SBF Tokenomic V2 FAQ and Update
After the introduction of the Tokenomics V2 on 14th September 2021, there have been quite a few questions coming from the community. As such, we have gathered the most common questions that were asked and created a FAQ to clarify the update:
- The longer your tokens are staked the more yield you will get. Basically, a fixed set of emissions has been set for the quarter, and at every milestone that you reach. These milestones can be, for example, at 7 days, at 30 days, etc.
When you start farming, you will always start at contract 1, which offers you 10% of the supply reward for the quarter. After 1 week, your SBF will then farm both Contract 1 + Contract 2, and so on! Best to keep your funds staked!
2. Claiming SBF rewards and staking them back into the Single stake pool will not reset your aging timeline. However, unstaking your SBF will reset the aging process.
3. The LBNB/BNB pool will start farming from all 4 contracts at the same time. The reason for this is to prioritize liquidity, as liquidity is important and we want to incentivize stakeholders with more rewards upfront, as they provide more utility and value to the platform. With that benefit, LBNB/BNB liquidity providers (LPs) will be taxed if they harvest before 90 days (decreasing linearly from 40%)
4. The SBF/BUSD pool will start farming from the first 3 contracts and only upgrade to the fourth contract after 60 days. Similar to LBNB/BNB LPs, SBF/BUSD LPs will also be taxed if they harvest before 90 days (decreasing linearly from 30%)
5. The current annual percentage rate (APR) shown on our website as of today’s date only takes into consideration farming from 1 contract/farm(T+0) and as you stake for longer and do not unstake, you will unlock 4 contracts/farm giving you a projected APR of 220%
As of today (10 days after Tokenomics V2) we have collected 1,853,348 SBF in tax fees from the LBNB/BNB and SBF-BUSD LPs’ harvests. These collected taxes will be reinjected into the rewards for future batches.
It’s important to point out that after 7, 30, 60 and 90 days you will need to click on “approve” button. This is so you can move to the next farming contract. The APR should increase on a daily basis. You won’t be able to view the APR of each stake, below is an illustration of how it is being calculated.
Here is how you calculate the APR:
Stake 1: APR 800% (100 SBF staked)
Stake 2: APR 400% (40 SBF staked)
Stake 3: APR 200% (60 SBF staked)
Current APR = (800%*100/(100+40+60)) + (400%*40/(100+40+60) )+ ( 200%*60/(100+40+60)) = 540%
Happy Steaking!!
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.
Steakbanks’ native token, SBF, will also be rewarded when users stake their liquid token in SteakBank’s liquidity pool.
