyone can send the transaction to queue the proposal
- Two days later anyone can send the transaction to execute the proposal.
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 validators, 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.
Steakbank’s native token, SBF, will also be rewarded when users stake their liquid token in SteakBank’s liquidity pool.
