Lending Protocol Qubit to Go Live on BSC Mainnet
- Qubit Finance is planned to go live on the BSC mainnet on 24 August.
- Peckshield has completed its audit of the protocol ahead of time, while Theori’s audit is on schedule to be completed in early September.
Shutterstock
Bunny Finance has announced that Qubit, its new lending and borrowing protocol, is ready to go live on the Binance Smart Chain (BSC) mainnet. According to an update published on 20 August, the team has concluded its first audit for Qubit ahead of schedule, and is targeting 24 August for the launch.
Peckshield, a blockchain security firm, has completed the full audit of the lending protocol after it spent several weeks on the Binance Smart Chain testnet. To maximize security, Bunny Finance also hired Theori to conduct a separate audit that is on track to be completed in early September.
“We are excited to deliver our vision of a platform that will provide lending as a commodity for all of the BSC, and we are committed to enhancing security for the entire blockchain by eliminating flash loans and by supporting vertically integrated code review,” Bunny Finance said in the update.
Qubit will support secure, multiply-leveraged strategies that will result in significantly higher yields for PancakeBunny users and its partners. Following Qubit’s launch, PancakeBunny will begin to migrate liquidity from the old Venus vaults to the new Qubit vaults, enabling PancakeBunny users to generate much higher APYs.
- 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.
Shutterstock
- 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.