Binance Smart Chain X Qubit AMA Session Wrap-Up
- Introduction of Main Speakers
- Questions from BSC Team
- Open Questions from BSC Community
- Winners of the AMA Event
In case you missed it, below is a quick recap of the AMA session hosted by Binance Smart Chain with the BSC community, conducted last week on September 21, 2021 UTC+0 1400.
Team Qubit (Guests):
Kai — Research Director
Lucas — Qubit Project Lead
BSC Team (Host):
Faizan — Official Angel of Binance, providing hand-to-hand support to other BSC projects.
Thor — Binance Angel for Binance Bangladesh, Binance NFT and Binance Smart Chain itself.
As #BSC coordinators in the Binance Smart Chain Community group, they have made this AMA possible and Qubit Team was honored to have been part of this lively AMA.
Part 1: Questions from BSC Team
The first part of the AMA started with the most frequently asked questions kindly gathered by the BSC hosts and they are as following:
Q1: Why was Qubit created?
A1: With the ongoing development of PancakeBunny and its underlying Single Asset Vaults (SAVs) relied on too many factors, such as changing parameters, deploying new security measures, etc.
We wanted to reduce these dependencies by creating a protocol with which we could integrate and also innovate.
Simply answering “Why” is not enough.
We would like to share our vision that will clarify this part better:
Our vision for Qubit, in the beginning, was to create a secure lending & borrowing platform that other projects, teams, and solo developers can easily use to create new investment strategies without the burden of withdrawal fees.
We’ve just migrated our SAVs to use Qubit with great results recently!
I hope that shows the vision we have for Qubit.
Q2: Have the contracts been audited by professional auditing firms?
A2: Absolutely, yes.
Since security is an important part, Qubit Finance and its underlying smart contracts were audited by PeckShield with a report published on August 13th, 2021.
Additionally, we are undergoing a full ecosystem security audit by a firm called Theori. And the latter results are already out with no critical issues.
We will officially announce the results soon.
Q3: Does QBT have a maximum supply cap?
A3: Yes, it has. The maximum supply of Qubit’s QBT is 1,000,000,000 tokens.
We removed the mint function, so it is impossible to mint any additional token.
Q4: If the protocol collects fees, where do they go and how are they controlled?
A4: Qubit has a “Reserve Factor” where it collects a small portion of the Borrower’s interest fees. These interest fees are paid out to liquidity providers (or the “Lenders”) of the Qubit’s Supply Market.
Q5: What is the easiest way to get started on Qubit?
A5: We have designed Qubit with user-friendliness in mind first.
The easiest way to get started is to provide liquidity on the Supply Market (aka become a “Lender”).
First, obtain your QBT and then lock this up to generate qScore.
Then provide one or more of the supported tokens in the Qubit’s Supply Markets.
You can also make more by Borrowing and Liquidating, but these are features for more experienced investors.
Q6: What is qScore?
A6: Your qScore is generated when you lock QBT in the QBT Locker, your qScore, along with your Supply and Borrow activity factor into your Rewards Multiplier.
You do not have to get qScore for participating in the Supply Market, but for the users with qScore, we are planning to share the protocol fees mentioned above + you can boost your Rewards.
Part 2: Quiz Event
The second part of the AMA proceeded to giving out quizzes prepared by Team Qubit for the BSC Community to much fervor and excitement as there were prizes for those that have answered correctly.
The difficulty of the questions were made easy and ranged from “How many tokens are in the Supply and Borrow Market on Qubit?” to “What is the longest lock period for the QBT Locker?”. Please read the online documentation of Qubit here for more information and the winners of the quiz section are at the end of this article.
Part 3: Questions from the BSC Community
The last part of the AMA ended with open chat questions and to much surprise, Team Qubit was flooded with questions the moment the floor was open.
We’ve picked out the best questions here and are eligible to receive rewards just as well (see list below)
Q1: Borrowing, Lending and other DeFi services are so repeated across many DeFi projects, so what real innovations does Qubit Finance bring to DeFi? What can you do that no one else can?
A2: Above all else, safety is our top priority, and for a safe lending service, audits and bounties were rigorously conducted, and not only self-testing, but also testnet testing for one month after product completion.
In addition, because we already have a bunny ecosystem, we were able to minimize the fee because we do not intend to make a profit with the lending protocol itself.
In addition, since we already have the ability and system to develop applications on Qubit, we can build a lending service-based ecosystem where our investors can get the maximum benefit. Please look forward to our continued development!!
Q2: What is the reason Qubit uses the BSC network? What are the advantages that Qubit get?
A2: We have chosen to build on Binance Smart Chain for two reasons:
- We wanted to take advantage of the low-cost, speedy transactions and the already optimized gas fees we have been using on PancakeBunny and,
- We want to vertically integrate with PancakeBunny, which is built on BSC as well.
Q3: Do you have plans to add more asset tokens to the Supply Market?
A3: Yes, support for other assets will be added to the supply market in the future.
Q4: As you are a dev (Kai), Are you sure it has no loopholes?
A4: I want to address this question again even if it is similar; We really, really do stress security first.
We are working with Peckshield around the clock and the ImmuneFi bug bounty program.
As mentioned, Theori is a multinational security research and development company that has conducted a full security audit of Qubit and its underlying protocols…we continue to get audits even though this slows down development time.
We conduct audits to new features and addons to the projects all the time.
This concludes the 3-part AMA session kindly hosted by BSC with a total runtime of 80 minutes.
Team Qubit is deeply in gratitude for the BSC coordinators Faizan and Thor organizing this event and thanks the BSC community for the lively discussion and inquisitive questions.
We look forward to conducting more AMAs and get more feedback from other communities as well.
Below is the list of winners of the BSC Community AMA event and Quiz Event.
AMA Event Winners
Congratulations to the winners, and we hope to see you next time.
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 BSC
MOUND is the innovative team behind Pancake Bunny, one of the leading DeFi platforms on BSC. Team MOUND is composed of developers and entrepreneurs with extensive experience across games, social platforms, quantitative financial services, and blockchain projects.