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With yield farms in full swing, traders are jumping from one high yielding farm to the next in what looks to be shaping up for a defi summer.
For those who want to “stack multiple juicy yields,” SteakBank is backed by big players like Factorial Ventures, Signum Capital, MW Partners, LayerX Capital, Ruby Capital, etc. and has opened its Genesis Farming Period for staking BNB from April 29 to May 13.
The success of the Genesis Farming Period is just another indicator of the massive inroads BNB is making in its foray into defi. Not only is Binance Smart Chain capturing a large amount of newer entries in the defi market but the crypto OGs are buying into the blockchain.
Less Fees, More Opportunities
With less slippage in gas comes more opportunities to try new things. Users with both small and large capital who dabble in defi tend to be more audacious in trying the hottest new protocols, even if it means aping into the chain synonymous with Binance boss Changpeng Zhao.
SteakBank is promising tantalizing rewards: 50,000,000 SBF tokens are being disbursed. 20% will be airdropped to users staking BNB on the platform and 80% of tokens will be airdropped to those who delegate to add liquidity to the LBNB-BNB pool. As of now, SteakBank will only be functioning on Binance Smart Chain in order to mitigate gas costs but will later expand to other chains.
$SBF will be the SteakBank governance token. Users who hold SBF will be able to submit and vote on proposals, burn SBF tokens to accelerate the unstaking process, and increase value through supply depletion. SteakBank is touting an automated dynamic staking strategy that ensures users their highest staking reward without having to constantly check, giving them time to take a breath between processes. Early users are calling it the Lido of BNB, Lido being the platform that allows for easy staking of ETH, essentially the risk-off platform for earning interest on their assets.
Hours after the Genesis Farming Launch there were 26,000+ BNB staked and a total value locked of 22+ million USD.
With over $20 million locked into the genesis staking period at the time of publishing, it’s not a matter of if, but when the yields get too juicy to resist. Consider the main issues with BNB staking pools that currently reside on Binance Smart Chain:
- Delegating to stake your BNB means it will become locked for 7 days.
- Traditionally in BNB pools, the validators then have power to change yields every 24 hours.
SteakBank fixes this:
- The SteakBank protocol automatically directs your BNB to the highest yielding validators.
- Users can also unstake earlier than 7 day, and net it off with people who stake on the same day. This provides more liquidity for our users. Besides, if users are on the queue, and want to quicken up the process, they can also burn SBF to prioritise their unstaking.
Once we have a certain amount of BNB staked, it is also possible for SteakBank to be another individual validator for BSC. It remains to be seen how Changpeng Zhao will choose to scale Binance Smart Chain if he does decide to relinquish control of some validators and extend the network across many protocols, but we strongly believe in the push for decentralization and embracing of newer and more validators.
Give Way to Greater Yield
The early numbers are eye-boggling for a non-leveraged pool so far with the BNB/LBNB pool validator APR at 27% and trending upwards. This doesn’t include staking LBNB in the BNB/LBNB which will give you an additional allocation of free $SBF, the SteakBank governance token.
Binance Smart Chain is definitely not lacking in new projects, which have been springing up at a rate of knots. The quality has been patchy, however, compared to other EVM-compatible networks including Ethereum itself. SteakBank is upping the ante, and is on course to support a long, hot summer of defi yields on BSC.