SteakBank’s Genesis Farming & Community Sale
Hello Steakers, thank you for the overwhelming support and thank you for being patient! We have completed the audit of our contracts by Beosin & 360safeguard, and we are now pleased to officially announce our genesis farming details.
Genesis Farming
The community can start staking “Steaks’’ with us to earn our SteakBank.Finance token, “SBF”, starting from 2021–04–29,4:00 AM (UTC). The genesis farming period will last for 2 weeks, and end on 2021–05–13, 4:00 AM (UTC). Anyone who contributed to the minting of LBNB by staking BNB, will receive rewards.
This genesis farming period is meant to incentivize our community to participate in the current LBNB product. We reward our users when they interact with our platform, for example, staking their BNB with us, and contributing by providing liquidity to our LBNB/BNB pools.
The amount of rewards given out will also depend on the level of interaction and contribution. So users who stake BNB to get LBNB, and then use the LBNB to provide liquidity to the LBNB/BNB pair will receive more rewards than users who only stake BNB.
Genesis Farming Details:
- Users will be rewarded when they perform two different functions:
- Stake BNB
- Add liquidity to the LBNB/BNB pool.
Total rewards for Staking BNB will be 50,000,000 SBF.
- 20% of these rewards (10,000,000 SBF) will go to users who only mint LBNB, but do not further add into the LBNB/BNB pool.
- 80% of these rewards (40,000,000 SBF) will go to users who stake the LBNB into BNB pools.
A total of 19,178,082 SBF will be rewarded to users who mint LBNB by staking BNB on SteakBank.Finance, provide liquidity in the LBNB/BNB pool, and use the LP token received to stake on theSteakBank platform.
The genesis farming rewards calculation will end on 2021–05–13, 4:00 AM (UTC) and rewards will be distributed on 2021–05–14, 4:00 AM (UTC) via airdrop. Rewards will be calculated via a random daily snapshot.
LBNB/BNB pools will still continue to run after the genesis farming period, and incentivisation will continue. New incentivisation metrics will be announced, and the re-calibration of rewards will be then be released every 3 months. This is to ensure that the rewards are optimised, and to maintain attractive yields for our users.
Lastly, when participating in our genesis farming, users are still earning validator rewards (rewarded in BNB) , while at the same time earning the airdrop from minting LBNB (rewarded in SBF), and earning rewards from the LBNB/BNB pools (rewarded in SBF).
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.
