01 Sep 202021:08
Pinknode AMA Recap
Myko (CryptoDiffer)Hello, everyone!😁
We are glad to meet here:
Salty SteakChef, Project Coordinator
Salty SteakChefHi everyone !
Myko (CryptoDiffer)Welcome Salty, thank you for taking your time today!
Salty SteakChefthank for you having me today too
Myko (CryptoDiffer)Okay we prepared 5 questions to start with! Are you ready to start!
Salty SteakCheflets go !
Myko (CryptoDiffer)Let`s start with the introduction !
Q1: Can you introduce yourself to our community?
Salty SteakChefyeah sure
Hi, I am the project coordinator of SteakBank. But rather than talking about myself, would prefer to talking about the team. Steakbank is an anonymous team. We have been in the space for quite some time, even before all the altcoins boom. Our team have experience working for funds, top exchanges and have experience building projects with Fully Diluted Valuation > $1 Billion. So, we are technical & financially savvy, and have strong networks.
Myko (CryptoDiffer)Q2: Can you introduce Steakbank to us?
Salty SteakChefyeah sure
SteakBank.Finance serves a few purpose. Firstly, it is not just any farm. It allows users to earn multiple income/yield. Firstly, our users can earn “Validator rewards” when they stake their BNB with us. We will then mint a liquid token, LBNB for our users, which they can then use it to participate in other farms such as LBNB/BNB pool and earn extra yield from our SBF tokens. In future they can also have the possibility to use LBNB on lending/borrowing platform as collateral, and also earn yields on it. In this ways, our users can stack yields and get higher returns.
Secondly, SteakBank has an automated dynamic staking strategy, ensures our user always receives the highest staking reward, without the need for users to constantly monitor the changes of the reward given by the validator and making the switch manually.
Thirdly, SteakBank has an early unstake option that is provided by matching liquidity with new users on the SteakBank's matching engine. This gives option for users to unlock <= 7 days, compared to a fixed unlock period 7 days on the native Binance Chain.
Also to earn the validator yields, our users do not need to run a validator node.
Myko (CryptoDiffer)nice one!
let's now talk about your current progress and future goals!
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Currently, we have completed our main StakeBank protocol V1 solidity contracts which includes BNB staking and farming and finished the Dapp. The product on the web is already working. We have also finished 2 contracts audits.
Some of our future plans include adding more pools, integrating with many other partners to use our LBNB assets, be it to stake, or use as collateral on other platform, or even build products on top of it.
Myko (CryptoDiffer)here's a question about project roots
Q4: How you came up with the concept of SteakBank and what problems are you solving?
and i think the last question logically enhances this one, so you can combine answers
Q5: Who are your competitors in crypto and whats the strategy to outperform them?
Salty SteakChefGood question,yup ! I’ll answer both together.
The team came up with concept of SteakBank, after seeing several issues in the market. Such as capital inefficiency, while chasing for highest yield. We believe we can do a better job. For example, we can provide our users the ability to earn validating yield by staking their BNB with us, and yet still use the “Staked capital”, (Because we will issue a liquid BNB (LBNB) and let the user stake them again in farms or use as collateral again other lending/borrowing platforms) Which means multiple income from the same assets. You will earn BNB + SBF. Plus, if in the future, yield aggregator wants to add LBNB into their pools, they could possibly earn BNB + SBF + (3rd party yield aggregator tokens)
And if they want even more future possibility, it is also possible to build leverage products from it.
Also touching the part about competitors and problems we are solving. A similar competitor would be like LIDO. They do liquid staking and issue the liquid version of the stake ETH (stETH). Users can then use stETH to stake or do other DeFi activities on the Ethereum blockchain. However, there is an issue in that since ETH2.0 is not fully functioning now, and users are able to unstake. Therefore, due to the reason that it is only one sided, only stake and users can’t unstake, there is no arbitrage opportunities, and which is why sometime u might see the ETH/stETH being unpegged. This is unlikely to happen to SteakBank, because BSC is fully functional and our users can arbitrage, making riskless profit, and pushing the LBNB/BNB pair to price parity. The reason we choose BSC over ETH Defi ecosystem, and issue our liquid tokens on BSC is because we want to embrace the whole community, including newcomers with lesser capital so they can participate in DeFi, and not let the high Ethereum gas cost erode the high yield provided by DeFi. We believe there is definitely an opportunity in this space and we are inherently solving a problem in the space, by allowing our user to maximise their capital efficiency. Fees generated will be used to buy back our native token, (SBF) and burned. SBF is burned for queue cutting features too. For your reference, Lido is currently valued at $4.4 Billion which shows the demand of liquid derivatives protocol.
Myko (CryptoDiffer)woah! thank you a lot for your answers! Now let's move on to the community part!
Cryptodiffer CommunityTell us more about STEAKBANK SECURITY mechanisms, do have a AUDITED SMART CONTRACT, are users free from being hacked and RUGPULL. ?
Salty SteakChefyes we have audited our smart contract twice, and by two different firms
also the funds are also safe, and we have implemented multi-sig measures to prevent rug-pulls for any individuals
Cryptodiffer Communitynetwork is also an important thing! can you please tell me which network the project will use and how strong will it support the Steakbank?
Salty SteakChefyes good question. It will be on the BSC network. and the reason being, as mentioned above.
Cryptodiffer CommunityIs the trust wallet not available to steake bnb on steakbank?
Sorry I just wanted to clarify. Is the sbf currently pending in the steak bank dapp separate from the 10,000,000 and 40,000,000 that will be shared among those who contribute to genesis staking and lbnb/bnb pools?
Salty SteakChefit included both. If you are staking BNB, and also using the LBNB, and BNB to pool, then you will be earning from both
Cryptodiffer CommunityDo you plan to enable SBF Staking, as well as new features for the token in the future?
In addition to the lower commission rates, what additional reasons determined SteakBank's development over BSC? What benefits does BSC present over other alternatives on the market to the end user?
Salty SteakChefYes of course ! Also, it's actually commission rate. It's actually the gas cost which we are referring to. Which can adds up to alot. Therefore when our liquid derivatives are on BSC network, users can actually earn more, and have gas savings
Cryptodiffer Community🌻 what are You Currently Focus on? Can You Give us na overview of your roadmap? Is there any interesting update coming up?
Salty SteakChefYes definitely, there will be integrations and partnerships with other staking platforms, lending/borrowing platforms, other pools. But we will announce these on our announcements
Cryptodiffer Community--- Currently, SteakBank only support BNB for staking. In the future which others assets will SteakBank support?
--- Your website mentions about an "automated dynamic staking strategy", how is this mechanism different from other staking methods? How is it guaranteed that the highest stake reward will always be received?
Salty SteakChefgood questions. because validator can change their rewards on a daily basis. And if you do not monitor and change, you might get a lower rate. What steakbank does, is that it auomatically monitor all the yields from different validators for you, and automatically chooses the highest one to stake it at
Cryptodiffer CommunityI have understood that SteakBank uses a colleratized token based on the BNB, under the name LBNB, so can you please why do you need that token instead use the original BNB version?
Salty SteakChefGood that you ask. Because by doing so, you free up the capital of BNB, and is able to earn two different multiple stream of income
take for example if you BNB is staked for validating.
without the LBNB, you cannot stake the BNB in other pools at the same time,
and you only earn the validating rewards
but with the LBNB, you can earn Validating rewards + Pools rewards , or Validating rewards + lending yields, or many other stuff
Cryptodiffer Community🔥How do validators work in the automated dynamic staking system and what are your shortest and longest lockout periods for staking?
🔥What is the advantage of the matching engine for the early share option and can all staking holders benefit from the 7-day fixed unlock option on Binance Chain?
Salty SteakChefshortest would be 1 day, longest would be 7 days.
The advantage would be that our users can have more liquidity, and be more flexible to market conditions
Cryptodiffer CommunityI saw a particular tweet by SEFEPHIER calling on the CEO of binance that the steakbank can be a valuator for BSC and a solution for the long term prospect of BSC. This is huge for Steakbank if is achievable. However, can you back up this claim with a simple explanation ?
Salty SteakChefi guess u mean validator.
Yes, as long as we have enough BNB, we can definitely be a validator, and be part of the 21 validator to validate the Binance Chain. To be honest, there is plans, and we are very much looking into it. Hope to announce something soon
Cryptodiffer Community🧿 Can you explain a little more in detail about your governance system? How many tokens are necessary to hold to propose changes to the platform? How will your voting system work? Also, what mechanism does SteakBank have to avoid monopolization by users with many tokens and power?
🧿 Your medium site mentions that the contract have been audited and the application is live, but there's no link to see this audit report, so where can user have access to read it?
Salty SteakChefHi, under the docs, you can download the link to see the audit report.
Cryptodiffer Community🥩How did the name SteakBank come about?
Salty SteakChefHAHA... good question. It was actually called Stakebank.
But in DeFi there is so many food tokens, and we just wanted to go along with the pun, "Stake" -> "Steak"
Cryptodiffer CommunityHello 🙋 ,
Q1-- How has "Steakbank Finance" become SECURE liquid staking solution to stake without any doubt ?
Q2- Do you have an idea to expand Steakbank finance to different blockchain networks ?
Salty SteakChefQ1 - yes we have sent for audit twice by diff companies
Q2 - Yes , BNB is only the first asset. We are considering the next network to add.
Cryptodiffer CommunityI read you're currently in The genesis farming period that will last 2 weeks. Is there a reason why only 2 weeks? Is there a plan to make more Farming periods un the future?
Salty SteakChef2 weeks is the genesis farming period
and yes, of course there will be continous rewards for future farming
Yup, already replied. If you are unsure again, please join our telegram , and feel free to ask again
Hi guys ! Was a lovely chat and a really good AMA session
love your questions
Myko (CryptoDiffer)Grand thanks to you, Salty!
Salty SteakChefThanks guys !!!
Really appreciate your attendence too