Qubit on Klaytn — November Update

Dear Qubitians,

Within 2 weeks of launching on the Klaytn Network, we have reached a TVL of 40M USD. Team Qubit is deeply thankful for this achievement so far and we have prepared a few updates for you about Qubit on Klaytn in this article.

  • Klaytn Borrow Markets Open & Collateral Ratios Notice
  • QBT Claim & Rewards — How to claim your QBT on Klaytn (KQBT)
  • …and one more thing

Qubit on Klaytn — Borrow Market & Collateral Ratio

After initial launch on the Klaytn Network, Qubit’s Borrow Market was blocked due to low liquidity. Klaytn’s Qubit Borrow Market is now set to open tomorrow, November 10th, 2021 (Wednesday) 0600 UTC+0.

The collateral ratio for each asset is as follows:

*The borrow cap limit for KQBT will be set at a maximum of 2,000,000.
KQBT collateral price upper limit is now bound to a maximum of $0.15, which is the same as it would on BSC.
As such, even if the actual price of QBT rises above $0.15, the borrow limit for collateral using KQBT is set to “$0.15×0.25(KQBT collateral ratio)”.

QBT Claim & Rewards

Claiming KQBT as a reward for supplying liquidity will also be available as the Qubit Borrow Markets (on Klaytn) open. You can receive the accumulated KQBT using the “Claim KQBT”* button in the wallet menu on Qubit’s interface.

*For users who have been receiving KQBT reward boost with qScore, please note that the boost in all markets are updated based on the latest qScore value when using “Claim KQBT”.

The quantity of QBT/KQBT rewards distributed among Qubit BSC and Qubit Klaytn will be adjusted based on the TVL of each network.

Currently, the TVL in Qubit BSC and Qubit Klaytn has a ratio of around 16-to-1. Taking this into account (and as of November 9), the compensation for Qubit BSC will increase and the compensation for Qubit Klaytn will decrease.

For a successful introduction of cross-chain services in the future, we plan to balance this rewards distribution with an 8-to-1 ratio (BSC vs. Klaytn) in order to promote active participation of both communities. Thank you for your support.

The amount of reward distribution of each market for Qubit on Klaytn will be applied as seen on the table below. (one month basis)

Klip Wallet Support

Since launching on the Klaytn Network, Team Qubit has received many requests for support of the Klip wallet feature. From tomorrow onwards, we will start an update supporting Klip wallet for use on Qubit on Klaytn. This will allow users to use Qubit Klaytn on mobile using Klip.

If you have any questions or concerns, please visit the Qubit Global Community Group and contact one of our moderators or if you are a fan, please join any of the official social links below.

Once again, thank you for your support and we will keep on buidling to benefit the DeFi community. We look forward to seeing you with more updates and events in the future!

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.

About Klaytn
Klaytn is an open source public blockchain designed from the ground up to provide the scalability and performance required to service millions of users.

Qubit Official Channels
Twitter: https://twitter.com/QubitFin
Telegram (Global): https://t.me/QubitFinOfficial
Discord: https://discord.gg/JGJBWRxX2Y

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