Grazing Range Pool #20 — Welcoming QBT to the herd

This post was originally published on Alpaca Finance

Grazing Range Pool #20 — Welcoming QBT to the herd

Dear alpacas,

We senior alpacas are excited to welcome our newest addition to the range — Qubit Finance.

With this partnership, all you alpacas will be able to open leveraged yield farming positions up to 2.0x on PancakeSwap’s QBT-BNB pair, which currently yields ~140% APR in CAKE Rewards! The pool will go live on September 21st, 2021 at 10 AM GMT.

As part of the Grazing Range program, you’ll also be able to stake ibALPACA for $176K USD in QBT rewards which will be distributed over 4 weeks.

Leveraged yield farmers in the QBT-BNB pool will also receive bonus ALPACA rewards, on top of the leveraged yield farming rewards and trading fees.

🎁Grazing Range Reward Details

Total Rewards: 937,500 QBT (~$176k USD)


QBT Token: 0x17b7163cf1dbd286e262ddc68b553d899b93f526

Rewards Period: 4+ weeks

Rewards Start Block: 11,107,000 (Approx. Sep 21st, 2021 10 AM GMT)

Rewards End Block: 11,913,400 (Approx. Oct 19th, 2021 10 AM GMT)

Distribution Schedule:

Exclusive NFT Cards for Pool’s Stakers

To be eligible, you must stake ibALPACA in the QBT Grazing Range pool before September 22nd, 10 AM GMT (1 day after the pool opens) and stake until at least October 19th, 10AM GMT (for 27 days). The NFT tier you receive will be based on the amount of ibALPACA staked.

  • Green Tier: staked at least 500 ibALPACA
  • Silver Tier: staked at least 5,000 ibALPACA
  • Gold Tier: staked at least 50,000 ibALPACA

About Qubit Finance

Qubit is a decentralized money market platform that takes advantage of the speed, automation, and security of the blockchain to connect lenders and borrowers efficiently and securely.

They committed to making money markets a secure commodity for the entire BSC Ecosystem. Consequently, Qubit does not charge the withdrawal fees that have hindered the innovative applications of more sophisticated leveraged strategies on BSC.

Qubit is also the latest in the growing suite of connected products being developed by Mound to grow the PancakeBunny Ecosystem. As a yield aggregator, PancakeBunny will leverage all of the advantages that Qubit enables to provide best-in-chain yields for single-asset liquidity.

🔒Security Score Card on QBT

Have the contracts been audited by professional auditing firms?

Qubit Finance and its underlying smart contracts have been audited by PeckShield on August 13th, 2021. The report can be found here. Additionally, we are undergoing a full ecosystem security audit by Theori.

What is the project’s inception date?

April 1st, 2021 with a Pre-Launch Liquidity Event conducted on July 14th, 2021 from UTC 02:00 to July 19th, 00:00 UTC.

We have reached target liquidity of 2.5M USD in under 10 minutes and over 19M USD by the end of the event.

Has your project even been involved with a hack or exploit?


What safety measures are in place to secure your protocols from centralization risk? What contracts are not under timelock? Who has multi-sig?

Timelock not yet implemented, but planned. Multi-sig wallet is in place where 5 key members of PancakeBunny and the Qubit team have control.

Does your token have a maximum supply cap?

The maximum supply of Qubit’s QBT is 1,000,000,000 tokens. We have removed the mint function, so it impossible to mint additional tokens.

Mint function. If Token does not have maximum supply, how is the mint function controlled?

We have removed the mint function since live service launch.

Centralized treasury. If the protocol collects fees, where do they go and how are they controlled? Is there any kind of treasury or insurance fund under centralized control?

Qubit Finance has a “Reserve Factor” where it collects a small portion of the Borrower’s interest fees. These interest fees are paid out to liquidity providers (or the “Lenders”) of the Qubit’s Supply Market.

While there is a breakdown of QBT Tokenomics, we currently maintain a treasury of “Developer’s Supply”, “Marketing” and “Security Fund”. More details in our docs here.

Migration Function. Is there a migration function in the code? Why is this there and how to control this function from making a malicious action?

Qubit does not have a migration function.

Upgradeable contracts. Are the contracts upgradeable? Why is this there and how to control this function from making a malicious action?

Yes, the contracts are upgradeable and are maintained by the aforementioned multi-sig wallet. Unless 3 of the 5 accounts are compromised, explicitly taking control and “hacking” is a literal impossibility.

Third-party risk. What underlying external parties do your contracts rely on?

While all of our smart contracts are developed in-house, we rely on Chainlink’s price oracle to update Qubit Supply & Borrow Market updates.

Where are tokens currently listed?

QBT can be found on PancakeSwap and MDEX (BSC).

Please briefly describe the utility of your tokens and all the relevant tokenomics (e.g., burn, staking, locking, etc.)

All participants of the Qubit Finance protocol earn QBT, which are Rewards by providing liquidity as “Lenders” or taking out liquidity by posting collateral as “Borrowers”. Emissions are distributed to Qubit’s Supply & Borrow Markets. More information on QBT Rewards per Qubit’s Supply & Borrow markets can be found here.

3% (30,000,000 QBT) and 4% (40,000,000 QBT) of the total QBT supply will be distributed in the first and second month to liquidity providers with the following month’s rate as 5% (50,000,000 QBT), until the total of 570,000,000 QBT are distributed for liquidity mining. More information on this QBT distribution can found in our QBT Tokenomics section “QBT Rewards (Liquidity) Mining” here.

Additionally, QBT holders can lock their tokens in the QBT Locker, giving a multiplier effect on their QBT Rewards for staking liquidity. This multiplier is called a qScore and more information can be found here.

Does your token have any advanced mechanics such as deflationary/rebase/reflexive?

We have recently deployed a bQBT token and its related pool on PancakeBunny where users can lock their QBT forever. From a tokenomics standpoint, this provides a deflationary mechanism.

In addition, we plan to implement a buyback-and-burn mechanism with a portion of protocol fees obtained from further development of derivatives and inverse leverage products.

Please share your project’s roadmap

Our main mission from the beginning was to create a solid and secure foundation for building a commodity service for other DeFi projects to use.

Moreover, with our continuing efforts to expand to other networks, we want to make this commodity readily accessible to everyone in DeFi.

Since we have recently been starred in Binance Smart Chain’s prestigious Most Valuable Builder (MVB) III program, an updated roadmap is in the works.

An outline of our current roadmap can be found here. We will release a more detailed roadmap by early October.

What % of the token supply is/will be controlled by the team

15% is allocated to the “Developer Supply,” 10% to marketing, and 3% to security funds, where all will be used for the benefit of the community and participants of the Qubit protocol.

What % of the token supply is controlled by investors? What is the token distribution model?

We do not have a portion allocated for investors. However, Mound distribution (10%) and participants of the Pre-Launch Liquidity Event (5%) have been given out.

The rest of the supply (57%) is given out as rewards to liquidity providers.

Please share the profile of key team members

Qubit is developed by MOUND and its development is led by two core members:

Kai is our research director and has led all aspects of developing Qubit Finance from the ground up with over +10 years of security research and software development experience.

Jayden is our lead SW Engineer with over +8 years of software & blockchain development experience.

What monitoring or controls do you have in place that could catch issues, halt functions, or delay attacks to protect assets?

We have made an internal system that monitors important aspects and parameters of the Qubit protocol.

Do you have a bug bounty program in place/planned?

Yes, a bug bounty program with ImmuneFi since July 20th, 2021. You can view more details here.

Safety practices. Is there someone dedicated to security on the team? Does your git include your test/QA scripts? Describe your current IS/QA processes? Will you commit to auditing your code at least quarterly/semi-annually/annually and for major updates and releases?

We keep security as an important metric to meet. Throughout all our development cycles, we always place security as our first priority.

We also maintain aclose partnership and work closely with not only PeckShield, but also Theori, a multinational security research and consulting company.

Our entire team conducts a weekly internal security hackathon for keeping up with the best practices within the industry.

To learn more about Qubit Finance, you can visit their official communication channels:

Website · Telegram · Twitter · Medium · Docs · Discord · Github

Grazing Range Pool #20 — Welcoming QBT to the herd was originally published in Alpaca Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

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