Alpaca Finance X Qubit AMA Session Recap
Hello Qubitians,
Last week around this time, Alpaca Finance kindly hosted an AMA in the spirit of our partnership where Team Qubit answered some questions alpacas had about our project.
Jopaca of Alpaca Finance kindly supported to host this AMA on their community Telegram channel.
In case you missed it, below is a transcript of the AMA session conducted last week on September 23rd, 2021 UTC 1300.
Introduction by Jopaca
Jopaca: Today we have the pleasure to have with us, Lucas and Kai for a much awaited AMA session. We welcome them and Qubit to Alpaca Finance!
Lucas: Hi all!
Jopaca: Hi Lucas, nice to see you here. Before we go on with AMA, could you give us a brief presentation of yourself?
Lucas: Sure, thing!
First of all, thank you so much for having us here and organizing this AMA,
We recently had an AMA for BSC Community members, but we really look forward to interacting with Alpacans from Alpaca Finance community just as well!
Intro: This is Lucas from PancakeBunny team, designated as Qubit Project Lead!
Kai: Hi, nice to meet you all.
Jopaca: Hello Kai
Kai: This is Kai from PCB as well. Hello Jopaca! Thank you for introduction. I’m a developer and researcher in computer science field for a long time, and now I’m dedicated to Qubit Finance.
Jopaca: Thanks Lucas and Kai. Good to see you all in our TG. We will now ask you a series of questions we gathered before AMA. Here is the first question.
Part 1: Pre-selected Questions from Alpaca Finance
Q1: Qubit is adding to Alpaca Finance. Can you please give us an introduction on Qubit?
A1 — Lucas: Yeah sure. As many of you may know well in this space, Qubit is a _decentralized_ money market platform.
We first deployed on the Binance Smart Chain to connect lenders and borrowers efficiently and most importantly, securely, taking advantage of the speed and optimized gas fees.
Q2: What are the main advantages of Qubit for the user, compared to a similar project?
A2 — Lucas: Qubit was developed with user-friendliness in mind given the complicated nature of a money markets platform. Our UI is very easy to use and a lot of research has actually gone into UX/UI design with our brand logo being instantly recognizable.
Since Qubit was developed from the ground-up, open-source is one of our key points along with security.
Our online documentation backs this up; with a dedicated section for new users while maintaining advanced contents for users that want to have deep knowledge of our protocol to create new strategies in vesting and utilization of virtual assets.
Compounding this, we have also created a simple glossary of functions used in our smart contracts in the “Developers” online documentation.
I actually took a lot of inspiration myself in creating our online docs from Alpaca Finance’s! (albeit, sans emojis :D)
While AAVE and Compound looked too serious, we want new users to easily participate in our protocol without looking too complicated.
Secondly, with our strong methods in security research and roster of experienced software engineers from prestigious backgrounds, we put security first, always.
Q3: How’s the tokenomics? And does your token have a maximum supply cap
A3 — Lucas: You can view our tokenomics in our docs here:
https://docs.qbt.fi/qubit-docs/governance/qbt-tokenomics
And yes, the maximum supply of Qubit’s QBT is 1,000,000,000 tokens. We removed the mint function after deploying on BSC and it is impossible to mint additional tokens.
This measure was put in place to prevent possible exploits.
Q4 : What is the QBT token used for?
A4 — Lucas: Well, first of all, participants of the Qubit protocol as lenders or borrowers receive QBT.
This QBT is used to “lock up” in the QBT Locker, whereby you generate a qScore.
The higher the qScore you have, the higher the Boost Multiplier, which increases your earnings!
In addition, there will be a protocol fee sharing mechanism and Qubit DAO operated with qScore in near future. (estimated as within 2 months)
Q5: How is Qubit linked (related) to PancakeBunny?
A5 — Lucas: This is a good question which needs some prior explanation:
This is a little known fact that Qubit started out as “Project QFi” with official development starting on April 1st, 2021.
Ongoing development of PancakeBunny and its underlying Single Asset Vaults (SAVs) relied on too many external factors; changing parameters, deploying new security measures, etc.
We wanted to reduce these dependencies by creating and consolidating our own ecosystem: thereby creating vertical integration with PancakeBunny.
Having said that, we are more than committed to ensuring the safety and security of the entire BSC ecosystem and beyond, reaching out to all DeFi projects in other networks as well.
Q6: What safety measures are in place to secure your protocol from centralization Risk?
A6 — Kai: While we did not yet implement a timelock, we have a multi-sig wallet in place where 5 key members of PancakeBunny, Team Qubit and MOUND have access to. Unless even 3 of the 5 accounts are compromised, explicitly taking control and “hacking” is a literal impossibility.
Timelock and DAO are also planned to be implemented in near future.
Q7 — Lucas: What can we expect from Qubit over the next few years?
A7: Expect to see new products within Qubit protocol such as inverse leverage tokens and derivatives. The new and innovative features will be offered so that they can be leveraged as lending-as-a-utility. We aim to be a commodity that offers unique functionalities to many new defi applications and investors.
Last, but most importantly, we always prioritize security first.
Though this might slow down the development cycle when adding new features, we take careful consideration before making any changes or additions.
We work with PeckShield and other auditors around the clock and around the world to check all aspects of our smart contracts.
Jopaca: Thank you very much Qubit team! These are pre-selected questions we have prepared. The group will be unmuted for a while, you can feel free to ask questions in regards to Qubit. We will choose 8 questions to answer for you all.
Ready? Go!
Part 2: Live Q&A from audience (Open Questions)
Q1: Which’s feature that you think it will make QBT more valuable in the future?
A1 — Lucas: First of all, we want to emphasize security as already mentioned. We are investing a lot to our ecosystem security. Next, we have great strength and experiences for vertical integration with existing ecosystem. As we already have mentioned, we recently and successfully integrate Qubit Finance to leverage Bunny SAV. The next key features of the Qubit will be an innovative cross-chain utility and a unique interface for lending-as-utility. With such features, we aim to be a commodity that offers unique functionalities and acts as a lending utility to many new applications and investors.
Lucas: Our constant innovation and security development is key to increasing value of QBT. We have a lot of features not yet released to the public,
Please follow @QubitFin Twitter for the latest updates and news ;)
Q2: What are the goals that the “Qubit” wants to fully launched in Q4 2021 ?
A2 — Kai: One of our next goal is network expansion + providing cross-chain lending feature which will give a lot of benefits to users. With the expansion we want to invite many users to our ecosystem, and also bring innovative cross-chain feature to users. Within Q4 2021, we aim to build unique features to be a commodity lending service. Support for leveraging products, etc. Also planned to support more tokens for lending & borrows.
Q3: Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
A3 — Lucas: Sure, we have actually completed 2 security audits:
PeckShield on Aug. 13, 2021 and Theori, Sept. 17, 2021.
Theori is a multinational security consulting firm and R&D for blockchain security. There were no major faults in the results. Also, a little insider information for you: we conduct weekly hackathons internally to keep up with security industry standards.
Q4: As you are a dev (Kai), Are you sure it has no loopholesDo you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
A4 — Kai: While QBT is limited, our protocol is designed in such a way that QBT is either burned or locked up in the QBT Vault as mentioned prior,
In the future, we are planning to implement a buyback mechanism by collecting protocol fees generated.
Investors should be aware that Qubit is built as a Lending-as-a-Utility service.
Q5: Can you list 1–3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
A5 — Kai: We are now thinking about roadmap very actively. As a lending-as-a-utility, we are also thinking about the whole ecosystem’s benefit. As I previously mentioned, the closest big thing will be network expansion. Currently, it is expected to be launched in October. If we launch the expansion of the Qubit to other blockchain network, we will use same token for the governance and we will offer cross-chain collateral mechanism
which enables BSC users to deposit their BSC asset and to borrow assets in other blockchain. As a result, the Qubit will not only gain new user groups, but also give benefits to original users. And based on that, we plan to offer a new innovative cross-chain lending service that lets users enjoy different blockchains easily and effectively using our platform.
We also designed our tokenomics to give maximum rewards to users. Security, and simple and intuitive UI(with API) are also our strengths and main focuses.
Q6: From where you get your project name? What is the main motivation behind your project? do you have any story to share?
A6 — Lucas: As mentioned before, Qubit’s inception began with the codename “Project QFi” and officially started development on April 1st, 2021.
PancakeBunny itself had too many external dependencies and we wanted to create out own ecosystem.
Our larger goal for Qubit is to create a secure lending & borrowing platform that other projects, teams and solo developers can easily use to create new investment strategies and even fork our project to create other interesting products and business models.
Committing to making money markets a secure commodity for the entire BSC Ecosystem.
Q7: I am a professional web vulnerability finder, Do you think your Project system is safe enough from hackers? Do you have a reward program for detecting system vulnerabilities?
A7 — Kai: Yes, we are confident about our security. I’m 10 years experienced security researcher, and we already did full system audit twice with no critical security problem. Of course we have a rewards program. Since July, we launched our protocol in testnet and opened our protocol to whitehat hackers through security bounty program (maximum $250k reward, collaboration with immunefi).
Q8: How is a qubit different from a venus?
A8 — Lucas: First of all, since we already have a Bunny ecosystem, we were able to minimize the fee and aim to build a commodity platform for the applications.
Qubit, unlike Venus, continues to innovate and add new, interesting features that more advanced users can utilize and plan ahead in investing while new users can join our development story now and reap all the benefits Qubit has to offer.
We are more interested in developing many applications on top of lending services. As a result, we designed Qubit platform in a way that is more applicable and efficient for further integration to above layers.
And we have visible plans to implement many applications such as cross-chain lending service, leveraged derivatives, etc on top of Qubit Finance.
Jopaca: Thank you very much Qubit team. It is a fruitful time to know about Qubit. It’s all we have prepared. I hope you enjoyed your time, and hope that everyone in the audience have now a better understanding of Qubit.
End of transcript.
Congratulations to the winners of the selected best questions and thank you, alpacas, for participating in this AMA event with us. We look forward to working with Alpaca Finance for more exciting opportunities and hearing more from the Alpaca community.
About Qubit
Lend to Ascend — Borrow for Tomorrow
Qubit is Mound’s innovative DeFi protocol for a secure money markets platform, optimized to deliver Lending-as-a-Utility service for the Binance Smart Chain.
Official Channels
Twitter: https://twitter.com/QubitFin
Telegram: https://t.me/QubitFinOfficial
Discord: https://discord.gg/JGJBWRxX2Y
About Alpaca Finance
Alpaca Finance is the largest lending protocol allowing leveraged yield farming on Binance Smart Chain. It helps lenders earn safe and stable yields, and offers borrowers undercollateralized loans for leveraged yield farming positions, vastly multiplying their farming principals and resulting profits.
Official Channels
Twitter: https://twitter.com/AlpacaFinance
Telegram: https://t.me/alpacafinance
Discord: https://discord.com/invite/2UvgmqcVDQ
