Introducing Strike — Decentralized Finance (DeFi) Money Market on Ethereum
Strike Finance is a new digital asset money market that is fully decentralized and operates on the Ethereum Blockchain. Strike is powered by the Strike Governance Token (STRK) which will govern and reward the protocol. Spendchain will be rebranded to Strike and there will be a conversion of SPND to STRK at a rate of 1,000 to 1. To further clarify, this means that for every 1,000 SPND coins a user has, they will be able to convert it to 1 STRK. The current team supply was already burned, therefore not leaving any team supply remaining to be converted, and thus enabling the current token holders to have full decentralized control of the protocol. There will be an initial circulating supply of 2,540,788 and a max supply of 6,540,788. This means there will be 4 million Strike Governance tokens (STRK) distributed over the liquidity mining period, which is currently set for 8 years. STRK will not have an ICO or any token sale in any capacity, shape or form. Users will only be able to mine STRK and purchase it from other users to use on Strike.
The protocol is a fork of Compound and we thus thank their team and developers for creating a revolutionary open-source platform that will democratize how digital assets flow through in a decentralized manner. All of the latest improvements and configurations will be available on Strike and users will be able to make all protocol improvements and changes through the Governance module powered by STRK.
Strike has officially launched its test net where users can access the Strike Faucet and Strike App to test the protocol. Strike is different than most money markets, such as Compound, as there is no central control of the supply between venture capitalists, investors and the team, thus leaving Strike sufficiently decentralized from inception. The goal of the protocol is to enable a seamless money market that can scale quickly with new reliable assets and Governors who can white list these assets. To start, Strike will support over 10 digital assets and Governance will be live from the beginning of the main net so users will have full control of the protocol.
The main network launch and token swap availability will occur on March 30th, 2021 at 00:00 UTC. The Spendcoins held on the Spend App and exchanges (specifically: Bittrex, OKEx, Upbit, and Kucoin) will support the swap and will announce their own specific details for the swap. Users will be able to immediately utilize their Strike Governance Tokens (STRK) to use Strike. STRK will be able to be staked on the platform to participate in liquidity mining as well.
For more information, please visit Strike.org or read the Strike White Paper.
