Multiple Announcements by SteakBank

SteakBank announced several updates for the community about the new farming program & Rewards contract Migration.

🔸New Farming Program:

Steakbank Finance will be implementing a new pool, SBF/BUSD, and It will be starting on 17 May 2021 4am UTC. 32,000,000 SBF will be given out over a period of 90 days.

🔸Reward Contract Migration:

Their distribution of SBF to LBNB/BNB pools have ended on block height 7380188. And the new contract for adding the LBNB/BNB liquidity will be initiated on block height 7484145. However during the interim period of migration, users who are providing liquidity will still be rewarded with SBF tokens according to the previous rate of 1,369,863 SBF per day. The migration will take 2 days from the farming initiation, and the migration will be done on 17 May 2021 4am UTC.

What is SteakBank?

SteakBank is a Binance Smart Chain (BSC) liquid staking platform. It allows derivative tokens to be issued on the BSC blockchain through the BEP20 standard. These representative tokens can then be used for liquidity farming or as collateral for decentralized lending, enabling users to earn multiple income streams from one single asset.

A simple yet powerful project, SteakBank aims to solve the liquidity issue found in the current DeFi sector. Currently, when users stake with validator, their tokens are locked up and unable to be used for other yield generation purposes such as liquidity providing, or lending. SteakBank is able to solve this problem and improve user’s capital efficiency.

Steakbank not only benefits token holders and project ecosystems by optimizing capital efficiency but also allows the communities to earn additional income without the need for further token allocation.

Steakbanks’ native token, SBF, will also be rewarded when users stake their liquid token in SteakBank’s liquidity pool.

📰 INFO:

https://medium.com/steakbank/multiple-announcements-new-farms-migration-28225b67bb40