HedgeTrade, a self-described “blockchain-driven social trading platform where the world’s best traders share their knowledge,” has introduced a new DeFi token under the Steaks Finance name, according to a press release from the group.
This new “DeFi initiative” is a way for users to earn tokens while utilizing the HedgeTrade platform.
Speaking on the matter is David Waslen, the CEO of HedgeTrade and Steaks Finance, has said:
“Steaks Finance is the realization of everything about DeFi done right — no pre-mine, no investors, and no advisory tokens. Like other DeFi platforms, Steaks is designed to exist in perpetuity on its own, but by integrating with HedgeTrade, we create a closed-loop ecosystem and create a practical application for STEAK tokens. By layering in DeFi models, we will be creating a community-driven ecosystem where you can farm, stake, use, trade, govern, and earn STEAK and HEDG tokens.”
Steaks Finance plans to provide a genuine use case for these DeFi tokens, meaning users can use them to vote on how the platform develops as well as trade them, among other things.
“With Steaks, HedgeTrade is answering the gaps left by other DeFi initiatives — allowing you to earn beyond farming and trading fees which is by integrating with an already viable platform that allows you to earn both STEAK and HEDG tokens in multiple ways,” Waslen continues.
The platform also plans to grow its ecosystem over the next six months, with plans detailed as:
- Integrating HedgeTrade with exchanges and our SteakSwap DEX to enable frictionless trading after unlocking predictions
- Enabling HedgeTrade users to not only unlock (purchase) another trader’s prediction but also stake against other traders or stake alongside the trader (i.e., modified binary options)
- Utilizing Steaks infrastructure and HedgeTrade trading data to build an automated robo-advisor and launching a decentralized index fund and high-frequency trading pool
- Fully examining the viability of decentralizing HedgeTrade entirely
- Evaluating the HEDG token economics, including burning significant supply
- Introducing predictions on publicly traded assets (stocks, forex, commodities)
- Expanding HedgeTrade’s universe of predictions beyond trading (sports, eSports, etc.)