As you are all aware, there was an economic exploit on the platform Qubit, resulting in approx. $80M loss of assets. In $80M, assets from both thousands of private users and Mound were included. Team Mound had been supplying about $10M in Qubit, which was the full operating capital.
Due to this terrible incident, it became impossible to sustain the scaled development team. As a result, Bunny and Qubit protocols, which were primarily led by the development team, will be governed by DAO.
Once the protocol is changed to DAO, the community will possess all relevant authority such as upgrading contracts, altering fee structure, and so on.
We regret to inform you that we are unable to carry on the proposed roadmap. Below are the details that the team will perform when changing the protocol to DAO.
Ceasing BUNNY Emissions
The vaults on Bunny no longer mint BUNNY tokens.
Ceasing Qubit Utilizing Vaults
Leveraged Farming Vaults and Single Asset Vaults operated by borrowing assets from Qubit are no longer available.
- Qubit Leveraged Farming Vaults: No user assets were lost. The Exit is the only possible option since making an additional deposit is not available. Users who have never used these vaults will not see them on the interface.
- Qubit Single Asset Vaults: All assets users have deposited are lost. These lost assets are documented as assets to be compensated by the team, and thus the total compensation amount can be claimed on Qubit’s compensation website.
Bunny Fee Structure Revision
Bunny charges fees in exchange for providing users with various convenience functions such as leverage and auto-compounding.
Fee structure discontinued:
- Leveraged Farming Fee: 3% from farming reward (e.g. CAKE) when harvesting
- Liquidation Fee: 5% from remains after repaying loans
- Pot Fee: 10% from winning prize
- Prediction Fee: 3% from winning prize
- Fees to be raised from the upcoming investment goods (e.g.stBNB)
Fee structure to be maintained:
- Unstaking Fee: 1% from only when unstaking within 72 hours
- Auto-compounding Fee: 1% from farming reward (e.g. CAKE) when harvesting
Collected fees are used for:
- Distribution to BUNNY Vault (Rewards from BUNNY Vault are given in BNB and BUNNY): 90%
- Adding Liquidity on BUNNY-BNB: 10%
Launch of New Markets on Qubit
New Markets will be launched on Qubit while the existing markets damaged by the hacking will be removed. The interface will be available on the Qubit website, where users can freely inquire about the amount of assets that have been damaged by Qubit’s hacking issue, as well as claim the accumulated amount of compensation. Bunny’s SAV users are also eligible to claim compensation on the website.
Implementation of fee structure changes and token emissions cessation on polyBunny will be applied as the structures on Bunny.
BUNNY, polyBUNNY, and QBT in the MND Vault will be staked into each vault that collects fees.
- BUNNY: Staked into the vault where Bunny Fees are distributed.
- polyBUNNY: Staked into the vault where polyBunny Fees are distributed.
- QBT: Staked into the vault where Market Reserves are distributed.
15% of the total MND tokens held by the team will be provided as MND-BNB LP.
Ceasing Bunny Pot
Bunny pot will cease its operation this week. So the current pot will be the last draw, and the amount of donations in the pot allocated to the Team Mound will be used entirely for compensation.
The team can’t retain the moderators anymore. The community channels will be maintained as usual for the users’ convenience and will continuously be monitored to assist the community in designating the user as a community manager.
All of the team’s tokens will be locked in the smart contracts owned by our community and the total profit generated by this contract will move to the compensation pool. This means that the entire protocol fees and reserves will be distributed to existing holders and relevant users to be compensated, and any further profits will no longer be shared with the team. In addition, the team will keep up the hard work to complete the compensation as soon as possible by concentrating on earning additional profits from external asset management. We, as a Bunny Team, will participate as a member of DAO. Thank each and every one of you for your unwavering support and ongoing faith in our Team Bunny despite the several obstacles.