📒STEAKS token economics
details on the token
STEAKS token, identified in short form through use of the 🥩 Cut of Meat emojii, was created on May 14th, 2021, on The Elrond Network blockchain, created by smart contract as an Elrond Standard Digital Token (ESDT), with the identifier STEAKS-abb9f1.
The max coin supply of STEAKS is 1,000,000,000.
As of this writing (March 3rd, 2023) 6,452,197 STEAKS have been allocated in three phases of distribution.
Phase 1 Distribution: Done in airdrop format. Users who staked 1 or more EGLD with steak4all for a minimum of 30 days within a 327-day window were paid 100x the amount in STEAKS token of the deposit, as a one-time payment. For further details on STEAKS LUNCH Token Drop #1, and the following STEAKS DINNER Drop #2, and bonus allocations follow the links to the details on the steak4all STEAK LOG.
Phase 2 Distribution: STEAKS are now distributed on a regular occurring cycle. We now reward any clients staking with us on the first of every month. We reduced the minimum eligibility for staking time to 10 days. We also adjusted our reward calculation. As of this writing (March, 2023) depositors to steak4all will receive 80 STEAKS per EGLD rounded to the nearest integer, as a one-time bonus. For example a user deposits 1.58 EGLD to Steak4all on March 8th. On April 29th, they withdraw their EGLD. They would receive a one-time payment on April 1st of 160 STEAKS rewards (1.58 EGLD gets rounded to 2, and 2 x 80 = 160).
Phase 3 Distribution: An additional channel of rewards is added. With the release of our CHEFs series of Holo-Cards, steak4all supporters can now mint their own NFT from meataverse.app. Owners of CHEFs receive a year of bonus payments of 1000 STEAKS per month, paid on the 8th day of the month. This will go on for 12 months payments (1 year) from the day of initial mint, Dec 8th, 2022. For example: Two CHEFs are minted today by a user, March 7th 2023. On April 8th, they will receive 2000 STEAKS. They will recieve the same payment per CHEF for 8 more months, last payment being Dec 8th 2023. Note buying more CHEFs or rebuying does not increase the time left in the bonus period, which cease Dec 8th 2023. Also note that if the CHEFs card is place into a marketplace or otherwise held in a smart contract, then the bonus payments are sent to that wallet holding the CHEF on the 8th of the month, and not the original wallet from which they were minted.
Allocation of token supply
Reserve supply: This is the unallocated reserve STEAKS token supply that will not be circulated until a future scenario of when the remaining active supply, category or categories, are exhausted, at which time, the supply will be readjusted to resupply other categories, marking their withdrawal on this page.
Air drop #1, #2 and future promotional rewards: this category is for funds allocated for promotional give aways to depositors of steak4all, including the already expended STEAKS for our past air drops.
Monthly rewards for steak4all: as described above, this allocation is the supply for the monthly payments of bonus reward STEAKS for our 'steakers' who stake EGLD with steak4all.
Launchpad Investment Offering: this amount is set aside for possible sale or exchange with investment partners we seek to work with, including launchpads, accelerators and venture capital investment funds, and other potential partnerships.
Liquidity Pool fund for Initial Coin Offering: When STEAKS token is made available for the first time to the public through an initial coin offering on an exchange, this amount will be assigned to the liquidity pool that processes and facilities the swapping of the STEAKS token for other cryptocurrencies.
Founder, Team & Advisors: This is the fund for payment of all staff, advisors and contractors working on the STEAKS token and its associated products, such as the MEATAVERSE franchise of gaming experiences.
Meataverse (The Sandbox) Development: The final allocation of supply is a fund for the development of all Meataverse franchise experiences on The Sandbox blockchain, including the purchase of additional LANDs and NFTs for use with the construction of the project, commissions or payments to contractors and artists, and the general associated games available in the metaversal property owned.
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