How to Farm SBF on SteakBank.Finance
Thanks to SteakBank, it will soon be possible to improve capital efficiency in the decentralized finance (DeFi) space. Users can use their BNB to earn validator rewards on the Binance Smart Chain (BSC) and use a minted liquidity token — LBNB — to compound their gains using it on liquidity pools. Farming SBF just makes it all juicier.
Staking BNB will lock the tokens to earn validator rewards. Capital efficiency is improved using our platform by creating the LBNB token. We can then use this token to provide liquidity to the BNB/LBNB pool on PancakeSwap to receive liquidity provider (LP) tokens in return.
Let’s look at how users can start “steaking” with us and participate in our genesis farming period, which begins on April 29, 2021, at 4:00 AM UTC and ends on May 13, 2021, at 4:00 AM UTC.
Part 1: Creating and funding your wallet
First, you’ll need a wallet that interacts with decentralized applications built on the BSC. These include wallets like MetaMask or the Binance Chain Extension Wallet.
Step 1: Download a wallet that supports the BSC. You can find a list of wallets here.
Step 2: After ensuring your wallet can interact with these dapps, you need to fund it. Use a trading platform like Binance, Poloniex, or FTX to buy Binance Coin (BNB). The tokens are used to pay for transaction fees on BSC and will be used on SteakBank.
Part 2: Staking BNB
Step 1: Access the SteakBank.Finance app and connect your wallet. To do so, click on “Connect” at the top right corner of the page.
Step 2: This will open up a page asking you to select a wallet: the Binance Chain Extension Wallet or MetaMask. Keep in mind the latter should be using the BSC network, not Ethereum.
Step 3: Now, type the amount of BNB you would like to stake and click on “Stake.” This will lock your BNB to earn validator rewards and mint LBNB tokens with similar value that will be sent to your wallet. (Note: If a user intends to stake in the LBNB/BNB pool, they will need to remember not to stake 100% of their BNB into LBNB, but rather 50%. This is because they will need to supply the other 50% as BNB in the LBNB/BNB pool)
Part 3: Adding liquidity to PancakeSwap’s BNB/LBNB pool
Step 1: Click on the Genesis Farming section of SteakBank’s website on the top of your screen.
Step 2: This will open a new page on SteakBank’s Genesis Farming period and the LBNB/BNB pool. Next, click on “Provide Liquidity’’ under the “Farm” button.
Step 3: A new page on PancakeSwap will show up. Start by clicking “Unlock Wallet” and choose which wallet you are using. This will trigger a pop-up window informing you PancakeSwap is trying to connect to your wallet. Click on “connect.”
Step 4: Click on “approve LBNB” to allow PancakeSwap to use your LBNB. A pop-up window asking if you allow the platform to use the funds will open. All you have to do is approve it and pay a small transaction fee — in our case, of 0,00024423 BNB ($0.14).
Step 5: Enter the amount of BNB and LBNB you wish to add to the pool. If you choose to add 1 BNB, you will have to add nearly 1 LBNB as these have to be similar. After entering your amount, click “Supply.” You’ll need to accept this transaction in your wallet and pay another small transaction fee.
A new window confirming the transaction has been submitted will appear, with a link to view the transaction on BscScan. Once confirmed, your funds will be in the pool.
In return LP tokens representing your position in it will be sent to your wallet. These tokens automatically earn fees according to your share in the pool and can be redeemed at any time.
Part 4: Staking your LP tokens
Step 1: Head back to our app’s Genesis Farming page and click “Approve” to allow SteakBank’s smart contract to use your LP tokens and farm SBF. A pop-up window asking for confirmation will appear.
Step 2: After approving the use of your LP tokens, click “Deposit” to stake them and start farming SBF on SteakBank.Finance while participating in our Genesis Farming stage. The dashboard will then show you your stake, pending rewards, APR, locked rewards, and wallet balance.
To withdraw the funds, simply click on “withdraw” and type the amount you want back in your wallet.
That’s it! As mentioned in our Genesis Farming article, when you mint LBNB tokens (part 2), you will be eligible to receive a share of the 50,000,000 SBF being airdropped to users staking BNB in our platform.
Moreover, a total of 19,178,082 SBF will be airdropped to users who mint LBNB by staking BNB on SteakBank, provide liquidity to the LBNB/BNB pool, and use the received LP tokens to stake on our platform — which you can do by following this tutorial.
The rewards will be calculated via a daily random snapshot, and distributed on May 14, at 4:00 AM UTC.
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.
