Jan 16, 2022
Mound (MND) Update as-of 16-Jan-2022
Hello Mound Fam,
The Mound team already proposed the 3 important voting proposals which will be ended on January 17, at 09:00 UTC. For anyone who has not seen these proposals, please take your time to read them carefully so you will have better understanding regarding the new Bunny Tokenomics!!
News
- Voting proposal to Adjust Bunny Emissions -> Link
- Voting proposal to Adjust Bunny Fee Structure -> Link
- Voting Proposal to Adjust from MND Vault to MND-BNB LP Vault -> Link
MND Status as-of 16-Jan-2022
Total MND Staked = 2.250 Million tokens (82.80% 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 : 137% APR
Reward Distribution per 1 MND as-of 16 Jan 2022
- 0.00204 BUNNY/MND/day
- 0.00728 QBT/MND/day
- 0.05460 polyBUNNY/MND/month*
MND rewards per day in USD
= [(0.00204 x 0.9621) + (0.00728 x 0.0099) + (0.05460 x 0.17 / 30)]
= 0.002344 USD per MND per day
APR vs MND Market Price = 0.002344 x 365 / 1.26 = 67.90%
APR vs MND Effective Value = 0.002344 x 365 / 2.03 = 42.14%
Reward prediction next week
If we have 1,000 MND staked in the MND Vault, we should get around:
10-Jan-22 = 2.04 BUNNY + 7.24 QBT
11-Jan-22 = 2.03 BUNNY + 7.20 QBT
12-Jan-22 = 2.02 BUNNY + 7.16 QBT
13-Jan-22 = 2.01 BUNNY + 7.12 QBT
14-Jan-22 = 2.01 BUNNY + 7.09 QBT
15-Jan-22 = 2.00 BUNNY + 7.05 QBT
16-Jan-22 = 1.99 BUNNY + 7.02 QBT
…
16-Feb-22 = 1.89 BUNNY + 5.96 QBT + 54.60 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
- 12,070 MND / 30.51 WBNB / APR% = 41.16%
BUNNY/PolyBUNNY/QBT Status as-of 16-Jan-2022
- PCB SAV TVL = 67.5M USD / Qubit TVL = 266.5M USD (25.32%)
- bQBT = 40.894M Tokens / total qScore = 53.812M scores (75.99%)
- QBT in Supply Market = 146.920M tokens
- PancakeBunny xLP : 6 Pools with 3.8M USD TVL
- Qubit x-Collateral TVL = 198 xETH or 654K USD with 13 suppliers
- polyBUNNY in MND Vault : Accumulated Rewards since 16th Dec 2021 until now (16th Jan 2022 13.50UTC) = 145,873 tokens. The rewards should be released after the dev team finish the manual calculation on how to distribute the polyBunny to each MND vault stakers.
- 33 million QBT tokens (belong to the MND vault) on the QBT Deposit market
- The trend of QBT in Supply Market vs Qubit TVL
- BUNNY Supply Net Rate = 42.33%, Borrow Net Rate = -19.44%
- 77.88K / 155.52K = 50.07% BUNNY tokens are borrowed
- 149 BUNNY Suppliers vs 40 BUNNY Borrowers
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 (16-Jan-2022 14:15UTC), the BUNNY Price is 0.962 USD & the BNB price is 497 USD. So, we can burn around 499.19 x 497 / 0.962 = 257,897 BUNNY
Accumulated reserved assets on Qubit Platform
As-of 16-Jan-2022 14:15UTC, the BSC Qubit protocol fees are around 866,000 USD and can be separated as the following assets:
- 611.71 BNB or around 304,000 USD
- 18.22 ETH or around 60,750 USD
- 78,816 BUSD
- 9,471 DAI
- 75,659 USDT
- 48,211 USDC
- 3.78 BTCB or around 163,000 USD
- 9,961 CAKE or around 118,500 USD
- 17,566 MDX or around 5,550 USD
- 219,762 QBT or around 2,175 USD
- 701.45 BUNNY or around 666 USD
Note : The “Qubit Protocol Fee Sharing” launch plan is on Q1 Y2022
Thoughts
According to the latest voting trends, here are my thoughts:
- MND Vault Voting Trend
If the MND vault will be the same and the dev team will gradually provide the MND/BNB Liquidity for the investors, according to the MND Distribution article published since 26th July 2021, the Mound team has got 354,450–74,500 = 279,950 MND tokens
So if the team decides to provide the MND/BNB liquidity by not selling any of their MND tokens, the liquidity size should gradually grow from 30K USD with 12,070 MND & 30.51 BNB (as-of 16th Jan 2022) to 720K USD with 292,000 MND & 738 BNB.
- BUNNY Emission & Fee Structure Voting Trends
If the final voting results of the BUNNY Emission & Fee Structure adjustments are both “yes”, what we should expect after this are as follows:
- The rewards of Single Vaults will no longer be paid by BUNNY
- The rewards of LP Vaults may include less BUNNY
- The APY of Single & LP Vaults will drop from now because we will no longer mint additional 6% BUNNY rewards for Single Vaults and mint lower BUNNY rewards for LP vaults.
Before change:
The investors on SAV pools will get 100% QBT+ 6% Additional BUNNY
The investors on LP pools will get 70% LP + 30% BUNNY + 6% Additional BUNNY = 106%
After change:
The investors on SAV pools will get 100% QBT
The investors on LP pools will get 100% LP + 0-6% Additional BUNNY -1% auto-compounding fee = 99–105% - The BUNNY-BNB LP TVL will be increased from the portion of auto-compound and withdrawal fees BUT the APR of this pool could be decreased because some CAKE rewards will be divided to buy back the BUNNY for 50% burn and 50% marketing
- The BUNNY Maxi Pool APR could be increased or stabilized at this rate (50% APR / 64.82% APY) because the pool will receive the portion of auto-compound and withdrawal fees
- The Monthly Profits on UI will be decreased because we will no longer charge 30% performance fee BUT will charge 1% auto-compounding fee (Even the withdrawal fee will be increased from 0.5% to 1% but the overall fees will eventually be decreased)
The difficult part is to analyze the impacts of the BUNNY TVL & BUNNY price. Even we will get more fees for stabilizing the BUNNY Maxi pool APR, increasing the BUNNY/BNB liquidity, marketing and burn the BUNNY. However, the APY drop across 30 SAVs and LP vaults may negatively impact the TVL drop as well.
Hopefully, the following features will be added to help stabilizing the TVL soon after the new Bunny Tokenomics implementation:
- Venus SAV
- BUNNY > WBNB Pool
- More In-Chain Multiplexer (xLP) pools
- Cross-chain Multiplexer pools
Lastly, thanks to the Mound team for hardworking and for these important voting proposals, I totally understand these moves will be very risky but necessary. I do wish the things will go well after these changes.
Fighting!!!
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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
