Mound (MND) Update as-of 22-Aug-2021
Hello Mound Fam,
Happy Sunday!
Today I will try to shorten the update so it won’t redundant with my updates in the past weeks.
Highlights this week
- QBT Launch scheduled on August 24th (UTC)-> Link
- The principal + rewards of polyBUNNY tokens (in polyBUNNY maxi pool) held by the Dev team = 829,881 + 240,084 = 1,069,965 tokens-> Link
- The Bunny>WBNB Legacy Pool was expired on 19 Aug. So, please don’t forget to redeem your funds -> Link
- From now on, the performance fee will directly tie to BUNNY Maxi Pool APR. However, the fee will be added to the Maxi pool only if the BNB/BUNNY ratio is less than FRE Threshold ratio (40)
-> Want to understand FRE, Read more
Mound TVL & Status
As-of 22 August 2021 11:33 UTC, the Mound Vault numbers are as follows:
TVL (Total Value Locked) = 85.65 Million USD
BUNNY tokens = 3.462 Million tokens
QBT tokens = 100 Million tokens
Effective value of MND token (TVL / MND tokens) = 31.52 USD
Accumulated rewards = 462,250 BUNNY or 0.17 BUNNY per MND token
Insights
(1) When will 1 million polyBUNNY tokens be added to the Mound Vault?
According to my update last week, I still believe that the team will add 1 million polyBUNNY tokens to the Mound Vault near or at the launch date (10 September 2021). Plus, on the first claim date, we will get the rewards in both BUNNY and “a portion of the allocated polyBUNNY”. However, the accumulated polyBUNNY rewards might be very small compared with the accumulated BUNNY rewards. My calculation told me that it will be around 0.066 polyBUNNY per MND (or less than that).
(2) When/How will 100M Qubit tokens (in the Mound Vault) being farmed?
The Dev team stated that the QBT Vault will launch shortly after the Qubit launch (on 24 Aug UTC). So, I assume the Dev team already planned to operate the QBT Vault immediately after they finish migrating all PancakeBunny Single Asset Vaults (SAV) such as BNB, USDT, BUSD, ETH from “Venus” to “Qubit” platform. That means the 100 million QBT tokens should be farmed in this QBT Vault on 24 August as well.
IMPORTANT : Even the Qubit can go live on 24 Aug, but I’m not quite sure that the QBT Vault on PancakeBunny has already been “audited”. So, we might need to “wait” for the audit result and fix. This really depends on the complexity of the QBT Vault itself.
(3) APR of the QBT tokens in the Mound Vault?
According to my update last week and my “Mound (MND) Vault Mechanisms & Rewards” article, the QBT Vault reward APR can possibly be around 72.27–240.90%.
Can’t we predict the exact APR???
We can’t. Because it really depends on 2 factors:
- The “% of portion” of the bonus QBT rewards generated by the PancakeBunny SAV Vaults that will be “delivered” to the QBT Vault
>>> I predicted 30–100% of the bonus QBT will be delivered - The “% of PancakeBunny SAV lending amounts” compared to the total lending/borrowing amounts on Qubit Platform
>>> I predicted 80% will be from the SAV
To be safe, I will try to use 70% APR from now on. But, please keep in mind that it could be higher or lower than this. It’s just my prediction!!!
(4) Mound Valuation
As-of 22th August 2021 11:33 UTC, the asset in Mound Vault are as follows:
- BUNNY = 3,462,250 tokens @ 7.16 USD : 77% APR
Note: The Bunny Maxi APR was dropped to 77% due to the fact that the reward in the pool was rebooted on 19 Aug. And the FRE mechanism is now using all performance fees to stabilize the BUNNY price by buying back BUNNY from the market instead of minting BUNNY as rewards to the pools. So, since 19 Aug until now, the Bunny Maxi pool hasn’t got the performance fees to boost its APR. However, you may notice that the FRE cannot win the selling pressure right now. That’s why the BUNNY Price is still dropping even we have been diligently buying our BUNNY back from the market.
Need to understand BUNNY FRE -> Read my FRE article here - polyBUNNY =1,069,965 tokens @ 3.94 USD : 209% APR
- QBT = 100,000,000 tokens @ 0.6067 USD : 0% APR
the MND vault’s asset values = (3,462,250 x 7.16) + (1,069,965 x 3.94) + (100,000,000 x 0.6067) = 89.68 millions USD
MND NAV per token = 89.68 / 2.717 = 33 USD
And for every 1 MND token holding, it equals to hold 3 tokens as follows:
- 1.2740 BUNNY
- 0.3937 polyBUNNY
- 36.797 QBT
The current daily rewards in Mound Vault will include:
BUNNY daily rewards = (3,462,250 x 7.16) x(77% / 365 days) = 52,296.10 USD
Note : this is around 7,303 BUNNY tokens per day
polyBUNNY daily rewards = (1,069,965 x 3.94) x (209% / 365 days) = 24,139 USD
Note : this is around 6,126 polyBUNNY tokens per day
Total daily rewards = 52,296.10 + 24,139= 76,435.10 USD
Daily rewards per MND token = 76,435.10 / 2,717,604 = 0.0281 USD
So, the current %APR for MND vault
= 0.0281 / 33 USD per day
= 0.0851 % APR per day
= 31.06% APR per year
However, once QBT SAV launch (possibly on 24 August), the 100 million QBT tokens will begin farming and I assume that its APR will be around 70%. So, the daily rewards after 24 August will look like below.
QBT daily rewards = (100,000,000 x 0.6067) x(70% / 365 days) = 116,353.42 USD
Note : this is around 191,780 QBT tokens per day
Daily rewards after 24 Aug per MND token = (76,435.10 + 116,353.42) / 2,717,604 = 0.0709 USD
So, the %APR after 24 Aug for MND vault
= 0.0709 / 33 USD per day
= 0.2148 % APR per day
= 78.40% APR per year
(5) Claiming Reward Distribution (1st time)
From my previous update, we should get our first claim rewards around 0.257 BUNNY + 0.066 polyBUNNY (or less) per MND token.
However, since there are two new factors that really impact this info as follows:
- Bunny Maxi APR dropped to 77%
- QBT Vault will launch early on approx. 24–25 Aug with 70% APR
With these new factors, I will assume that we may get less BUNNY rewards BUT will get QBT rewards around 16 days before MND vault launch.
So, I will adjust the first claim reward prediction as follows:
- 600,000 BUNNY (Dropped from my last estimation which is around 700,000 BUNNY)
- 180,000 polyBUNNY (Same prediction)
- 3,000,000 QBT (191,780 QBT per day x 16 days)
Per MND token, we will get:
- 600,000 / 2,717,604 = 0.220 BUNNY
- 180,000 / 2,717,604 = 0.066 polyBUNNY
- 3,000,000 / 2,717,604 = 1.103 QBT
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 to our family.
Regards,
Hope
[Mound Related Articles written by the Mound team]
https://tanatesukonrattanamaetee.medium.com/mound-related-articles-written-by-mound-team-3755e25cece
[My MND Articles]
https://tanatesukonrattanamaetee.medium.com/my-mound-articles-bc412aeb03ef
[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 0.220 BUNNY, 0.066 polyBUNNY and 1.103 QBT 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 and the fees 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