It's been 16 days since the launch of Cub Finance. There are a lot of updates rolling out, especially as LeoBridge is completed (about 85% done) and the CertiK audit is finally published.
The audit is taking quite a lot longer than we expected. Apparently CertiK is under heavy workload as BSC has become the shiniest blockchain on the planet recently. Their official deadline is to have a final report published in the next 24 hours, so let's see if we get it today.
The current status of the audit: we received their initial audit last week with a few minor updates that they recommended to improve the security of Cub Finance and the CUB token. We added certain features to the Cub backend that accommodated their recommendations (i.e. adding a 24 hour timelock contract to the LionsDen contract that governs Cub pool APRs).
Their team received our updates 3 days ago and are conducting their final review with these new features in place. After that, the auditing report will be published publicly and Cub Finance will be added to the official CertiK leaderboard as a certified DeFi project.
Block Reward Halvening
The CUB emissions schedule:
- Week 1: 3 CUB / Block
- Week 2: 2 CUB / Block
- Week 3: 1 CUB / Block
48 hours ago, the CUB emissions reduced from 2 CUB / Block to 1 CUB / Block which marked the change from launch to sustainability.
This migration - as many anticipated - caused a lot of weak hands to get shaken out. Some short-term yield apes who join platforms for the first 2-3 weeks for crazy APRs before moving on to the next shiny object have left the building (or maybe are still halfway out the door).
As we all predicted: the turbulence is being felt through price volatility on CUB. @edicted has made some nice posts about the Diamond Paw theories related to how much CUB is stored away in the den, etc.
Cub Finance is now 16 days old. It's pretty amazing to see where we've come and gone in the last 16 days. Kind of feels like 16 months to be completely honest.
What's even more amazing is that we're barely scratching the surface of the plans for Cub. The initial launch went even better than we imagined: over 1,000 addresses hodl CUB, $10m+ in TVL, record signups through LeoFinance.io etc.
As stated in the Cub Docs: our primary mission is to expand the scope and scale of LeoFinance.
This includes buidling in a way that brings value to LEO and CUB while adding new and exciting features for our existing userbase (adding depth) that are also attractive to people on the outside (adding width).
As our community has loved to remind people from the outside looking in: the LEO track record is what matters. You don't go from 0-100 overnight. Our pace is to release a project and rapidly iterate on top of it. Bringing value to the underlying token but also delivering on development roadmaps and key features.
Upcoming Features and Updates
We've got a lot in store for Cub. It's our platform to build new and exciting DeFi features. Most people don't see that (yet) since CUB's initial launch is as a simple yield farming app.
We're extremely close to launching the new LeoBridge feature along with a number of UI updates for Cub.
LeoBridge
There is nothing even remotely similar to LeoBridge that exists today. There are other bridges and ways to transfer funds from ERC20 to BEP20 (Ethereum to Binance Smart Chain) but we have yet to see one that offers a one-click user experience.
LeoBridge will make swapping assets from Ethereum to BSC as simple as swapping tokens via an automated market maker (AMM).
In fact, the UI is quite literally a fork of the AMM module on https://exchange.cubdefi.com.
The backend is where things get complex. This is where the complexity should live though, right? Let the users seamlessly swap their assets in a permissionless, decentralized manner on the frontend without the headaches of opening exchange accounts with Binance or figuring out how to swap into token x on Ethereum and output token y on BSC.
Instead, you'll just go to the LeoBridge UI on the Cub interface, connect your Ethereum/BSC wallet, select an imput currency and an output currency and hit "Bridge". It's that simple.
You can bridge your ERC20 to BEP20 as the same asset (i.e. go from USDT on ETH to USDT on BSC) or you can swap into a different asset. You can take USDT from ETH and automatically bridge/swap it into CUB on BSC.
When LeoBridge goes live, we'll use it as a key onboarding point for new users to Cub Finance. It's going to be vital to get the word out about this bridge because there is a ridiculous amount of capital flowing from ETH to BSC. Right now it's extremely difficult and annoying to transfer these funds. LeoBridge is the first of its kind.
0.25% swap fees are taken on Bridge TXs which get sent directly to the CUB treasury to buy/burn CUB and bLEO.
The Future of Cub Finance
What LeoBridge represents is perhaps as important as the actual functionality of the bridge itself.
LeoBridge is the first in a long-line of DeFi developments on top of the Cub Finance base layer. If you thought that Cub Finance was just a simple yield app and would remain that way for the long-term, then you thought wrong (looking at you BSC apes).
Many other platforms make promises but they're also run for purposes that are very different than Cub.
DeFi composability and interoperability is something that we're very focused on. We see a lot of projects and use cases out there that lack ease of use. With Cub, we're both building our own contracts from scratch (i.e. LeoBridge) and adopting the contracts of successful platforms to expand the use cases built on Cub (i.e. Yearn Vaults and Curve staking).
We're bringing all of the most valuable DeFi use cases into the LeoFinance / Cub Finance ecosystem directly to expand both the depth and width of our community. It brings immense layers of value to the existing Leo user base and also attracts new potential users into our ecosystem at the same time.
Sustainable DeFi - Why We Created Cub Finance
DeFi is going to be one of the most important sectors of the entire crypto space - if it isn't already. There are major banks, investors and communities that are entirely focused on DeFi and it's material impact on the crypto landscape and broader financial markets.
LeoFinance is in a mode of continual expansion and adaptation. Our community is centered around crypto and finance which makes us perfectly positioned to adopt DeFi protocols and collaborate with various DeFi projects.
Cub Finance give us the base layer and distribution we needed to launch more DeFi applications and what we have planned for the coming weeks and months in terms of new contracts for Cub is pretty incredible. First, we'll launch LeoBridge and then we'll start diving into the Cub Kingdoms update.
In Q2 2021, we're expecting to have Cub Kingdoms and CUB staking + governance in production.
Sustainable DeFi is an important concept in this space. Speaking from a selfish perspective, many of us in LeoFinance wanted to dive heavily into various DeFi protocols. Building something we could call a "Liquidity Portfolio" - a way to earn yield on a large percentage of our overall crypto hodlings in various yield farms, DeFi contracts, lending, synthetic assets, etc.
The problem is that there are so many different DeFi protocols out there. It's hard enough to take the time to research these projects let alone invest in them and trust the creators behind them. Most of these DeFi projects are being built extremely quickly with teams that carry no reputation of past projects.
Speaking from personal perspective and the insights gained from talking with community members, people involved with LeoFinance, etc. we also realized that there's a lot of capital that is afraid to enter these protocols. Putting a large % of our crypto portfolios into some no-name team that launched a project 1 week ago offering 100% APR seemed like gambling of the highest order.
With Cub, we saw the opportunity to solve that exact problem both for ourselves, our existing community and the broader crypto userbase. Bring the best opportunities that DeFi has to offer and deliver them with a reputable brand (LeoFinance), relentless development and ease of use.
A one-stop shop for DeFi? That's the mission with CUB and we're only 16 days in.
LeoFinance is a blockchain-based social media community that builds innovative applications on the Hive, BSC and ETH blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
| DeFi Platform | Tokenized Blogging | Track Hive Data |
|---|---|---|
| Cub Finance | LeoFinance Beta | Hivestats |
 |  |  |
| Native DEX | Wrapped LEO (ETH) | Hive Node |
|---|---|---|
| LeoDex | wLEO On Uniswap | Witness Vote |
 |  |  |