CUB's Multi-Token Bridge protocol has taken the spotlight as of late. ICYMI, we launched bHIVE and bHBD derivatives on the BNB Smart Chain (BSC). These derivatives trade 1:1 with native HIVE and HBD.
Users can now seamlessly transfer HIVE & HBD to BSC and utilize it to provide liquidity or trade for other assets on BSC. In this post, we'll explore some of the changes that we made to the MTB Protocol for reliability, security and added yield.
Before we jump into that, the Hive Hardfork 26 was launched recently. This added a lot of much needed changes to HBD that make it far more attractive and scalable as an algorithmic-stablecoin. Obviously, we at LeoFinance are extremely excited about these updates.
Additionally, Binance - the largest exchange with HIVE-based trading - has been offline for deposits and withdrawals since the Hardfork. This is likely to resume soon but it has shown the growing need to decentralized HIVE & HBD trading. We need HIVE & HBD derivatives on more DEXes. There will always be a need for CEXes as an offramp/onramp but DEXes are necessary to become truly antifragile.
bHIVE & bHBD are derivatives of their native equivalent - HIVE and HBD - these allow people to seamlessy wrap and unwrap HIVE & HBD to/from BNB Smart Chain which ultimately provides yet another source of liquidity and decentralized access to HIVE & HBD trading.
Hive is one of the most decentralized blockchains in the world. It's about time we decentralize trading and open ourselves up to more opportunities to expand into non-CEX-controlled territories. bHBD & bHIVE are controlled by the CUB DAO which utilizes wrap/unwrap fees to buy and burn the CUB token - the CUB token is then used to pay yield to all bHBD and bHIVE Liquidity Providers who facilitate liquidity and trading.
Reliability, Scalability and DEX Access
bHBD and bHIVE have seen a lot of updates since they went live on BSC. Namely, we rebuilt some of the protocols that run the backend contracts for bHBD and bHIVE wrapping.
If you've utilized any of the LeoBridges in the past, then you've likely experienced a "Stuck TX". Nobody ever loses funds in a stuck TX situation, but it is annoying because you have to open a Discord Tech Support Ticket and get a LeoTeam Tech Support member to process & refund manually.
Since the launch of bHBD and bHIVE, the CUB DAO has processed thousands of transactions - often over 100 per day on busy trading days - and there have been less than 3 failed wrap/unwraps... 3!
These 3 were right at the beginning and we quickly found the issues and fixed them. Since then, there have been 0 failed wrap/unwrap transactions for bHBD and bHIVE.
Reliability and scalability have become a focus for us - not just on the bridges but across the entire LeoVerse application stack.
With these updates, we're also able to manually (if one occurs, which hasn't happened in several weeks) refund failed wraps/unwraps in under 12 hours from when a support ticket is opened. This is really incredible. Unprecedented level of support and speed in the exchange space (i.e. open a tech support ticket at binance for a bad TX and it will often take 3 to 90 days to get it resolved).
DEX Access has never been more important for HIVE and HBD. We covered this in the early part of this article but it doesn't hurt to reiterate. We believe in an interoperable, blockchain-agnostic future for cryptocurrency trading.
bHBD and bHIVE are one piece to that broader idea. We believe the future is in many listings. Many exchanges. Many derivatives. We aim to be a key player in bringing decentralized liquidity to the Hive blockchain ecosystem.
Yield Increases for bHBD & bHIVE
We've continued to manage the yield for bHBD and bHIVE. We're keeping yields well above 30% APY for wrapping HIVE/HBD to bHIVE/bHBD and providing liquidity to any of the 4 pairs available on https://cubdefi.com/farms
- bHBD-bHIVE
- bHBD-BUSD
- bHBD-CUB
- bHIVE-CUB
The sustainability of yield on CUB has never been so high. We've seen massive success with the Multi-Token Bridge and the revenue that we're capable of creating.
Since the launch of bHBD & bHIVE, we've been able to buy and burn over 1M CUB. This is truly amazing and just the beginning of what is possible with these derivatives. 100% of the wrapping/unwrapping, arbitrage and staking revenue that the CUB DAO earns from these contracts is utilized to buy/burn CUB on a daily basis. Yesterday, we burned 33k CUB and today will likely be a similar number.
If you want to dive deeper into how the MTB is earning revenue and buy/burning CUB to create sustainable yield for the bHBD and bHIVE pools, then we recommend reading the latest Monthly DAO Report.
Help Us Decentralize HIVE & HBD Trading
As we've reiterated throughout this post, we believe in a future of many listings and derivatives for HIVE & HBD.
bHIVE and bHBD are extremely important to this future. They are one more notch in the ladder of antifragility for the Hive blockchain.
If you want to help us contribute to this future, then consider wrapping some HIVE & HBD to BSC and providing liquidity in any of the 4 available bHBD/bHIVE LPs! There are some awesome tutorials out there if you google it or you can view a video tutorial via the CUB Docs: https://docs.cubdefi.com/tutorials/how-to-wrap-hbd.
About LeoFinance
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
Our mission is to put Web3 in the palm of your hands.
Twitter: https://twitter.com/FinanceLeo
Discord: https://discord.gg/E4jePHe
Whitepaper: https://whitepaper.leofinance.io
Our Hive Applications
Join Web3: https://leofinance.io/
Microblog on Hive: https://leofinance.io/threads
LeoMobile (IOS): https://testflight.apple.com/join/cskYPK1a
LeoMobile (Android): https://play.google.com/store/apps/details?id=io.leofi.mobile
Delegate HIVE POWER: Earn 16% APR, Paid Daily. Currently @ 2.8M HP
Hivestats: https://hivestats.io
LeoDex: https://leodex.io
LeoFi: https://leofi.io
BSC HBD (bHBD): https://wleo.io/hbd-bsc/
BSC HIVE (bHIVE): https://wleo.io/hive-bsc/
Earn 50%+ APR on HIVE/HBD: https://cubdefi.com/farms
Web3 & DeFi
Web3 is about more than social media. It encompasses a personal revolution in financial awareness and data ownership. We've merged the two with our Social Apps and our DeFi Apps:
CubFinance (BSC): https://cubdefi.com
PolyCUB (Polygon): https://polycub.com
Multi-Token Bridge (Bridge HIVE, HBD, LEO): https://wleo.io