STEAK Token Basics

STEAK is the native utility and governance token of the SteakHut ecosystem. STEAK has a maximum supply of 5,000,000 tokens.

STEAK-Holders can stake their tokens using STEAKING applications to unlock the full utility, such as revenue sharing and boosted rewards.

STEAK is an ERC-20 token that incorporates LayerZero’s Omnichain Fungible Token (OFT) extension. This technology enables the seamless bridging of STEAK between various blockchain networks. Currently, STEAK is live on Avalanche and Arbitrum, offering users the flexibility to access our ecosystem on their preferred blockchain network.

Smart contract information can be found here.

Understanding xSTEAK

xSTEAK is a non-transferable escrowed governance token, corresponding to locked STEAK. STEAK can be directly converted to xSTEAK via the SteakHut dApp.

xSTEAK can be allocated to "STEAKING Applications", allowing for modular staking utilities.

STEAKING Applications include:

STEAK to xSTEAK conversion

STEAK can be freely converted into xSTEAK at any time. The process is instant, and the ratio is 1:1.

xSTEAK to STEAK conversion

xSTEAK is escrowed STEAK that can be redeemed by vesting. The user can select the vesting duration when converting xSTEAK to STEAK. The conversion ratio increases proportionally with the vesting duration:

  • The minimum vesting duration of 10 days will provide a 1:0.5 ratio

  • The maximum vesting duration of 45 days will provide a 1:1 ratio

If the selected vesting duration is lower than the maximum (ratio < 1:1), the excess STEAK is returned to the SteakHut treasury.

The Rewards Application: Profit sharing

STEAK-Holders can convert their tokens into xSTEAK and stake within the rewards application to start earning real-yield rewards generated by the SteakHut platform.

The profit share will be paid out of revenues generated by the platform's performance fees.

Any distributed STEAK/xSTEAK rewards are purchased on the open market and are NOT inflationary.

Boosting Application: Boost your liquidity rewards

Users can allocate xSTEAK to the boosting application to earn an additional yield on their SteakHut Liquidity rewards.

Through Participating in SteakHut's LM Rewards program, users can farm their LP tokens to receive extra APR on top of the strategy. This is paid out in STEAK tokens. By allocating xSTEAK to the boosting application you can earn a higher proportion of boosted rewards.

Omnichain $STEAK

SteakHut has integrated with LayerZero to launch $STEAK as an omnichain token. $STEAK can be bridged seamlessly across Avalanche, Arbitrum, and future blockchains with a 1:1 ratio directly on the SteakHut dApp with ease.

The $STEAK token utilizes an omnichain fungible token (OFT) standard, this allows for simple intuitive bridging of your tokens at a 1:1 ratio without the security risk of ‘wrapping’ tokens.

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