Mound (MND) Update as-of 26-Dec-2021
Hello Mound Fam,
Qubit already launched the X-Collateral feature with 197 ETH on the deposit side in the first week, congratulations!!!
One more thing, I just noticed that, on 16 December 2021, the Qubit team attended the MVBIII Demo Day for 3M-5M USD fundraising. I will try to recap what I’ve got from the Demo day slides in the “Thoughts” section.
News
- Qubit — X-Collateral feature has been launched since 20th Dec 2021 05:00 UTC with 197 ETH deposited on Qubit -> Link
- Qubit on the MVBIII Demo Day since 16 Dec 2021 -> Link
MND Status as-of 26-Dec-2021
TVL (Total Value Locked) = 6.942 Million USD
BUNNY tokens = 3 Million tokens
QBT tokens = 100 Million tokens
polyBUNNY tokens = 1 Million tokens
Total MND Staked = 2.245 Million tokens (82.61% of total supplies)
Effective value of MND token (TVL / MND tokens) = 2.55 USD
Current Market Price = 1.64 USD
Pay BUNNY Rewards = 0.0022 BUNNY/MND/day
Pay QBT Rewards = 0.0082 QBT/MND/day
Pay polyBUNNY Rewards = 0.0643 polyBUNNY/MND/month*
MND/WBNB PCS Liquidity Pool Statistics:
- MND tokens = 12,350 MND
- WBNB tokens = 37.21 WBNB
- APR% = 103.32%
BUNNY/PolyBUNNY/QBT Status as-of 26-Dec-2021
- PCB SAV TVL = 94M USD / Qubit TVL = 319M USD
- The ratio of PCB SAV TVL / Qubit TVL = 29.46%
- bQBT = 38.217M Tokens / total qScore = 50.157M scores
- The ratio of bQBT / total qScore= 76.19%
- QBT in Supply Market = 130.690M tokens
- polyBUNNY in MND Vault : Accumulated Rewards since 16th Dec 2021 until now (26th Dec 2021 09.40UTC) = 45,678 tokens. For 30 days, we should get around 140,000 tokens.
- 25 million QBT tokens (belong to the MND vault) within the QBT Deposit market. The next QBT tranch (8.33 million QBT tokens) will be added to the MND vault on 1st Jan 2022.
- BUNNY Supply Net Rate = 42.68%, Borrow Net Rate = -6.03%
- 90.33K / 187.00K = 48.30% BUNNY tokens are borrowed.
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 (26-Dec-2021 09:55UTC), the BUNNY Price is 1.272 USD & the BNB price is 543.6 USD. So, we can burn around 499.19 x 543.6 / 1.272 = 213,333 BUNNY
Accumulated reserved assets on Qubit Platform
As-of 26th Dec 2021 09:55UTC, the BSC Qubit protocol fees are around 848,000 USD and can be separated as the following assets:
- 564.16 BNB or around 300,000 USD
- 16.53 ETH or around 66,000 USD
- 66,312.72 BUSD
- 8,886.48 DAI
- 67,986.88 USDT
- 43,497.39 USDC
- 3.43 BTCB or around 170,000 USD
- 9,386.86 CAKE or around 115,000 USD
- 17,523.29 MDX or around 7,500 USD
- 201,893.06 QBT or around 2,800 USD
- 308.33 BUNNY or around 390 USD
According to the latest Qubit Roadmap, the “Protocol Fee Sharing” will be enabled before the end of 2021 Q4. So, wait and see how & when these fees will be shared to the Qubit locker!!!
MND Valuation as-of 26-Dec-2021
The underlying assets in the Mound Vault are as follows:
- BUNNY = 3,000,000 tokens @ 1.273 USD : 53% APR
Note: Since 19 Aug until now, the Bunny Maxi pool hasn’t got the performance fees to boost its APR because the FRE mechanism is now using all fees to buy back BUNNY from the market instead of minting new ones
Need to understand BUNNY FRE -> Read my FRE article here - QBT = 100,000,000 tokens @ 0.014 USD : 5.28% APR
Note: After monitoring the results, the QBT reward rate has been declined from 0.0084 QBT/MND (18 Dec 2021) to 0.0082 QBT/MND (26 Dec 2021) and my model indicates that the reward rate could keep being declined to 0.0065 QBT/MND or 5.28% APR. - polyBUNNY = 1,000,000 tokens @ 0.286 USD : 161% APR
Note: The polyBUNNY maxi APR rate keep declining, it seems to me like the polyBUNNY accumulated rewards in the pool will be empty soon. Since the FRE mechanism is now using all fees to buy back polyBUNNY from the market instead of minting new ones, so we haven’t had remaining fees to fill-in rewards to the polyBUNNY maxi pool.
the MND vault’s asset values = (3,000,000 x 1.273) + (100,000,000 x 0.014) + (1,000,000 x 0.286) = 5.505 millions USD
So far, there are only 2.245 Million MND tokens staked in the Mound Vault and less than 20,000 MND tokens in form of MND/WBNB LP. However, to be conservative, we will assume that there will eventually be around 2.3 Million MND staked to the vault.
MND NAV per token = 5.505 / 2.3 = 2.39 USD
And for every 1 MND token holding, it equals to hold 3 tokens as follows:
- 3 / 2.3 = 1.304 BUNNY
- 100 / 2.3 = 43.478 QBT
- 1 / 2.3 = 0.4347 polyBUNNY
The current daily rewards in Mound Vault will include:
BUNNY daily rewards = (3,000,000 x 1.273) x (53% / 365 days) = 5,545 USD
= 4,356 BUNNY tokens per day
= 4,356 / 2,300,000 = 0.00189 BUNNY/MND/day
= 1.89 BUNNY per 1,000 MND per day
QBT daily rewards = (100,000,000 x 0.014) x(5.28% / 365 days) = 202.50 USD
= 14,465 QBT tokens per day
= 14,465 / 2,300,000 = 0.00628 QBT/MND/day
= 6.28 QBT per 1,000 MND per day
polyBUNNY daily rewards = (1,000,000 x 0.286) x (161% / 365 days) = 1,261.50 USD
= 4,411 polyBUNNY tokens per day
= 4,411 / 2,300,000 = 0.00192 polyBUNNY/MND/day
= 1.92 polyBUNNY per 1,000 MND per day
= 57.6 polyBUNNY per 1,000 MND per 30 days
Daily rewards per MND token = (5,545 + 202.50 + 1,261.50) / 2,300,000 = 0.00304 USD
APR vs MND effective value = (0.00304 x 365 days) / 2.55= 43.51%
APR vs MND market price = (0.00304 x 365 days) / 1.64 = 67.66%
MND Vault Reward Prediction next week
Using the 30-days-amortization reward distribution method, we can then predict the reward per MND during 27 Dec 2021–2 Jan 2022 as shown in the table below.
In simpler term, if we have 1,000 MND staked in the MND Vault, we should get around:
27-Dec-21 = 2.2 BUNNY + 8.2 QBT
28-Dec-21 = 2.2 BUNNY + 8.2 QBT
29-Dec-21 = 2.2 BUNNY + 8.2 QBT
30-Dec-21 = 2.2 BUNNY + 8.1 QBT
31-Dec-21 = 2.2 BUNNY + 8.1 QBT
01-Jan-22 = 2.2 BUNNY + 8.1 QBT
02-Jan-22 = 2.2 BUNNY + 8.1 QBT
…
16-Jan-22 = 2.1 BUNNY + 8.0 QBT + 64.3 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.
Thoughts
I saw some interesting news in the Qubit MVBIII Demo Day slides as follows:
- DApp-to-DApp (D2D) Strategy : A win-win strategy to boost the Qubit TVL and being the “Lending-as-a-utility” for our partners
- The first D2D partner could be “Lexer Finance”, BSC one-stop Leverage Maker. The Lexer protocol is targeting to be launched on Feb 2022.
- Qubit 2022 Q1 Roadmap indicates the Cross-chain and Leveraged Liquidity Farming support for “Klaytn”. So, if the Cross-chain & In-chain Multiplexers will be launched on Klaytn chain, we may expect the yield aggregator(s) on Klaytn to utilize the Qubit xLP and X-Collateral features to achieve that. Hopefully, one of the yield aggregator on Klaytn will be “kBUNNY”!!!
For the In-Chain Multiplexer pools (aka Leveraged Yield Farming Pools) status, it seems like the TVL of these pools dropped to around 2M USD TVL. Plus, the APY of all pools significantly drop from last week (Probably by the Qubit Borrowing Interest Rate is much higher). Hopefully, more Leveraged Farming pools with juicy APY plus more marketing/advertisement claiming that our pools provide “the greatest APY on BSC” will be required to boost the TVL and Bunny Maxi APY.
///////////////////////////////////////////////////////////////
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