Rocket Joe’s next exclusive launch partner is SteakHut Finance, a yield optimization protocol that synergistically integrates with veJOE farming. Launch sequence begins on the 1st at 6pm UTC with the Launch conclusion on the 4th at 6pm UTC. Dive below to learn more about SteakHut Finance.
The Joe Wars
Similar to the Curve wars and more recently the Platypus party, protocols that build on top of Boosted Joe Farms will aim to accrue as much veJOE as possible. Why? So protocols can offer more JOE Rewards to their users. A larger share of veJOE will in turn support higher TVL and therefore, generate more revenue. SteakHut Finance will be the 5th protocol to enter ‘The Joe Wars’ and they face stiff competition for veJOE accrual. The current leaderboard of veJOE accrual looks like this:
SteakHut: Launch Protocol Overview
- Aims to build the largest treasury of JOE for veJOE accumulation
- Convert your JOE to hJOE and join the ‘Herd’ to earn STEAK tokens and protocol revenue share paid in JOE tokens
- Early Zapper benefits include Higher $STEAK emissions and Herd Blitz promotion
- Deposit your JOE Farm Tokens (JLPs) onto SteakHut Platform to receive boosted yields by leveraging the Herds accrued veJOE balance
- STEAK Tokens provide you with a share of revenue generated on the platform and will also unlock periodic buy-back dividends
- In the near future hJOE:JOE LP will also be established meaning that zapped JOE Tokens can be reversed
- Audited by Paladin (trusted by TraderJoe)
Key Details and Features
There are 3 types of stakeholders that will interact with SteakHut protocol, which are JOE Zappers, JLP Depositors, and STEAK holders.
1. JOE Zappers
- JOE Holders convert JOE to Herd JOE i.e hJOE in an equal amount, adding to SteakHut’s blackholed JOE accrual
- Early zappers will benefit from higher $STEAK emission
- Amongst these early zappers, the very first 1,000,000 JOE zapped AKA “Herd Blitz program” will receive vested STEAK tokens at a 1:4 ratio i.e 250,000 STEAK tokens (5% of the total supply)
- Bonus $STEAK Rewards come with a 5-week cliff and 16-week linear vest
2. JLP Depositors
- Trader Joe Farmers can deposit their JLP tokens into SteakHut’s boosted pools, offering additional incentives on top of JOE Farms and therefore, higher yields.
- In the early stages, JLP depositors will receive higher yields due to (i) reduced TVL, (ii) in combination with our Herd Blitz program incentivizing Zappers leading to rapidly accruing veJOE, and (iii) low-fee model in the SteakHut protocol.
- Join the Herd and enjoy boosted yields: Read more here 👈🐄
3. STEAK holders
- $STEAK owners receive a portion of SteakHut protocol revenues (from 3 up to 20%) in the form of buy-backs and JOE dividends
- STEAK being the governance token of SteakHut protocol, holders will be able to vote on proposals in direct proportion to their holdings
- Learn more about $STEAK: here 👈🥩
SteakHut: Tokenomics and Emissions
SteakHut will have a Total Supply of 5,000,000 $STEAK. Over time this supply will reduce due to the deflationary periodic burning events.
- Learn more about the Steakonomics here 👈🥩
STEAK tokens will follow a logarithmic decaying emissions schedule that spans over 24 months.
SteakHut operates on a sliding-scale fee model which will work to ensure a fair reward for the humble JOE farmers, JOE Zappers, and $STEAK-Holders.
On Launch, SteakHut Finance will only charge a 3% fee on top of implemented strategies. This compares to a market average of 10–20%. Ensuring that SteakHut returns the largest share of all generated revenue to JLP Providers.
SteakHut Finance: Low Fees and Boosted Rewards
To learn more, read the whitepaper here:
Rocket Joe Launch Details
🔹 Launch Parameters
- Supply: 500,000 (10% of 5m tokens total supply)
- LP Lock Time: 0 days (no lock)
- Withdrawal Fee: 1% Max
- Double Reward Farm deployed on Launch
- Rocket Joe Participants will also receive an NFT 🎨
🔹 Rocket Joe Timeline
- 1st May — 6PM UTC — Deposit Opens
- 1st May — 8PM UTC — Twitter Spaces with the SteakHut Finance Team
- 3rd May — 6PM UTC — Withdrawal Only
- 4th May — 6PM UTC — Launch + Farm
🔹 How to Access Rocket Joe Launches
To access exclusive Rocket Joe Launches, you must acquire rJOE. You can acquire rJOE from Staking JOE. To find out more details about Rocket Joe and rJOE Staking, you can check out the following docs linked below:
About Trader Joe
Trader Joe is a one-stop-shop decentralized trading platform native to the Avalanche blockchain. Trader Joe builds fast, and securely and aims to serve the community at the frontier of DeFi. Maximize your yield generating activities under one fully integrated roof, providing you with a unique, innovative, and highly accessible DeFi experience.