LeoFinance Weekly Dev Update:
- pHBD
- Bonding
- LeoMobile V1
- LeoDesktop
- LeoMerge
pHBD
As you're probably well aware, HBD's fixed interest rate on the Hive blockchain has been raised to 20% over the past week. This is an extremely bullish change for the Hive ecosystem - putting the value prop of buying HBD and staking it right front and center with top 10 cryptos like Terra (LUNA) and their UST Algo-Stablecoin.
HBD is the longest standing algo-stablecoin in all of crypto. Yes, that is a fact. Most people have no idea that HBD exists. Even less people have ever tried to buy a large stake in HBD to deploy it for yield.
The Hive Witnesses raised the HBD Fixed Savings Rate to 20%, which has solved the demand issue for HBD. Now there is a massive potential demand to own and stake HBD.
The problem remains: supply. If you want to get your hands on $100,000 in HBD, how would you do it?
Right now, you'll take nearly a 1-5% haircut on your $100k to buy HBD from places like the internal market, Bittrex, and internal conversions.
Now that the demand problem is fixed, we're aiming to solve the supply problem with PolyCUB.com.
PolyCUB is releasing a pHBD-USDC vault and we're aiming to drive $5,000,000 in liquidity to it. You can read the full details here.
This vault is going to radically change the dynamics of HBD. Opening up the potential for HBD to have large levels of supply to support the onboarding of DeFi whales. $5M is just our initial target. In the long-run, we would like to have a great deal more in liquidity to support a much larger influx of users.
We believe that HBD is a killer app for the Hive ecosystem. It's a long-standing algo-stablecoin and offering a 20% fixed APR is extremely attractive to the DeFi space right now.
We'll need the help of everyone on Hive to make this liquidity pool deep. This will benefit the entire Hive ecosystem and benefit PolyCUB as usage of pHBD will lead to large revenue streams through:
- pHBD Wrapping/UnWrapping Fee
- pHBD-USDC Vault Fee
- Base APR Earned on % of Cold Storage-Backed HBD
- Arbitrage on HBD - pHBD
These 4 revenue streams all feed directly into PolyCUB's protocol owned liquidity which owns assets like BTC, stablecoins like HBD, etc.
For HBD, creating a deep source of supply is necessary for mass DeFi adoption.
For PolyCUB, creating the deepest source of liquidity for HBD will lead to one of the Protocol Owned Liquidity's largest sources of revenue on the pHBD service. We've run the math under a few scenarios with different pHBD stats on how much is wrapped and unwrapped, deposited for LP, arbitraged, etc. and this could potentially add hundreds of thousands of dollars to the Protocol Owned Liquidity on a yearly basis.
The key now is releasing it and gaining traction from the entire LeoFinance and Hive Ecosystem. We need everyone to rally behind pHBD and create a lot of liquidity there. Then, we'll work with our press release partners at Cointelegraph, Bitcoin.com, etc. to talk about the 20% fixed interest rate on HBD, how pHBD works and why DeFi whales will start buying HBD and staking it on-chain for the fixed 20% yearly rate of return.
As you can probably tell, our team is ridiculously excited about this opportunity both for the Hive ecosystem and for the potential to add a large revenue stream to the PolyCUB Protocol Owned Liquidity.
Bonding
Yes, bonding soon. Everyone (including Neal) has been highly anticipating the release of PolyCUB bonds.
We've been in the testing phase since the launch of PolyCUB to ensure that the launch of Bonding goes smoothly. After working out some UI issues, we've been running test bonds on a daily basis to work out any final kinks.
When bonding goes live, we're also going to release some Protocol Owned Liquidity (PoL) stats on how big the PolyCUB treasury is and how big it continues to grow.
With the current price of POLYCUB, it's pretty clear that the treasury is going to surpass the total market cap in the sooniverse. This makes the risk-free value of POLYCUB rise even beyond its current price level. Bullish on buying the bottom is an understatement.
LeoMobile V1
LeoMobile has been in open beta since around November of 2021. We've been working on a large number of bugs as well as preparing new features that we believe are necessary for the launch of the app in the full App Store on IOS (currently in Testflight).
Right now, we're fixing 2 regression issues before merging the current codebase into production. Along with these, we're finalizing the last few features needed to go live in the IOS App Store:
- Notifications ✅
- Advanced Internal Linking ✅
- Tag View ✅
- Sign In With Apple ✅
- Full-Text Search 🕦
Once these features are completed, we'll push our update to production on Testflight and simultaneously push the app into the full App Store as well. It may take some time for it to get approved in the full IOS store but all of the V1 features will be available immediately for download in Testflight on IOS and Google Play store on Android.
LeoDesktop
Currently, we're building a few updates for LeoDesktop (https://leofinance.io). The next feature we're deploying is a massive update to LeoInfra which:
- Integrates the LeoMobile LeoInfra version - allows for Facebook login and simultaneously logging in between LeoMobile and LeoDesktop to the same Hive Lite account
Once we've completed this LeoInfra integration, we'll push forward on our roadmap which leads us to the convergence of LeoMobile and LeoDesktop: LeoMerge.
LeoMerge
This is the convergence of LeoDesktop and LeoMobile. Our dev team is working separately but together on the LeoDesktop and LeoMobile frameworks. We've hired on more than 3 devs in the past 30 days to work on LeoMobile and LeoDesktop and this is highly important for the future of LeoFinance.
LeoMerge will bring the codebases of LeoDesktop and LeoMobile together into one "super codebase". This singular codebase is where our dev team will converge and eventually start only building from here. This will dramatically speed up the integration of new features, testing process and release schedule for updates since all updates on LeoMobile will also be compatible with LeoDesktop.
When the LeoMerge occurs, users will see an entirely redesigned Desktop UI that will be based on the LeoMobile UI.
The key is that we are focusing LeoDesktop on the Content Creator experience and we are focusing LeoMobile on the Content Consumer experience.
When LeoMerge goes live, you'll notice that logging into LeoDesktop directs you right into the content creation UI. Encouraging you to create great content for LeoFinance.io.
Meanwhile, when you log into LeoMobile, it will direct you right into content that it thinks you'll enjoy and engage with. It will encourage you to upvote and comment on content rather than create your own content.
Our roadmap is currently:
- Deploy V1 LeoMobile
- Integrate LeoMerge
- Converge Dev Teams on New Features for LeoMobile/LeoDesktop (Threads, Community Pages, etc.)
We've been working on LeoMerge since around January of this year. We need LeoMobile to be ready for V1 before LeoMerge can take place and we are closer than ever to achieving this.
All will be unveiled in the sooniverse.
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.