- Qubit audits — Peckshield complete, Theori on schedule
- (Re)Introduction to Qubit Finance
- A Quick refresher on how Qubit works
- Boosting APYs on PancakeBunny SAVs
- Introducing the QBT Vault on PancakeBunny
- Concluding remarks
Hello Bunny Fam,
Team Bunny is excited to announce that our first audit for Qubit has concluded ahead of schedule, and so we are targeting August 24 (UTC) for Qubit to go live on the BSC Mainnet! Please see below for more information on how Qubit works, and stay tuned for further details as we approach the launch date!
1. Qubit Audit Status: Peckshield Audit Complete, Theori On Schedule
Qubit has been under audit since we went live on the testnet some weeks ago. We are excited to announce that Peckshield has completed its full audit of Qubit and Qubit will be ready to launch in the next week (see full report here: (link). In keeping with our commitment to multi-layer, redundant code review to maximize security, we also engaged Theori to conduct a parallel, separate audit at the same time, and Theori’s audit is on track to be completed on schedule in early September. We thank everyone in the PancakeBunny Community for your patience and understanding throughout the Qubit pre-launch process as we delayed the launch of Qubit to apply our revised security protocols.
2. (Re)Introducing Your Qubit Finance!
Qubit Finance is a decentralized lending and borrowing platform developed by the team behind PancakeBunny, a leading yield aggregator on the Binance Smart Chain. Qubit connects lenders and borrowers in automated money markets that take advantage of the speed, automation, and security of the blockchain.
At Qubit, we strongly believe that lending should be a utility on the Binance Smart Chain. Consequently, Qubit does not charge platform fees for withdrawals in order to support the development of innovative leveraged products throughout the BSC ecosystem.
We have also designed Qubit to contribute to furthering the security of the entire BSC ecosystem. Qubit does this in two ways:.
First, Qubit does not support flash loans, which will help remove one of the greatest sources of insecurity in the entire ecosystem.
Second, Team Qubit will support vertically integrated code review for PancakeBunny and all other 3rd party projects that build on Qubit by taking active measures to communicate changes to code proactively and to support full-stack audits by whitelisted 3rd party projects.
This represents a significant investment in ecosystem security by Qubit, but we believe it is necessary in order to avoid the vulnerabilities that were injected into the BSC ecosystem by the uncoordinated migrations that interrupted and disrupted many projects this past May.
Finally, Qubit’s utility token, QBT, is a blockmined token with a total supply capped at 1 bBillion tokens. The entire amount will be fully mined in just one year in order to accelerate the ramp-up of the service.
3. A Quick Refresher on How Qubit Works
Qubit is a lending and borrowing protocol that combines a number of innovative features from different projects while recapitulating the money market mechanics that have proven robust and secure across the Defi landscape. Here is a brief primer on how Qubit works, with full documentation ready to go live when we launch on the Mainnet.
3.1. How do you lend assets on Qubit?
Lenders lend assets by providing liquidity to a lending pool, i.e. by contributing assets to individual markets. When lenders provide liquidity, they receive qTokens that represent their proportional share of the principal and accrued interest in the lending pool. For example, suppose you are interested in lending BNB. You would then provide your BNB to the BNB market and receive qBNB in return. When you want to remove your liquidity, you redeem your qBNB and you are returned your principal and your accrued interest.
3.2 How do you borrow assets on Qubit?
Borrowers stake collateral on Qubit to borrow assets for a specified period of time. At the end of the designated period, borrowers repay their loans as well as the accrued interest. Interest paid by borrowers accrues to the liquidity providers for that market. For example, suppose you want to borrow a certain amount of BUSD for one month. If you have enough BNB, you can stake BNB as collateral to borrow that amount of BUSD in return for one month. At the end of that month, you would repay your loan, plus an amount of interest determined by the utilization rate of the BUSD market (i.e. how much of the BUSD liquidity pool has been borrowed).
3.3 How do you get QBT?
Lenders and borrowers receive QBT rewards for all lending and borrowing activity on Qubit. QBT rewards accrue to lenders for as long as they provide liquidity to a Qubit market. QBT rewards accrue to borrowers for as long as they have an open debt position or outstanding loan. The base rate of QBT rewards is determined by how much capital a user has committed in Qubit.
3.4. Use QBT to boost your QBT rewards
Commit QBT to the QBT Locker to boost your QBT rewards. When you commit QBT to the QBT Locker, the Locker calculates your qScore, and based on your qScore, Qubit applies a multiplier (e.g. 2x) to your base rewards rate that counts across all of your activity on Qubit.
4. Qubit will boost PancakeBunny APY’s
Soon after Qubit launches, PancakeBunny will begin to migrate liquidity from the old Venus vaults to the new Qubit vaults. For all of the reasons enumerated in Item 2 above, Qubit will enable PancakeBunny’s SAVs to generate much higher APYs by enabling secure dynamic leveraging strategies. These strategies will be published for third party adoption once they have been optimized through the launch period.
5. What will the Mound Vault do with its QBT? Introducing the QBT Vault on PancakeBunny
The Mound Vault will stake its QBT in a new PancakeBunny QBT Vault to generate the optimal qScore/QBT rewards multiplier for all of PancakeBunny’s Single Asset Vaults. The PancakeBunny QBT Vault will launch shortly after Qubit goes live.
6. Concluding Remarks
With Peckshield’s audit complete and with Theori’s audit soon to be, Team Bunny is proud to be delivering Qubit to the BSC Mainnet before the end of August.
We are also excited to deliver our vision of a platform that will provide lending as a commodity for all of the BSC, and we are committed to enhancing security for the entire blockchain by eliminating flash loans and by supporting vertically integrated code review.
And thanks to Qubit’s design, it will support secure, multiply-leveraged strategies that will result in significantly higher yields for PancakeBunny and our partners throughout the BSC ecosystem.
Thanks as always, Bunny Fam, for your support throughout this difficult post-exploit stabilization and building period. Stay tuned for more details on Qubit as we approach our launch date.
And remember, as always — Keep Calm and HOP ON!
P.S. TO CHECK OUT QUBIT ON THE TESTNET:
Feel free to familiarize yourself with the Qubit interface at our testnet environment at https://testnet.qbt.fi/app
- Use the Testlink links at the top of the Qubit test environment to obtain BNB from the Testnet Faucet.
- Swap your BNB for Qubit-supported tokens at the Pancakeswap test environment.
- On the Qubit test environment, you can supply and then borrow supported tokens. Claim QBT Rewards at the top right of the page after Lending or Borrowing.
- Use the QBT locker to lock your test QBT and see your simulated Qscore and Boost