STATE OF STEAK #3

Introduction

As we previously announced we would be starting to do a Transparency Report, but after reviewing we decided to continue with the series of “State of Steak” which will act on the same line of providing feedback of the work that is happening on the background.

This comes from the fact that sometimes teams forget to provide continuous information for the public, making it look like the developers are not giving enough time or work in the project. There are projects that do this perfectly and do provide the necessary information on what is being worked on. A good example of this is HOOP, whom update their communities quite frequently. Our goal is be one of those transparent teams too, where people feel like they themselves are inside of the projects and know what is being built. Afterall, an important aspect of decentralization is transparency for all. However, there is a balance between full-transparency and revealing too much. The fear here is that revealing too much can expose our ideas to competition and reduce our first-mover advantage. Additionally, many of our ideas are not fully complete, and we do not want to commit to something that may frequently change as our ideas evolve.

The team is fully committed and doing their best everyday in order to provide a cutting-edge and innovative project, platform, and user experience.

We hope you enjoy these reports.

Team Updates:

First, here are some updates coming on the team.

Team composition:

1. Xam_Pham — Main Developer
2. Cript_walkin — Team Manager
3. Xannie — Lead Designer
4. Shien110 — Moderator, Marketing and Social Media Manager

News:

As of July 1st, of 2021, Shien110 will be employed by the Stake-Steak project. His role on the team will be the lead community moderator and communications manager. Responsibilities include keeping the StakeSteak community orderly and respectful (Discord, Twitter), posting announcements and updates about StakeSteak, engaging in key decision making processes, and communicating with other teams/protocols for collaboration. Overall, Shien110 has been a huge help to the StakeSteak team since our launch, and it’s time to properly onboard him as an official paid member. For his contributions, Shien110 will be receiving a salary of $1500 in STEAK tokens per month from the treasury.

StakeSteak is also vetting some developers for the employment of Front-end Developers. The addition of another developer will speed up development time and provide a better UI/UX experience .

More updates coming with the following reports.

News on the Next Phase of Steak:

We had a lot of discussions on what the core features should be in the loan/borrow product and the development of this system is being worked on daily. We are targeting a 1–2 Months development process before release. During this time, we will be prioritizing safety and testing over speed to make sure that our users’ funds are in safe hands.

For the fUSD peg, the situation is complicated due to the key mechanism for the peg is controlled by the Fantom Foundation. While we do believe that peg will occur eventually from the Fantom Foundation, there are potential ways to make the peg come faster. One way is to adopt fUSD into our loan/borrowing platform as a working stablecoin, which in a way is like third-party liquidations being done by StakeSteak.

Although it might take time, we will have some announcements in between, some games, some contests, continuous updates, and other features to keep the community active.

Here are some of the things we are working on doing ASAP:

• Art Contest — We are deciding the logistics and prizes that will be received in this contest.
• Steak dinner contest — Yes this has been debated and after the art contest we will provide more information on this.
• Kahoots — Our beloved Kahoot game will come again! With more rewards as well!

Not to get ahead of ourselves, but we have even more ideas after implementing the loan/borrow system is in place we already have the idea on what we want to work, and this next step would be a huge help for the whole Fantom Ecosystem, helping projects and the normal consumer, so keep yourself updated with Stake-Steak.

Partnerships

In terms of Partnerships, we are giving a different approach on how we want these to be done. As a team we decided that all our partnerships should be long term relationships and not just for farming (although co-farming will be included with SteakHouseV2!).

We cannot provide names of the teams we are working on having partnerships with until those partnerships are made officially, so bear with us here as we all are waiting eagerly to see how StakeSteak can grow.

All finalized partnerships will be announced in Discord and Twitter.

Conclusion:

We are extremely grateful for our active community and all the support we have received from users and other teams. Almost 2 months have passed since we have launched, and we are happy that StakeSteak is getting people excited and looking forward to what’s to come.

July and August will be busy months for StakeSteak, as we strive to improve our products and our community.

We hope our supporters and readers are as excited as us for what’s to come. So many great ideas have come our way thanks you all, and we are trying to get to all them. It’s just a matter of time.

Thank you!