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Steak Pool White Paper

“Stake, Burn, and Earn with Steak Pool”

Abstract

Steak Pool is a community-driven token on the Algorand blockchain with a fixed supply of 17,000,000 STEAK tokens. By leveraging the rewards generated from running a dedicated Algorand node, Steak Pool ensures a sustainable mechanism for driving value to its holders. This white paper outlines the deflationary tokenomics, community involvement, and long-term vision for building a robust and collaborative ecosystem.

Introduction

Cryptocurrencies thrive on community involvement and innovative tokenomics. Steak Pool introduces a novel approach by combining a deflationary supply mechanism with active community participation. By using rewards from an Algorand node to buy back and burn STEAK tokens, we create scarcity, drive demand, and reward long-term holders.

The project’s core philosophy is encapsulated in our slogan: “Stake, Burn, and Earn with Steak Pool.”

Tokenomics

Token Supply

  • Total Supply: 17,000,000 STEAK
  • Circulation at Launch: 100% of tokens are in circulation at launch.

Stake Pool Team Allocation

The Stake Pool team will purchase tokens from the market with the following allocations:

  • Liquidity: 12% of tokens for liquidity, locked for a minimum of four years.
  • Future Development: 10% of tokens for future development, deployed based on community consensus.
  • Marketing and Community Rewards: 8% of tokens for marketing and community rewards, also deployed by community consensus.

Burn Mechanism

  • A minimum of 50% of the rewards generated from the Steak Pool Algorand node will be used to buy STEAK tokens from the open market.
  • Purchased tokens will be burned, reducing the circulating supply and increasing scarcity over time.

Core Features

Deflationary Mechanism

Steak Pool’s unique value proposition lies in its use of Algorand node rewards to create a deflationary environment:

  • Node Operation: A dedicated Algorand node, funded with 30,000 ALGO, generates staking rewards. Wallet = SteakPool.algo
  • Buybacks: Staking rewards are periodically (on randomized dates) used to purchase STEAK tokens.
  • Burns: Purchased tokens are sent to a burn wallet, permanently removing them from circulation.

This cycle of earning, buying, and burning ensures continuous value generation for all STEAK holders.

Community-Led Development

Steak Pool is designed to be a collaborative project (DAO) where community members actively contribute to its growth:

The Theory is:

  • Governance: STEAK holders will vote on key initiatives such as ecosystem development and allocation of node rewards.
  • Ecosystem Building: Open opportunities for developers, designers, and marketers to contribute to the project.

Future Staking Opportunities

In future phases, community members will be able to stake their ALGO to support the Steak Pool node, amplifying rewards and accelerating token burns. Stakers may also receive additional benefits such as NFTs or governance privileges.

Transparency and Sustainability

Transparency is a cornerstone of Steak Pool. The following measures ensure accountability and trust:

  • Burn Tracker: A real-time dashboard will display all burned STEAK tokens.
  • Node Rewards Reporting: Regular updates on node performance and staking rewards will be shared with the community.
  • Open-Source Smart Contracts: Key components of the Steak Pool ecosystem will be open-source.

Roadmap

Phase 1: Foundation

  • Launch STEAK token on the Algorand blockchain.
  • Secure and activate the Algorand node with 30,000 ALGO. – Complete
  • Begin buybacks and burns using staking rewards. 
  • Launch the official website: AlgoSteakPool.com.

Phase 2: Ecosystem Development

  • Develop a user-friendly dashboard to track burns, node rewards, and community contributions.
  • Introduce staking mechanisms for community ALGO holders.
  • Launch governance voting for STEAK holders.

Phase 3: Expansion

  • Partner with other Algorand ecosystem projects.
  • Explore cross-chain compatibility and token integrations.

Phase 4: DAO Transition

  • Fully transition governance to a decentralized autonomous organization (DAO), empowering holders to guide the project’s future.

Get Involved

Steak Pool is a project built by and for the community. Here’s how you can contribute:

  1. Hold STEAK: Join the ecosystem by acquiring STEAK tokens and benefiting from burns and buybacks.
  2. Build: Help develop the Steak Pool website, tools, or staking mechanisms.
  3. Spread the Word: Join our marketing efforts to grow the Steak Pool community.
  4. Stake Your ALGO: When staking pools are launched, and community development evolves, contribute to node rewards and enjoy additional benefits.

Conclusion

Steak Pool combines innovative tokenomics, transparency, and community involvement to create a sustainable and rewarding ecosystem. By leveraging Algorand node rewards to drive value, Steak Pool ensures long-term benefits for all holders while fostering a collaborative and inclusive environment.

Join us in building the future of Steak Pool at AlgoSteakPool.com and become a part of the community that stakes, burns, and earns together.

Disclaimer

This white paper is for informational purposes only and does not constitute financial or investment advice. Participation in Steak Pool is voluntary, and users should perform their own research before engaging with any blockchain project.  Stake Pool is every evolving as the community grows and ideas are subject to change.