Mound (MND) Update as-of 1-Aug-2021

Tanate Sukonrattanamaetee
6 min readAug 1, 2021

Hello Mound family,

I am a MND token holder and today is my first day to start sharing info, analysis and thoughts regarding the token in Mound family eg. Mound (MND), PancakeBunny (BUNNY), polyBUNNY, Qbit (QBT) and any other topics related to Mound Finance ecosystem.

Once a week, I will try writing the updates so that we can keep track, understand and share things to the investors or people who’s interested in these Mound projects.

Mound TVL & Status

For today (1 August 2021 09:40 UTC), the TVL (Total Value Locked) in Mound Vault is 92.174 Millions USD including 3.25M BUNNY tokens plus 100M QBT tokens. The polyBUNNY tokens have not been included in the vault yet.

Mound TVL & Tokens as-of 2021–08–01 09:40 UTC


(1) When will 1 million polyBUNNY tokens be added to the Mound Vault?

According to the polyBUNNY maximizer pool contract, the BUNNY deployer wallet (I believe this is a Dev team wallet) has currently held 907,927 tokens on polyBunny Maxi pool.

PolyBunny Maxi Contract :
BUNNY Deployer wallet address : 0xbC776ac3af4D993774A54af497055170C81c113F

You can query the balanceOf function using BUNNY Deployer wallet address above as input. Once you click the Query button, you should get the current holdings of the dev team as shown in the figure below.

Note1 — Currently, this wallet got around 7–8k tokens as daily rewards from maxi pool. So, it should take around 12–14 days from now to reach 1 million tokens
Note2 — However, I’m not sure that dev team will transfer these tokens in their deployer wallet to MND vault or not. This question need to be answered&confirmed by the dev team

balanceOf polyBUNNY in Dev Wallet = 907,927 tokens

In summary, if the Dev team confirms that their tokens in the deployer will be transferred to Mound Vault when reaching 1,000,000 tokens. That means the date will be approximately around 13–15 August 2021. However, if this assumption is wrong, it could take months to reach 1 million tokens, I guess.

Added Note : Another hint of Dev Wallet in Apeboard

polyBunny tokens in Dev Wallet as-of 1 Aug 2021 13:06 UTC

(2) When will 100M Qubit tokens (in the Mound Vault) being farmed?

This is an interesting question! Since we’ve currently had only QBT-BNB LP pool exists in the Bunny website but not yet having any QBT Single Asset Vault (SAV) or QBT Maxi pool. Plus, the mainnet launch for Qbit will be in early September 2021. However, the good news is that I heard the dev team is now working on creating a QBT Maxi pool but it should take some time. So, to be safe, I will assume that the “QBT cannot be farmed anywhere until the Qubit mainnet launch”. With this assumption, I found that the Qubit TestNet showing the APY + Reward for QBT Supply pool = 110% APY which is 74.26% APR.

QBT Supply Pool’s APY + Reward in TestNet (

In summary, if no QBT maxi pool created in August 2021, the 100M QBT tokens in MND vault should be farmed in “QBT Supply Pool” around 1–15 September 2021 in Qubit mainnet with approximately 110% APY (74.26% APR).

(3) Mound Valuation

As-of 1 August 2021 10:13 UTC, the asset in Mound Vault are as follows:

  • BUNNY = 3,253,301 tokens @ 14.5 USD
  • polyBUNNY =907,942 tokens @ 3.96 USD
  • QBT = 100,000,000 tokens @ 0.45 USD

the MND vault’s asset values = (3,253,301 x 14.5) + (907,942 x 3.96) + (100,000,000 x 0.45) = 95,768,314.8 USD

MND NAV per token = 95,768,314.8 / 2,717,604 = 35.24 USD

And for every 1 MND token holding, it equals to hold 3 tokens as follows:

  • 1.19 BUNNY
  • 0.334 polyBUNNY
  • 36.797 QBT
BUNNY tokens in MND Vault Contract (

However, even the NAV is 35.24 USD but the %APR of the Mound Vault include only BUNNY maxi and polyBUNNY maxi pools as follows:

BUNNY Pool APR = 120%

polyBUNNY Pool APR = 250%

So, the current daily rewards in Mound Vault will include:

BUNNY daily rewards = (3,253,301 x 14.5) x(120% / 365 days) = 155,088.87 USD

polyBUNNY daily rewards = (907,942 x 3.96) x (250% / 365 days) = 24,626.37 USD

Total daily rewards = 155,088.87 + 24,626.37 = 179,715.24 USD

Daily rewards per MND token = 179,715.24 / 2,717,604 = 0.066 USD

So, the current %APR for MND vault

= 0.066 / 35.24

= 0.1876%APR per day

= 68.49%APR per year

(4) Summary

According to above calculations, the MND token NAV is 35.24 USD which APR is 68.49% per year. With the current MND price in PCv2 is around 16–18 USD, it seems like the market hasn’t valued MND as it should be due to the following negative factors:

  1. One million polyBUNNY tokens haven’t been added to Mound Vault yet
  2. 100M QBT tokens cannot be farmed anywhere even those tokens have already been in the Mound Vault
  3. Bad reputation due to flash loan attacks (one on BUNNY and another on polyBUNNY)

Even the 1st factor will be eliminated before 15 August.

Even the 2nd factor will also be eliminated before 15 September.

BUT the 3rd factor will take much longer time to regain the trust from the Crypto community. I knew the team already set the Immunefi bug bounty program with quite high rewards, the aggressive audit on Qubit by reputable audit companies, launch Qubit on testnet.

So, wait and see the upcoming good news!!!



[Mound Related Articles written by the Mound team]

25th June 2021 : Introducing the Mound (MND) Vault

3rd July 2021 : Mound (MND) FAQ — Swap BUNNY for MND at 1.5x!

19th July 2021 : Updates from Devs : Qubit Launch & Mound Vault

23th July 2021 : MND Week 4 — Final Days to Swap BUNNY for MND!

26th July 2021 : The Next Chapter: MND Distribution

27th July 2021 : PolyBUNNY Recovery — The Burn and MND Compensation

29th July 2021 : polyBUNNY & pBUNNY MND Compensation

3rd August 2021 : Mound Weekly Bulletin — Aug 3rd 2021

[Mound (MND) in short]

  • 2,717,604 tokens fixed supply (All of them have already been minted)
  • It will basically hold 3,000,000 BUNNY tokens / 1,000,000 polyBUNNY tokens / 100,000,000 QBT tokens in the vault
  • The MND token holders can claim their 1st rewards from the vault first time on 10th September (could be around 3.2–3.7 USD per MND token)
  • On 10th September 2021, “all” tokens in the Mound vault will being farmed to generate yield for MND token holders
  • After the 1st claim, the holders can claim their daily rewards (could be around 0.06–0.08 USD per MND token)
  • In the future (2+ months), the Mound team could add some new project’s token to the Mound Vault. That means more rewards for the MND token holder in the far future
  • In 2 years from now, they “could” have a vote to redeem the tokens from the vault (eg. BUNNY, polyBUNNY, etc.) and return them back to the MND token holder



Tanate Sukonrattanamaetee

A Software engineer who loves reading and sharing any interesting and useful things