Multiple announcements -New Farms, Migration
Dear Steakers,
Once again, thank you for the participation in the genesis farming, it has been a great success. It really warms our hearts to see so much feedback from the community, congratulating us on our launch and being satisfied with their “Fatty” SBF rewards.
For this announcement, we will be announcing several updates for the community. Namely,
1) The new farming program & 2) Rewards contract Migration.
New Farming Program:
SBF/BUSD pool
Steakbank Finance will be implementing a new pool, SBF/BUSD, and It will be starting on 17 May 2021 10am UTC. 10,666,666.67 SBF will be given out over a period of 30 days. (updated)
LBNB/BNB pool
The new LBNB/BNB pool will be starting on 17 May 2021 10am UTC. Rewards will still be at a similar rate to the previous pool reward, running for 30 days. 41,095,890.41SBF will be given out over a period of 30 days. (updated)
Reward Contract Migration:
Our distribution of SBF to LBNB/BNB pools have ended on block height 7380188. And the new contract for adding the LBNB/BNB liquidity will be initiated on block height 7484938. However during the interim period of migration, users who are providing liquidity will still be rewarded with SBF tokens according to the previous rate of 1,369,863 SBF per day. The migration will take 2 days from the farming initiation, and the migration will be done on 19 May 2021 10am UTC. (updated)
During this migration, users can follow these steps on our Dapp Page.
Step 1: Unstake from blindFarming
Step 2: Approve to new farming contract
Step 3: Stake to new farming contract.
We will be providing these three buttons to execute the 3 steps.
Once again, we thank the community for your trust and confidence in our product. We will do our best to provide the best that we could, and continue improving and adding in new features to our product.
Onwards and upwards !
Best,
SteakChefs
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.
