What a week! It's been 7 days since the launch of CUB and this is a significant milestone for a number of reasons. All week, we've been lining up AMAs, collaborations and a collection of influencer marketing campaigns to spread the word about CUB.
@nealmcspadden and @khaleelkazi went on MSPwaves and talked to Crim about CUB, LeoFinance and the DeFi space for 2 hours over the weekend.
This week, we've got over 6 major AMAs/collaborative events planned along with a number of key puzzle pieces fitting together for Cub Finance's future. We're only 1 week in and there is a lot of work that is yet to be done.
This coming week will kick off a lot of these major events which will run into the forseeable future. Today (about 5 hours from when this post is published), we'll be doing a live AMA with the BSCgemz crypto community on Telegram.
This is one of the largest Binance Smart Chain communities out there and they have a large and loyal following. It's going to be a fun time and it will bring a lot of outside awareness to both CUB and LeoFinance.
If you want to join us, hop in their Telegram and get ready. Here's their official announcement of our upcoming AMA:
Vault Revenue Burns
80% of all vault revenue on https://CubDeFi.com burns $CUB and 20% buys, unwraps and burns $bLEO.
Cub Finance is nearing on $500,000 USD in vault revenue collected via the platform.
We're planning on publishing regular burn reports (likely about 1-2x per week from the @leofinance account and our other platforms). These reports will dive into the details with TXIDs, tracking and all of that. We've seen a lot of people asking in Discord about various reporting stastics, the frequency of burns, etc. and we'll dive into all of that.
It will be a nice return of a similar burn report we used to publish when LEO first started (of course, the numbers we're dealing with now are just a bit higher).
CUB Burns
43,335 CUB has been burned (~$197,482.08 USD)
An easy way to view the real-time figure of CUB burned is on the https://cubdefi.com home page:
LEO Burns
35,628 bLEO has been burned ($38,478.67 USD)
The LEO burns are a little more complex than CUB burns. The vault treasury purchases bLEO from the bLEO-BNB pool on Cub Finance and then unwraps that bLEO into native LEO automatically into the @null account.
We do this because bLEO is just a representation of the LEO token on the Binance Smart Chain. Being a wrapped token means that each token has an equivalent Hive-based LEO to back it up.
Once the unwrap is completed, the bLEO returns to a cold wallet but the LEO representing that bLEO is automatically sent to @null and burned permanently from the LEO token supply.
The amount of LEO we're burning is unlike any other burn rate we've seen. For context, we've burned about 3 years worth of ad revenue in 7 days of Cub Finance.
Vault Treasury
The vault treasury continues to grow. A 4% deposit fee is collected whenever a user deposits to vaults (excluding bLEO/CUB-related vaults/dens). This deposit fee is then held in the Cub treasury and the 80/20 split buys & burns both CUB and bLEO. Our in-depth burn reports will cover more of these details soon™️
CUB Per Block Rewards Decreased
Week 1 = 3 CUB / block
Week 2 = 2 CUB / block
Week 3 = 1 CUB / block
Today marks 7 days after the launch of CUB and the block rewards have already decreased from 3 CUB to 2 CUB per block. This means that yields are lower but it also means that there is a signficantly smaller amount of CUB entering the market each day. Considering the diamond paws we've experienced so far as the CUB price follows a similar early trajectory as platforms like EGG, this could lead to a positive impact in supply vs. demand and the price of CUB.
Audit Status
We've hired a professional auditing company called "CertiK" who are well known for auditing various smart contract platforms and DeFi applications.
After speaking with them again today, we should be only one or two days out from having their review publicly released along with Skynet deployed on the CubFinance smart contracts (Skynet is their auditing system that will watch the contracts/related addresses for any unusual activities and instantly alert us and the community if/when something is detected).
Their analysis will discuss the security of our contracts and give us suggestions for anything that could be done to improve our security. One thing that has already been made clear is that our contracts are virtually as safe as Goose Finance due to the nature of our adaptations (non-essential naming variables changed while business logic remains untouched).
Once this audit is published, Cub Finance will be listed on the CertiK project leaderboard. Many people in the BSC/DeFi space look to these audits before jumping into a project at all.
We were hoping to have the audits live right on launch day or very shortly after. They're a few days later than we anticipated, but these audits have been extremely thorough and once Cub Finance hits the CertiK project dashboard, the security of CUB and our smart contracts will have a great deal of visibility.
CertiK offers other services that we're exploring including CertiK "shield" which can protect capital in smart contract platforms like the contracts being used by Cub Finance. We're exploring every option and as stated in the Cub Finance docs, security is the #1 priority. We'll always opt for heavy auditing and secure procedures whenever possible.
DeFi can be a scary place. Lots of capital and bleeding edge tech. Always do your own research and understand the risks and mitigation techniques out there.
Upcoming AMAs and Collaborations
As mentioned above on March 15th (about 5 hours from when this post goes live), I (Khal) will be appearing in the BSCGemz Telegram group for an AMA about Cub Finance, LeoFinance and our upcoming LeoBridge feature.
We've got a few telegram appearances lined up as we've reached out to a number of different BSC groups and have also had a bunch reach out to us wanting to learn more about the hottest new yield app on Binance Smart Chain. Turns out that crossing that $5m TVL number had an interesting impact on exposure and crossing $10m accelerated it to a whole new level.
Many of these groups are asking about our certification and audit status. It's going to be a major moment when that audit is certified and CertiK adds us to their dashboard. Many in the space look to these audits as a seal of approval to finally jump in and join the platform with their capital.
We're excited to see how this plays out as the Telegram appearances start happening on the 15th of March and the Audit is officially published around the same time 🚀🚀
The Future of Cub Finance
A lot of people are asking about the future of CUB, bLEO and LeoFinance. The future of our platform is in constant expansion and adaptation. As stated through our official content and the Cub Docs, our #1 goal is to expand the scope and scale of the LeoFinance community and ecosystem.
Deploying applications like Cub Finance is a great engagement tool for our existing community but the vision is much more long-term than that. LeoFi is our DeFi branch of LeoFinance. The plans in the near-term roadmap include:
- LeoBridge (#verysoon)
- Leasing (#verysoon™️)
- Lending (#soon)
- Synthetic Assets
- ...
Cub Finance has given us a base layer platform to build on top of. Many of you already see the power in adopting well written, battle-tested smart contracts. The power of the DeFi space is in composability, usability and open source technology. We can reshape any smart contract and repurpose it for the LeoFinance ecosystem through CubFinance.
The roadmap for Cub already lays out some of the ideas we're working on right now. The project is centered around this idea of DeFi composability and adopting successful smart contracts from other platforms and plugging them in to our community ecosystem to serve key functionalities. As we get closer to releasing these ideas, more details will be announced before we announce the announcement of their official announcement dates.
New LeoBridge DeFi App
The new LeoBridge application we're building is extremely exciting. As of right now, there is no easy way to swap Ethereum (ERC20) assets for Binance Smart Chain (BEP20) assets. There is something called Binance Bridge but it requires a multitude of steps and an account at binance.com.
LeoBridge will leverage the unique tri-token economy of LeoFinance. We have wLEO, LEO (native) and bLEO.
When a user wants to swap ERC20 assets for BEP20 assets, they'll enter their input ERC20 and their output BEP20 on our new LeoBridge web application.
It will look similar to AMM swap pages (i.e. https://exchange.cubdefi.com) but it will have the LeoBridge backend. To the user, it's as easy as entering an ERC20 input and a BEP20 output (or vice versa). On the backend:
ERC20 -> wLEO -> LEO -> bLEO -> BEP20
or
BEP20 -> bLEO -> LEO -> wLEO -> ERC20
A 0.25% swap fee will be collected on every trade and sent to the CUB / bLEO treasury where it will be split to burn both CUB and bLEO.
One of the most exciting things about this application is the awareness it will bring to Cub. One of the most fundamental steps to turning CUB into a successful DeFi platform in the long-run is adding new use cases and revenue-generating mechanisms that set CUB apart from other DeFi platforms.
In less than 14 days after launching, Cub Finance will already have the LeoBridge application added to it's suite. This will make CUB the most unique DeFi yield app of it's kind and we'll continue to add new contracts and applications to this base layer that we're just getting started with.