The Next Chapter: MND Distribution
Hey Bunny Fam,
We have officially just concluded our MND swap event! Thank you for your amazing support and commitment to the Mound (MND) Vault and for your close attention throughout the entire event.
TL;DR
1. MND Distribution
2. pBUNNY Compensation
3. polyBUNNY Compensation
1. MND Distribution
We are excited to announce that over 3M BUNNY was committed to the Mound (MND) Vault, with over 2M contributed by the Community and 1M contributed by the Team! In addition, the Mound Vault now holds 100M QBT as well as the first 1M polyBUNNY minted to the Team. (This excludes the polyBUNNY minted to the Team during the attack, which will be burned soon.) With the conclusion of the Swap Period, participants will be receiving their MND tokens over the next 3 hours.
2. pBUNNY Conversion
Due to market conditions after the May exploit, it was necessary to implement a Floating Rate of Emissions (FRE) for the PancakeBunny protocol. Together with the sharp fall in TVL, the Bunny Distribution soon no longer generated sufficient compensation for pBUNNY holders. In order to ensure that it would be possible to continue compensating pBUNNY holders, the Team decided to convert everyone’s pBUNNY into the MND that corresponded to the Team’s contribution to the Mound Vault. The MND for pBUNNY will be distributed on Thursday, July 29th UTC.
3. polyBUNNY Compensation
To compensate holders of polyBUNNY at the time of the recent attack, Team Bunny will distribute $2.4M of the Team’s MND to all holders of polyBUNNY in the block immediately preceding the block in which the attack occurred. The MND for polyBUNNY holders will be distributed on July 29th Thursday as well, 2 days after the Team burns the polyBUNNY that was minted to them as a result of the attack.
4. Concluding Remarks
MND holders will be able to begin claiming farming returns in approximately 45 days. (Note that all BUNNY contributed to the Mound Vault began farming right away.) This represents a delay of roughly 15 days in over and above the 30 days initially announced, but Team Bunny is committed to using the extra time to conduct our new multi-layered code review protocols.
Please see sample calculations below to understand the logistics behind the minting of MND for Community contribution; the (effective) pricing of MND, and the minting of MND for the Team contribution (for the pBUNNY conversion calculation):
4.1. MND for Community BUNNY Contribution
Total # of Community BUNNY swapped into Vault = ~2 Million
Total $ Value of Community BUNNY = 2,002,369 x $16.088 = ~$32.214 million
# of MND allocated to Bunny Swap Participants: [1 Million MND]
Effective Price of MND = EP = ~$32.214 Million/1 Million = ~$32.214
4.2. Team Contribution to Vault (pBUNNY Compensation)
1 Million BUNNY = ~$16.088 Million
100 Million QBT = ~$23.6 Million
1 Million polyBUNNY = ~$4.224 Million (Note: this will be contributed once the Team’s share of polyBUNNY from the operation of the protocol reaches 1M.)
Total Team Contribution (TC) = $43.912 Million
Total Value of the MND Vault = ~$32.214 Million + ~$43.912 Million = ~$76.126 Million
MND for Team Contribution (pBUNNY Compensation)
TC / EP = ~$43.912 Million / ~$32.214 = ~1.363 Million MND Tokens
4.3. polyBUNNY Compensation
$ Compensation / EP = ~$2.4 Million / ~$32.214 = ~74.5 Thousand MND (from the Team’s portion)
4.4. Total MND
Total Number of MND Minted = 1 Million MND (Community) + ~1.363 Million (pBUNNY Compensation) + [2.363 Million x 0.15 = ~0.35445 Million] (Team MND) = ~2.717 Million MND
Market Cap of MND = ~$87.5 Million
Again, thank you for your immense support and we look forward to updating you with more notices this week!
About MOUND
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.
About PolyBunny
PolyBunny is our first initiative to launch a fork of the PancakeBunny BSC protocol on new chains, with the best in-chain APYs that will create user value through the optimal operation of the Bunny Distribution mechanism.
Official Bunny Finance Channels
https://linktr.ee/bunny.fi
