Active crypto prediction marketplace HedgeTrade launches DeFi token for liquidity providers and yield farming earning opportunities.
1: The Manifesto: Chasing the Dragon
2: Steaks Finance Summary and Key Parameters
Part I — The Manifesto: Chasing the Dragon
I started my career buying and building companies. From investment banking to private equity, it’s always been my job to generate returns for investors. Over the years, this became increasingly difficult as low interest rates and inflated valuations blurred the lines between good and bad investments. I found myself frustrated and at times, frozen, unable to “chase the dragon” and pay egregious prices in the millions and tens of millions of dollars. In an attempt to further understand the macro environment and (at the time) current monetary regime, I stumbled upon Bitcoin.
I then found myself spending my nights scouring the back pages of GitHub or showing up to local meet-ups. When I started taking time off from work to fly to cryptocurrency conferences, I knew I was in trouble.
At the time, I knew I had found my calling. So I resigned in the summer of 2017 from the private equity firm I co-founded to start HedgeTrade, a cryptocurrency predictions marketplace and social trading platform. Bitcoin was my hedge and HedgeTrade became my career.
My co-founder and I set out to build an ecosystem that provides reputable, transparent and immutable trading predictions from real traders with real skin in the game. HedgeTrade officially launched in July 2020 and is already generating profits for (and from) tens of thousands of traders.
Since our launch, HedgeTrade has been planning its pivot into DeFi. The idea that a protocol written with code could generate returns on assets with no middleman or intermediary was brilliant — and the perfect integration opportunity for our platform. Why should investors suffer leakage and pay unnecessary management fees? What if the quest for finding an undervalued asset and the deployment of capital could be automated? It’s with this revelation that I’m proud to announce the launch of Steaks Finance, our newest product within the HedgeTrade ecosystem.
Steaks Finance is a decentralized exchange and Fair Launch DeFi Token that can only be yield-farmed on steaks.finance. There is no pre-mine, no investors, and no advisory tokens. Similar to other DeFi platforms before us, Steaks is designed to exist in perpetuity on its own, but with a twist. As part of the HedgeTrade ecosystem, we will be distributing future fees from multiple HedgeTrade business lines into the Steaks platform.
For example, commissions generated on HedgeTrade will be paid out to STEAK holders via the Steaks staking pool, the “SteakBar.” This means that the Steak pool’s yield farming will never end, even when STEAK genesis distributions end.
Once all STEAKs have been minted and farmed, the SteakBar pool will continue to yield rewards from HedgeTrade in the form of our native HEDG token. What’s even more exciting is that as the HedgeTrade ecosystem grows and the generated fees grow, so will the returns for steakers (pun intended).
By integrating DeFi systems with our HedgeTrade platform, we will be creating an entire closed-loop ecosystem where you can farm, stake, use, bet, bet against, trade, govern, and earn a lot of STEAK and HEDG tokens.
Many meme coins are missing long-term use cases — after you farm, you can’t do anything more with these tokens except provide liquidity and earn a portion of the swap trading fees. With Steaks, holders can earn those fees and will eventually yield HedgeTrade commissions as well as vote on how the protocol evolves. Combining these models will make this an unprecedented, all-in-one ecosystem.
Sound complicated? It’s not. Start by joining our Telegram channels (HedgeTrade and Steaks Finance) so we can help guide you in generating yield on your tokens. Purchase your HEDG or STEAK tokens (link coming soon) to officially participate and start yield farming STEAK (full details below).
We’re excited to welcome the community to Steaks Finance, and we will continue to build according to our community-driven roadmap. Major initiatives for both Steaks and HedgeTrade are already in the works, including:
- Integrating HedgeTrade with exchanges and our SteakSwap DEX to enable frictionless trading after unlocking predictions
- Enabling HedgeTrade users to not only unlock (purchase) another trader’s prediction, but also stake (i.e., bet) against other traders or stake alongside the trader (i.e., modified binary options)
- Utilizing Steaks infrastructure and HedgeTrade trading data to build an automated robo-advisor and launching a decentralized index fund and high-frequency trading pool
- Fully examining the viability of decentralizing HedgeTrade entirely
- Evaluating the HEDG token economics, including burning significant supply
- Introducing predictions on publicly traded assets (stocks, forex, commodities)
- Expanding HedgeTrade’s universe of predictions beyond trading (sports, eSports, etc.)
For me, “chasing the dragon” once meant going after profits by building and selling valuable companies. I wanted to make money. Now, the chase is still to create value but also to make that value self-sustainable, transparent and governed by its very users. The launch of Steaks Finance is a natural fit and evolution for HedgeTrade — bringing our entire business one step closer to being fully decentralized.
David S. Waslen, CEO, HedgeTrade & Steaks Finance
PART II — STEAKS FINANCE SUMMARY & KEY PARAMETERS
Fair Token Launch Timeline
Official announcement to HedgeTrade and crypto communities: Monday, Sept. 28, 8am (EST)
Public Press Release: Monday, Sept. 28, 5pm (EST)
Steaks Finance Fair Token Launch:
- Monday, Sept. 28, 20:01 (EST)
- Tuesday, Sept. 29, 00:01 (UTC+0)
- Tuesday, Sept. 29, 08:01 (HKT)
Liquidity Pool Yield Farming
Yield farm STEAK tokens by staking Liquidity Pool (LP) tokens. Launching at Ethereum block 10954381.
Flagship staking pool that receives rewards in three ways:
- Yield Farming
- From SteakSwap Fees
- Commissions from HedgeTrade Platform
The longer you stake in the SteakBar Pool, the higher your rewards.
SteakSwap Decentralized Exchange
- Total Transaction Fees: 0.30%
- LP Rewards: 0.25%
- SteakBar Pool Rewards 0.05%
Predictions marketplace platform where you can earn HEDG tokens for making accurate trading calls. Fees from HedgeTrade will be distributed to SteakBar STEAK stakers.
STEAK holders govern Steaks Finance.
No pre-mine, pre-sale or founder/advisor tokens. Development fund only.
- For the first ~20 days, 500 STEAK tokens will be distributed to the pools each block.
- 250 STEAK tokens will be distributed per block thereafter.
Initial Farming Pools
Phase 1: UNI-V2 LP Tokens (Subject to change & based on community voting)
- LINK-ETH, SNX-ETH, LEND-ETH, COMP-ETH, YFI-ETH, UNI-ETH, ETH-AMPL, ETH-HEDG, ETH-USDT, WBTC-ETH
Phase 2: SteakSwap LP Tokens (Subject to change & based on community voting)
- LINK-STEAK, SNX-STEAK, LEND-STEAK, COMP-STEAK, YFI-STEAK, UNI-STEAK, AMPL-STEAK, ETH-STEAK, HEDG-STEAK
Phase 3: Community Driven & Additional HEDG Pools
- HEDG-USDT, HEDG-USDC, HEDG-WBTC
Other defi token models, pools, changes and distributions will be determined by the Steaks Governance system.
We’re more than excited about the unveiling of Steaks Finance and our upcoming defi token launch. Every single person in the crypto space loves staking, stakes, steak and making money, so come join the fun and get your hands on some STEAK.