Oct 2020 - Steaks Finance Disappears - $Unknown (Global)
"[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."
Further Analysis
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.
How Could This Have Been Prevented?
The most secure form of storage for crypto-assets is an offline multi-signature wallet.
More Cryptocurrency Exchange Hacks/Scams/Frauds
OceanEx Account Breached wassim0 > > < < Wine Swap Exit Scam
Sources/Further Reading
List of Defi scams (Jul 12)
Newsletter #11 (Jul 12)
12 Defi Con Artists Exposed – Are Rug Pulling Incidents Threatening the Future of Defi ? – Bitcoin worldReport (Jul 24)
Steaks Finance (STEAK) - Where do I buy & store STEAK? Price, Wallets (Aug 23)
Steaks.finance (STEAK) live coin price, charts, markets & liquidity (Aug 23)
Steaks Finance Price (STEAK), Market Cap, Charts, and Info | CoinStats (Aug 23)
@steaksfinance Twitter (Aug 23)
SteakSwap (Aug 23)
$0.0002 | Steaks.finance (STEAK) Token Tracker | Etherscan (Aug 23)
Steaks Finance FAQ & Overview - BitsWealth (Aug 23)
David Waslen - London Business School - Singapore, Singapore | LinkedIn (Aug 23)
HedgeTrade Introduces Steaks Finance - A Fair Launch DeFi Token with Lasting Power (Aug 23)
@cryptomvp_ Twitter (Aug 31)
Cryptocurrency Prices, Charts & Crypto Market Cap - CoinCheckup (Aug 31)
@southxchange Twitter (Aug 31)
@SteakSlingers Twitter (Aug 31)
@SteakSlingers Twitter (Aug 31)
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