What is Strike (STRK) | What is Strike token | What is STRK token

What Is Strike (STRK)?

Strike is a DeFi lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several markets supported by the platform.

When a user deposits tokens to a Strike market, they receive sTokens in return. These sTokens represent the individual’s stake in the pool and can be used to redeem the underlying cryptocurrency initially deposited into the pool at any time. For example, by depositing ETH into a pool, you will receive sETH in return. Over time, the exchange rate of these sTokens to the underlying asset increases, which means you can redeem them for more of the underlying asset than you initially put in — this is how the interest is distributed.

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On the flip side, borrowers can take a secured loan from any Strike pool by depositing collateral. The maximum loan-to-value (LTV) ratio varies based on the collateral asset, but currently ranges from 50 to 80%. The interest rate paid varies by borrowed asset and borrowers can face automatic liquidation if their collateral falls below a specific maintenance threshold.

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.

STokens

Each asset supported by the Strike Protocol is integrated through a sToken contract, which is an EIP-20 compliant representation of balances supplied to the protocol. By minting sTokens, users (1) earn interest through the sToken’s exchange rate, which increases in value relative to the underlying asset, and (2) gain the ability to use sTokens as collateral.

sTokens are the primary means of interacting with the Strike Protocol; when a user mints, redeems, borrows, repays a borrow, liquidates a borrow, or transfers sTokens, she will do so using the sToken contract.

There are currently two types of sTokens: SErc20 and SEther. Though both types expose the EIP-20 interface, SErc20 wraps an underlying ERC-20 asset, while SEther simply wraps Ether itself. As such, the core functions which involve transferring an asset into the protocol have slightly different interfaces depending on the type, each of which is shown below.

How do sTokens earn interest?

Each market has its own Supply interest rate (APR). Interest isn’t distributed; instead, simply by holding sTokens, you’ll earn interest.

sTokens accumulates interest through their exchange rate — over time, each sToken becomes convertible into an increasing amount of it’s underlying asset, even while the number of sTokens in your wallet stays the same.

Can you walk me through an example?

Let’s say you supply 1,000 USDC to the Strike protocol, when the exchange rate is 0.020070; you would receive 49,825.61 sUSDC (1,000/0.020070).

A few months later, you decide it’s time to withdraw your USDC from the protocol; the exchange rate is now 0.021591:

  • Your 49,825.61 sUSDC is now equal to 1,075.78 USDC (49,825.61 * 0.021591)
  • You could withdraw 1,075.78 USDC, which would redeem all 49,825.61 sUSDC
  • Or, you could withdraw a portion, such as your original 1,000 USDC, which would redeem 46,315.59 sUSDC (keeping 3,510.01 sUSDC in your wallet)

How do I view my sTokens?

Each sToken is visible on Etherscan, and you should be able to view them in the list of tokens associated with your address

sToken balances have been integrated into Coinbase Wallet and MetaMask; other wallets may add sToken support

Can I transfer sTokens?

Yes, but exercise caution! By transferring sTokens, you’re transferring your balance of the underlying asset inside the Strike protocol. If you send a sToken to your friend, your balance (viewable in the Strike Interface) will decline, and your friend will see their balance increase.

A sToken transfer will fail if the account has entered that sToken market and the transfer would have put the account into a state of negative liquidity.

How and Where to Buy Strike (STRK)?

Strike has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT, BNB from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy STRK

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

We will use Bittrex Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

SIGN UP ON BITTREX

After the deposit is confirmed you may then purchase STRK from the exchange

The top exchange for trading in STRK token is currently Bittrex and Upbit

Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once STRK gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Top exchanges for token-coin trading. Follow instructions and make unlimited money

https://www.binance.com
https://www.bittrex.com
https://www.poloniex.com
https://www.bitfinex.com
https://www.huobi.com
https://www.mxc.ai
https://www.probit.com
https://www.gate.io
https://www.coinbase.com

Find more information STRK

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🔺DISCLAIMER: The Information in the post is my OPINION and not financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.

🔥 If you’re a beginner. I believe the article below will be useful to you

⭐ ⭐ ⭐ What You Should Know Before Investing in Cryptocurrency - For Beginner ⭐ ⭐ ⭐

I hope this post will help you. Don’t forget to leave a like, comment and sharing it with others. Thank you!

#blockchain #bitcoin #strk #strike

What is Strike (STRK) | What is Strike token | What is STRK token
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