What is SteakBank Finance (SBF) | What is SteakBank Finance token | What is SBF token

What is SteakBank Finance (SBF) | What is SteakBank Finance token | What is SBF token

SteakBank is a multi-asset staking platform for users to participate in validating the respective chain, while at the same time freeing the value locked in it. This is done by issuing a BEP20 liquid derivative token representing the staked token's value on the Binance Smart Chain. What is SteakBank Finance (SBF) | What is SteakBank Finance token | What is SBF token

In this article, we'll discuss information about the SteakBank Finance project and SBF token

Vision

“To maximize the utility of underlying token by enhancing liquidity and unlocking the latent value of all staked assets. Fostering a more vibrant, low cost and efficient DeFi ecosystem that embraces all different demographics of participants, be it early participants or newcomers.”

Introduction

SteakBank is a multi-asset staking platform for users to participate in validating the respective chain, while at the same time freeing the value locked in it. This is done by issuing a BEP20 liquid derivative token representing the staked token's value on the Binance Smart Chain. Liquid token will be represented with an "L" infront of their usual ticker (i.e BNB -> LBNB) SteakBank Token will be represented with the ticker symbol "SBF"

Features

Main Features

The main feature allows users to use these liquid tokens to gain 💸 extra yields % by using these Liquid tokens to participate in liquidity pools or generate interest in the lending/borrowing markets.

Sub-Features

On top of maximizing yields, different assets will have other different features that benefit the stakers of different chains.

BNB Specific features

i.e. for BNB staking:

  • Dynamic yield maximizing across multiple validators
  • Early unlock from staking
  • No loss of stake even if the validator is jailed.

The project will start with BNB for a start, before expanding into other assets.

Taste the sweet sizzling juicy yields on top of the cooked "steak" !!

What do we do?

SteakBank.Finance is a Defi platform that provides liquid staking service for any assets.

Earn compounded yields by minting liquid tokens of the staked asset and depositing them in liquidity pool, or use them as collateral on lending/borrowing platforms.

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.

Early unstake option 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.

Users will be able to earn yield, without the need to run a validating node.

SteakBank Token

Governance

SteakBank's native token will be used as a Governance token. SBF holders will be able to participate in future developments of the platform and suggest changes such as the parameters of the underlying incentive mechanism.

Value Accrual For Fees

The fees collected from minting of LBNB tokens and redemption of BNB will be stored in the smart contract. The fees collected will be used to buy back SBF and burned.

Accelerate Early Unstake

Users have the option to burn SBF to speed up their queue if their LBNB is queued for unstaking.

Ticker: SBF

Contract Address: https://bscscan.com/address/0xa944c5619D2F22d44c9F3A8De9642902C6d9D7A1#code

Chain: Binance Smart Chain (BEP-20)

Maximum Supply: 100,000,000 SBF Tokens

SBF Token Distribution

Private Sale : 7% - 20% upon exchange listing, 6.67% per month thereafter

Public Sale (IFO): 6% - Fully unlock

Advisor: 5% - 6 months cliff, 8.33% every month thereafter

Marketing : 5% - 10% upon exchange listing, 5% per month thereafter

Exchange Liquidity Provision : 3% - Reserved for Dex and Cex liquidity provision

Team : 24% - 6 months cliff, 5% every month thereafter

Ecosystem Growth: 50% - Reserved for liquidity mining, partnerships and future development

Deflationary Mechanics:

At present,

  • SBF token is held for voting
  • SBF token will be burned as fees when minting LBNB & redeeming BNB
  • When minting LBNB, 0.1% LBNB will be deducted as staking fee. When redeeming BNB, 0.1% LBNB will be deducted as unstaking fees
  • The stake fee and unstake fee will be collected into communityTaxVault. These fees will be used to buy SBF from Pancake swap, and the SBF will be burned immediately.
  • Governance token will provide the right to trigger the burn operations.
  • SBF token can be burned to accelerate unstaking of liquid token from the validator nodes
  • SBF token can be locked up to farm for more SBF tokens. 

FAQ

01 What is LBNB ?

LBNB is minted for the user when they stake their BNB token with SteakBank. The value of LBNB minted will be similar to the value of BNB staked. User will then be able to use LBNB to participate in liquidity pools or collateral to earn more yields.

02 What is SBF ?

SBF is the governance token for SteakBank. SBF holders can submit and vote for proposal, burn SBF to accelerate their unstaking process, or hold SBF to accrue value when fees are burned during the staking and unstaking process.

03 How to get staked BNB back ?

Users can simply click on the unstake button in the SteakBank's Dapp to get their staked BNB back. The LBNB tokens will be burned during the redemption process. Afterwards, the user will just need to wait for their pending unstake to be claimable, and the waiting time would depend on the queue(maximum 7 days). Users will also be able to burn SBF to accelerate their queue.

04 Why can’t I get staked BNB back immediately ?

The fixed unstaking time on the native Binance staking mechanism is currently 7 days, and similarly that would be the upper limit for unstaking LBNB on SteakBank. However if new BNB is staked while other users are looking to unstake on SteakBank's platform, similar value could be netted off, allowing users to claim their BNB earlier on the next day.

05 Why is the LBNB/BNB exchange rate changing ?

The initial exchange rate would start off with 1:1 ratio of BNB to LBNB. However, once BNB has been staked, the rewards received will be in BNB, and therefore the amount of BNB will be larger than the amount of LBNB minted. Hence, when the user unstake LBNB, they will receive more BNB as a result, and that is due to the the rewards received during staking.

Bug Bounties

This bug bounty program is to engage its technically savvy community and incentives them when they contribute to hardening the security of the smart contract, preventing the potential loss of user funds and the disruption of the overall system.

To submit bug bounty, please proceed with the bug submission process on the SteakBank bug bounty page.

Smart Contracts and Blockchain

Critical USD 10,000 High USD 6,500 Medium USD 3,500 Low USD 1,000

Payouts will be provided by the SteakBank team directly and are denominated in USD. However, payouts are done in BUSD or SBF. Critical-level smart contract vulnerabilities that result in the loss of user funds will have rewards additionally capped at 10% of the funds potentially affected based on the vulnerability that was identified. These rewards are additionally only payable in *SBF and have a vesting schedule lasting between 6-12 months with a minimum of 6 months for rewards up to USD 400 000, with an additional month added for every USD 100,000 tranche, rounded up.

Assets in Scope

Prioritized vulnerabilities

We are especially interested in receiving and rewarding vulnerabilities of the following types:

Smart Contracts and Blockchain

  • Re-entrancy
  • Logic errors
  • including user authentication errors
  • Solidity/EVM details not considered
  • including integer over-/under-flow
  • including unhandled exceptions
  • Trusting trust/dependency vulnerabilities
  • including composability vulnerabilities
  • Oracle failure/manipulation
  • Novel governance attacks
  • Economic/financial attacks
  • including flash loan attacks
  • Congestion and scalability
  • including running out of gas
  • including block stuffing
  • including susceptibility to frontrunning
  • Consensus failures
  • Cryptography problems
  • Signature malleability
  • Susceptibility to replay attacks
  • Weak randomness
  • Weak encryption
  • Susceptibility to block timestamp manipulation
  • Missing access controls / unprotected internal or debugging interfaces

Out of Scope & Rules

The following vulnerabilities are excluded from the rewards for this bug bounty program:

All Programs

  • Attacks that the reporter has already exploited themselves, leading to damage
  • Attacks requiring access to leaked keys/credentials
  • Attacks requiring access to privileged addresses (governance, strategist)

Smart Contracts and Blockchain

  • Incorrect data supplied by third party oracles
  • Not to exclude oracle manipulation/flash loan attacks
  • Basic economic governance attacks (e.g. 51% attack)
  • Lack of liquidity
  • Best practice critiques
  • Sybil attacks

The bug bounty program prohibits the following activities:

  • Any testing with mainnet or public testnet contracts; all testing should be done on private testnets
  • Any testing with pricing oracles or third party smart contracts
  • Attempting phishing or other social engineering attacks against our employees and/or customers
  • Any testing with third-party systems and applications (e.g., browser extensions) as well as websites (e.g., SSO providers, advertising networks)
  • Any denial of service attacks
  • Automated testing of services that generates significant amounts of traffic
  • Public disclosure of an unpatched vulnerability in an embargoed bounty

Contract Addresses

SteakBankUpgradeableProxy:
https://bscscan.com/address/0x79DB0dAa012F4b98F332A9D45c80A1A3FFaa6f9a#code LBNB: https://bscscan.com/address/0x43C37e8240d0fCCEF747d12e201Bf295e4226388#code SBF: https://bscscan.com/address/0xa944c5619D2F22d44c9F3A8De9642902C6d9D7A1#code CommunityTaxVault: https://bscscan.com/address/0x3BFE05088cB6cD06C434ac46eA8e6BbdF2279E0E#code StakingRewardVault: https://bscscan.com/address/0xB7feB19c1FF49B524A45e0A998330aBe1b659960#code UnstakeVault: https://bscscan.com/address/0x2c027EDe5F46E20Cb467652CfdB9A9E52269dFD2#code

How and Where to Buy SteakBank Finance (SBF)?

SBF is now live on the Binance mainnet. The token address for SBF is 0xa944c5619D2F22d44c9F3A8De9642902C6d9D7A1. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.

Just be sure you have enough BNB in your wallet to cover the transaction fees.

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

We will use Binance 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 BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

Next step

You need a wallet address to Connect to Pancakeswap Decentralized Exchange, we use Metamask wallet

If you don't have a Metamask wallet, read this article and follow the steps

What is Metamask wallet | How to Create a wallet and Use

Next step

Connect Metamask Wallet to Pancakeswap Decentralized Exchange and Buy SBF token

Contract: 0xa944c5619D2F22d44c9F3A8De9642902C6d9D7A1

Read more: What is Pancakeswap | Beginner's Guide on How to Use Pancakeswap

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 SBF 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 SBF

WebsiteWebsite 2ExplorerSource CodeSocial ChannelSocial Channel 2Documentation

🔺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!

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