Details on the upcoming $STEAK Launch!
SteakHut successfully launched to the Trader Joe community through Trader Joe's exclusive Rocket Joe program. Our launch program opened for deposits on May 1st and closed on May 5th.
10,353 AVAX in liquidity raised
- Fair market price discovery
- Large LP from launch to support trading
“Rocket Joe is a platform that bootstraps protocol-owned liquidity (POL). This is an innovative way to Launch a protocol, we consider this a 'DeFi 2.0' Launch Platform.”
Rocket Joe allows us to generate liquidity in the form of a STEAK-AVAX liquidity pool. With SteakHut generating protocol-owned liquidity.
Tokens will be rewarded as follows:
· 10% of tokens reserved for launch
SteakHut will be airdropping a small number of exclusive NFTs to rJOE participants.
The LP tokens that participants receive from the Rocket Joe launch will have no locking period.
Rocket Joe uses a price discovery method of valuation. Protocols utilizing Rocket Joe will provide x number of tokens that are split amongst participants who deposit AVAX into the Launch Pool. Participants depositing their AVAX will be defining the price, in real-time. The more AVAX that gets deposited, the higher the Issuing Token price will be.
For more information on Rocket Joe and price discovery refer to Trader Joe’s guide;
Users who convert their JOE tokens into our Zapped JOE token, Herd Joe (hJOE) will be incentivized with emissions of $STEAK tokens after the initial launch. This encourages users to initially convert their JOE into hJOE and essentially entitles the initial zappers to own a portion of the protocol.
Investors will also be able to directly buy $STEAK tokens on market after the protocol launch.
(Essentially Zap JOE -> receive hJOE) and protocol ownership entitlements in the form of $STEAK tokens through our emissions schedule.