Bunny Finance Launches Lending Protocol Qubit on BSC
- Qubit will have zero withdrawal fees to reduce costs for users and enable yield aggregators to maximize returns.
- The QBT Pre-Launch Liquidity Event will take place between 14 July and 19 July.
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In a blog post published on 12 July the company behind PancakeBunny, Bunny Finance, announced the launch of a new lending and borrowing protocol on Binance Smart Chain (BSC). Qubit will have zero withdrawal fees to reduce the cost of lending and borrowing for retail users. A zero-fee structure will also enable PancakeBunny and other BSC yield aggregators to employ leveraged strategies to maximize returns on single asset deposits.
The newly-launched protocol will support vertical integration of code review for PancakeBunny and other farming platforms to enhance the security of the BSC ecosystem. Vertical code review will also enable the protocol to avoid the destabilizing impact Layer 1 migrations might have on Layer 2 services. Once fully launched, the team behind Qubit will introduce derivative products such as margin trading and leverage tokens to the platform.
The total supply of QBT will be 1 billion tokens, equivalent to a $50 million market cap at the initial pre-launch liquidity price. At launch Qubit, will support USDT, BUSD, USDC, and DAI stablecoins, as well as ETH, BTC, BNB, CAKE, and QBT. In the coming months, Qubit will expand to different blockchains to further strengthen both the platform and the wider PancakeBunny ecosystem.
The Qubit Pre-Launch Liquidity Event will provide liquidity for QBT ahead of the launch and is scheduled to take place between 14 July and 19 July.
- The BNB Chain will be made up of two parts, the BNB Beacon Chain and BNB Smart Chain, and will have the goal of pushing the BNB ecosystem even further.
- Binance also introduced a new concept, MetaFi, that is meant to become an “all-encompassing ecosystem” that enables interoperability between projects and blockchains.
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- The attacker used a deposit option in the QBridge smart contract to create a “huge amount of xETH collateral”, which he used to borrow BNB on the Binance Smart Chain.
- The Qubit team has contacted the attacker, and offered him the maximum reward it could give if he returns the stolen funds.
- Binance’s investments comes only two months after WOO Network closed a $30 million Series A funding round.
- WOO Network not only provides liquidity to the Binance Smart Chain, but also to the 1inch, ParaSwap, Dodo, and DYDX networks.