"[T]he @hedgetradehq team introduces it's #defi token, $STEAK, to the world. Find out how #SteaksFinance and #HedgeTrade integrate to create a Fair Launch, yield farming token like no other." "Steaks Finance is the realization of everything about DeFi done right -- no pre-mine, no investors, and no advisory tokens. Like other DeFi platforms, Steaks is designed to exist in perpetuity on its own, but by integrating with HedgeTrade, we create a closed-loop ecosystem and create a practical application for STEAK tokens," David Waslen, CEO & Co-Founder of HedgeTrade and Steaks Finance said. "By layering in DeFi models, we will be creating a community-driven ecosystem where you can farm, stake, use, trade, govern, and earn STEAK and HEDG tokens."


"Steaks Finance addresses the need for proper long-term use cases for DeFi tokens -- allowing users to do more than provide liquidity and earn a portion of the swap trading fees. With Steaks, users can yield farm STEAK tokens 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."


"With Steaks, HedgeTrade is answering the gaps left by other DeFi initiatives -- allowing you to earn beyond farming and trading fees which is by integrating with an already viable platform that allows you to earn both STEAK and HEDG tokens in multiple ways," Waslen said."


"Steaks will distribute future fees from various HedgeTrade business lines into the Steaks platform. For example, commissions generated on HedgeTrade will be distributed to STEAK holders via the Steaks "SteakBar" pool. In that way, the STEAK yield farming will not end, even when STEAK genesis distributions end."


"Farm STEAK with Uniswap LP Token." "Yield farm STEAK tokens by staking Liquidity Pool (LP) tokens. Launching at Ethereum block 10954381."


"Flagship staking pool that receives rewards in three ways: (1) Yield Farming (2) From SteakSwap Fees (3) Commissions from HedgeTrade Platform. The longer you stake in the SteakBar Pool, the higher your rewards." "Predictions marketplace platform where you can earn HEDG tokens for making accurate trading calls. Fees from HedgeTrade will be distributed to SteakBar STEAK stakers."


"No pre-mine. No pre-sale. No founder or advisor tokens. Development fund only." "The idea is to make Steaks Finance completely decentralized. The development team that brought you HedgeTrade, Rublix Development, is also behind the fair token launch of Steaks Finance. CEO of HedgeTrade and Rublix is David Waslen."


"[The d]evelopers apparently had trouble interacting with their own timelock. Though some consider it may be due to a problem with their code rather than ill-intentions."

Steaks Finance offered a yield farming solution, and was apparently backed by well known HedgeTrade/Rublix CEO David Waslen.


The website and Twitter are both gone, and this was mentioned on a list of DeFi losses, however there doesn't appear to be any indication whether any user funds were lost or not.


The most secure form of storage for crypto-assets is an offline multi-signature wallet.


Check Our Framework For Safe Secure Exchange Platforms

Sources And Further Reading

 For questions or enquiries, email info@quadrigainitiative.com.

Get Social

  • email
  • reddit
  • telegram
  • Twitter

© 2021 Quadriga Initiative. Your use of this site/service accepts the Terms of Use and Privacy Policy. This site is not associated with Ernst & Young, Miller Thompson, or the Official Committee of Affected Users. Hosted in Canada by HosterBox.