Updates from Devs: Qubit Launch & Mound Vault
Hello Bunny Fam,
Thank you for your steadfast support as we continue our efforts to increase the value of the PancakeBunny ecosystem. In light of the recent exploit, Team Bunny has revised its protocols to maximize security for the launch of new products. Please see below for more details on the revised Qubit launch process and an update on our Mound (MND) Vault.
1. Qubit Launch Update
Although we postponed the launch of the Qubit live service on the BSC Mainnet until the conclusion of a comprehensive audit after the end of August as part of our revised launch process, all of the other elements of the Qubit launch have proceeded as planned.
1.1. Pre-Launch Liquidity Event Successfully Concluded
Thank you, Fam, for your amazing support of the QBT pre-launch liquidity event! The event generated a commitment of over $19M in BUNNY-BNB, which constituted an over-commitment of approximately 6x above and beyond the liquidity cap of $2.5M.
1.2. Initial Minting of QBT and Creation of QBT-BNB Complete
The initial minting of QBT and creation of QBT-BNB is now complete. Visit qbt.fi to see the total committed, how much QBT-BNB you received, and how much BUNNY-BNB you have been returned. (Pro-tip: Go to Zap on the PancakeBunny.Finance page, select one of your new tokens, and click the “+” button to add the token to your wallet. Simple and fast!)
1.3. QBT-BNB PancakeBunny Vault Successfully Launched
If you participated in the QBT pre-launch liquidity event, your newly minted QBT-BNB have been autostaked to the QBT-BNB Vault on PancakeBunny.Finance (see your QBT-BNB hard at work for you at https://pancakebunny.finance/pool/QBT-BNB-FLIP). At the time of this writing, the vault is generating a massive APY of 6507.78%. The 25M QBT in Bonus Farming Rewards committed to the Vault by the Team was originally to be farmed over the first 30 days of the Qubit launch, but because the launch has been postponed until the conclusion of the audit, the total bonus amount will now be farmed over the next 60 days. Also note that the Team has reduced the lockup of pre-launch liquidity QBT-BNB to 72 hours so that providers of pre-launch liquidity will be able to access their QBT-BNB proportionally over the next three days. Stake QBT-BNB in our PancakeBunny Vault to take advantage of the massive APY and Bonus Farming Rewards available during the pre-launch period!
1.4. Qubit Is Live On-Schedule — On the BSC Testnet!
As stated above, the Team has determined that the best way to ensure a secure launch for Qubit is to delay the live service. However, the Qubit protocol was ready to go live, and so the Team has launched Qubit on the BSC Testnet! The purpose of our testnet release is to give users early access to the features to give them an opportunity to gain familiarity with the platform and to provide comments and feedback. The BSC Testnet is a live space where users can use test assets to execute lending and borrowing in a test environment.
It is also our objective to use the time it takes to complete the audit to allow bounty hunters to observe the behavior of our contracts in a live setting. In the furtherance of this end, we will be adding Bug Bounty contracts on ImmuneFi to leverage insights from the white hat community to identify potential vulnerabilities before Qubit goes live on the BSC Mainnet.
2. Mound (MND) Vault Update
We have just entered the fourth week of the Mound (MND) Vault BUNNY Swap Event. The Team has added 100M QBT tokens to the Mound Vault as promised, valued at $5M (based on the initial price of QBT). At the time of this writing, the total value of the Mound Vault is approximately $60M, and the value of the Mound Vault will continue to grow as we add future project tokens and a share of fees from our fee-based products. Swap BUNNY into the Mound (MND) Vault to benefit from the entire PancakeBunny Ecosystem!
3. Concluding Thoughts
Thank you, Bunny Fam, for sticking with us as we continue to do our utmost to inject massive value into the PancakeBunny Ecosystem. We have revised our launch protocols and refactored our development roadmap to integrate learnings from the recent exploit so that we can ensure that all of our products will launch with maximum security, although this means that ecosystem recovery must necessarily occur at a slightly slower pace. Again, thank you, as always, for your support and trust, and remember, Bunny Fam, Keep Calm and HOP ON!
About Qubit
Qubit Finance is a DeFi lending protocol, developed by the team Qubit and brought to you by Mound. Users can freely deposit various virtual assets and borrow virtual assets using the deposited amount as collateral, where interest is automatically calculated by the smart contract protocol.
Twitter: https://twitter.com/QubitFin
Telegram: https://t.me/QubitFinOfficial
Discord: https://discord.gg/JGJBWRxX2Y
About PancakeBunny
PANCAKEBUNNY delivers best-in-class auto-compounding yields (currently of up to 250%) on the Binance Smart Chain. Launched in December 2020, Pancake Bunny has now accumulated over USD 600 Million in Total Value Locked (TVL). In the past 30 days, PancakeBunny has seen an average of 73,000 Daily Active Users (DAU). With the recent launch of its cross chain Multiplexer, PancakeBunny now enables double-farming on Ethereum and BSC by using asset-mirroring instead of bridging to create assets for farming on the target blockchain. For more information about Pancake Bunny, visit: https://pancakebunny.finance
Official Bunny Finance Channels
https://linktr.ee/bunny.fi
