Mound (MND) Update as-of 06-Feb-2022
Hello Mound Fam,
The hacker still hasn’t returned the stolen funds back to the Qubit Finance team. The latest status (as-of 6-Feb-2022 12:00PM UTC) is that all the funds were converted to 29,724.5747 ETH stored in one wallet. Hopefully, there will be some good news soon.
References:
- Qubit Protocol Exploit Reports on 28-Jan / 29-Jan / 31-Jan / 1-Feb
- Theori Blog : Qubit Bridge Post-mortem
MND Status as-of 06-Feb-2022
Total MND Staked = 2.249 Million tokens (82.75% of total supplies)
Underlying Assets per 1 MND & APR
- 3 / 2.3 = 1.304 BUNNY/MND : 51% APR
- 100 / 2.3 = 43.478 QBT/MND : 5.38% APR
- 1 / 2.3 = 0.4347 polyBUNNY/MND : 133% APR
- Note : From the hacker’s wallet address, it seems to me like the hacker didn’t borrow any QBT and the 89.5M QBT liquidity still exists on the platform. So, the implication is that the 33.33M QBT belong to the MND vault was not stolen.
Reward Distribution per 1 MND as-of 06 Feb 2022
- 0.00197 BUNNY/MND/day
- 0.00694 QBT/MND/day
- 0.05368 polyBUNNY/MND/month*
MND rewards per day in USD
= [(0.00197 x 0.5649) + (0.00694 x 0.0029) + (0.05368 x 0.098 / 30)]
= 0.001308 USD per MND per day
APR vs MND Market Price = 0.001308 x 365 / 0.54 = 88.41%
APR vs MND Effective Value = 0.001308 x 365 / 1.32= 36.16%
Reward prediction next week
If we have 1,000 MND staked in the MND Vault, we should get around:
07-Feb-22 = 1.97 BUNNY + 6.94 QBT
08-Feb-22 = 1.96 BUNNY + 6.94 QBT
09-Feb-22 = 1.96 BUNNY + 6.93 QBT
10-Feb-22 = 1.96 BUNNY + 6.93 QBT
11-Feb-22 = 1.95 BUNNY + 6.93 QBT
12-Feb-22 = 1.95 BUNNY + 6.93 QBT
…
16-Feb-22 = 1.94 BUNNY + 6.89 QBT + 53.68 polyBUNNY**
* According to the PolyBunny Farming & Reward Distribution Mechanism mentioned in the team’s article, the polyBUNNY monthly rewards will be distributed on 16th of each month.
MND/WBNB PCS Liquidity Pool
- 11,950 MND / 15.39 WBNB / APR% = 81.34%
Note — It seems to me like the LP Reward APR shown on PCS could be misleading because the LP Reward fees in the last 24 hours was only 4.15 USD (or around 11.71% APR)
BUNNY/PolyBUNNY/QBT Status as-of 06-Feb-2022
Since all liquidities on Qubit platform (except QBT) were stolen, I will not update the statistics related to the BUNNY Qubit SAV, Qubit Deposit Market, Qubit Borrow Market at the moment. However, the following items can still be tracked:
- bQBT = 50.360M Tokens / QBT Staked= 76.470M Tokens (65.85%)
- QBT in Supply Market = 137.064M tokens / Circulating Supply = 237.300M tokens (57.76%)
- QBT Staked = 76.470M Tokens/ Circulating Supply = 237.300M Tokens (32.22%)
- PancakeBunny xLP : 6 Pools with 2.1M USD TVL
- PancakeBunny Venus Vaults : 5 Pools with 1.5M USD TVL
- polyBUNNY in MND Vault : Accumulated Rewards since 17th Jan 2022 until now (6th Feb 2022 12.40UTC) = 75,628.621 tokens
- 33.33 million QBT tokens (belong to the MND vault) on the QBT Deposit market. The 5th tranch (8.33M QBT) schedule has been delayed due to the exploit.
Accumulated BNB for buying back & burn BUNNY
According to my update on 18-Dec-2021, the estimation shows that the accumulated BNB in our treasury
= 453 + 28 + 12.60 + 5.59 = 499.19 BNB
At the time I am writing this article (06-Feb-2022 12:40UTC), the BUNNY Price is 0.565 USD & the BNB price is 416 USD. So, we can burn around 499.19 x 416 / 0.565 = 367,545 BUNNY
Accumulated reserved assets on Qubit Platform
Since the liquidities were stolen, I cannot update the Qubit reserved assets at the moment.
Thoughts
I tried to list all possible scenarios in the hacker’s head in the google-form below. Please select the option as if you are the hacker.
I will collect the results and report the results in my next update.
After getting the results, I think we will better understand his thought and could find some alternative solutions to help all of us soon.
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Thank you for reading this long article. You may notice so many assumptions and calculations in this weekly update. So, please don’t treat these as financial advices and try to DYOR, I will try my best to not being too optimistic or pessimistic as well.
Lastly, please feel free to share any facts or thoughts regarding Mound here so we can strengthen this and upcoming articles to be more helpful for our family.
Regards,
Hope