SteakHut enters JoeWars and launches STEAK
Introduction
SteakHut is the last player to enter JoeWars and compete with protocols such as YieldYak, VectorFi, Beefy and NorthPole. Currently, Vector has taken the lead with over 10M JOE converted into zJOE and 70M veJOE accumulated. It is by far the biggest public accumulator of veJOE as YieldYak has almost 13M veJOE.
SteakHut is about to launch its STEAK token via Rocket Joe Launchpad and then will deploy its hJOE strategy to accumulate veJOE and boost their hosted Trader Joe Liquidity Pools.
SteakHut’s plan is to reward massively its STEAK holders via protocol fees distributed as dividends and a buyback and burn. On top of it, they will reward JOE zappers with 50% of STEAK supply.
The question is can it outcompete Vector and provide the best APR for farmers starting from scratch (compared to Vector and the Platypus product when they launched zJOE accumulator or Yield Yak and its yield aggregated pools)?
We analyze SteakHut strategy to accumulate JOE and give our opinion on whether it has a chance to succeed and establish itself as a top player in JoeWars. We also provide a valuation framework to value STEAK.