SteakBank.Finance’s Tokenomics and upcoming Token Sale
Thank you for the overwhelming community response in all the AMAs sessions. One of the topics that have been frequently touched upon is the Tokenomics and token model of SBF. Therefore we would like to place some emphasis on what is our SBF token, its use cases and how it accrues value.
To begin, SteakBank’s native token “SBF”, is a BEP-20 token that exists on the Binance Smart Chain, and will be traded on PancakeSwap upon its initial listing on 2021–05–12 3:00 PM (UTC)
Token Distribution and Vesting Schedule
*note: While SBF has an initial total maximum supply of 10,000,000,000 SBF tokens. The total supply will be reduced by 191,780,789.76 SBF, deducted and burned from the team’s token supply, as announced on our Telegram announcement channel.
Token Model
As for the current use cases of the SteakBank Token (SBF), it can be:
- Used to submit and vote on proposals (governance),
- Burned to accelerate unstaking processes,
- Accrue value when fees are collected during staking and unstaking processes and used to buy back SBF, which is subsequently burned. Value is accrued on the SBF token when fees collected during the staking and unstaking processes is used to buyback SBF token, and then subsequently burned.
Other new use cases and developments are being planned, including bringing in other staked assets to BSC such as Solana, Polkadot, and others. This would accrue more value for SBF.
Our team is also structuring out a plan to work towards being one of the 21 validators of the Binance Chain. This would also provide SteakBank with revenue which would be used to buy back and burn SBF. According to a rough estimate as of 10 May 2021, the monthly revenue of a validator can be as high as ~$1 Million.
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.
