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What if I told you that you could invest in a crypto token company that aims to get a piece of a $10 billion industry in the UK. Would that peak your interest? In June 2023 I started popping into Steakd Twitter Spaces just to hear about the token and company. I didn’t happen upon these spaces. A few people in my circle were already $SDX token holders, and since they were listening in on the space, I decided to join. Instantly, I was surrounded by several listeners who had a cool looking 3D bull image as their profile pic. I’m not one to change my profile pic, but I knew I wanted one of those darn bulls! The bulls, better known as Incredibulls, are the first edition of Steakd’s NFT collection – a collection that offers rewards in the form of staking bonuses and a few other upcoming offerings.

Much More than IncrediBulls

I don’t know how restaurants manage the in-person hustle and bustle, a ringing phone from callers requesting “to go” orders, and now the constant chimes and receipts printing from delivery apps. With 60% of restaurants failing in their first year and 80% by year five, restaurant owners are forced to capture revenue through every stream possible for survival. The COVID pandemic shuttered thousands of restaurants who were unable to adjust to not having in-person dining. Delivery apps capitalized on this, especially ones with existing tech infrastructure and a willing workforce – a workforce that was plentiful during the pandemic. This is where Steakd intends to carve a path by offering restaurants reduced fees and a subscription model.

Can an Old Dog Learn New Tricks?

OrderUp is Steakd’s upcoming food ordering and delivery app. On name alone, Steakd gets a 10 out of 10. The phrase instantly captures what the app is designed to do. Couple that with the tilted coffee cup logo that doubles as a smiling face and one can easily see where possibilities lead. The food app business is HUGE! I doubt Steakd will dethrone the giants in the industry, but even a stream of .5% is more revenue than most crypto projects will ever see. Imagine if OrderUp is disruptive enough to be a candidate for buyout or takeover. Now, I don’t know all the ins and outs of what it will take from a tech and operations side, but the team does have experience in the food service industry.

From a consumer side, I believe Steakd is launching OrderUp at the perfect time. Today’s consumers are more loyal to a deal than they are to a particular brand. In an effort to find the best rate, today’s consumers often switch between multiple apps that offer the same services. Steakd biggest hurdle will be onboarding restaurants who may be already inundated with multiple apps promising to provide them more business. A local coffee shop that I frequent has at least three screens and devices, each feeding them orders. At best, these devices bring in a ton of business for the restaurants. At worst, the counter area invokes images of the floor of the stock exchange – full of monitors and receipts.

So Where’s the Value?

$SDX is Steakd’s crypto token. According to the Steakd.com website, holders will receive a “share of all revenue“. Based on my research, I can’t determine how much exactly that share will be. I think that is important for existing and potential $SDX holders to know. What does that share look like if the app portion of the Steakd business is sold? Is this share of revenue to be used for token buyback and burn of the $SDX token or proportional cash rewards based on holder amount? These questions may have been addressed, but I am unclear on the answers. I do admit that it may be hard to project revenue share at such an early stage, but some sort of forecast would be helpful.

Currently holders are rewarded through staking and buy and sell taxes, which I’ll address. This is not unusual in this space, but I haven’t seen tokens sustain this model without utility. For Steakd, their utility will be their ecosystem that shares all revenue with $SDX holders.

Token Details

I must let it be known that I think token taxes over 5% on buys and sells are depressing. $SDX more than doubles this on buys (12%) and is more than triple on sells (16%). High taxes are not volume friendly. Steakd currently has around 800 holders, with close to 56% of token supply burned. Recent daily volume is around $600.

Steakd is currently on the Binance Smartchain.

Token Supply: 1,000,000,000,000,000

Token Burn: 555,000,000,000,000

Market Cap: $2.5 Million

Liquidity: $162,800

Risks

The $SDX contract is not renounced, so the team can make changes as they see fit. With contract ownership, there is always the risk of a token being a rug pull. The founder has doxxed himself and engages heavily through social media. Links to his other socials on the Steakd website were not functioning properly. The co-founder’s Facebook link includes his artwork, but no personal images. The Steakd website is extremely well-designed and informative, and through socials, the team has gone to tremendous lengths to reassure holders about the direction of the project. I do believe there is great potential in Steakd’s food service industry ambitions. Based on the the lack of clarity around revenue sharing, high taxes, and contract structure, I have taken a light position.

Socials

Website: steakd.com

Twitter: @steakdtx

Telegram: t.me/SteakdSDX

Discord: discord.com/invite/sP6Ag2hQxm