A year in review and roadmap
Dear Qubitians,
2021 was an amazing year for Qubit! We’ll be looking back at 2021 and reviewing a number of milestones. We will also discuss the team’s future plans for 2022!
TLDR;
Milestones
- Smart contract audits by global security firms(Peckshield and Theori)
- $250,000 bug bounty program
- Official launch at the end of August
- 1 billion TVL in September
- August monthly stars of MVB III
- Expansion to Klaytn network
- Winner of Binance MVB III program
- Leveraged farming(xLP) API
- Cross-chain collateral for Ethereum network
Roadmap
- Protocol fee sharing
- Launch of Qubit DAO
- QBT buyback campaign proposal
- Interest-bearing tokens as collateral
2021 Recap
Professional Audits before launch
- Smart Contract Audit Report by Peckshield v1.0(link)
- Smart Contract Security Audits by Theory v1.1(link)
- X-Collateral Smart Contract Security Audits by Theory v1.1(link)
- xLP Smart Contract Security Audit by Theory v1.1(link)
- Max $250,000 Bug Bug Bounty Program(link)
Security is our top priority. Global security firms such as Peckshield and Theori completed smart contract audits for the Qubit protocol and all of the underlying contract codes. These audits, along with our $250,000 Bug Bounty program have increased the confidence in Qubit’s security. So far, there has yet to be a single bug found since the launch back in July 2021.
MVB III August Monthly Star
- Announcement by Binance Smart Chain(link)
Qubit was earmarked for August’s monthly stars of Binance Smart Chain Most-Valuable-Builder III program. It was a great honor to be introduced to crypto communities along with many other great projects on BSC. Qubit, especially, got attention from those whose main interest is DeFi lending protocols.
Expansion to Klaytn Network
Qubit was introduced to Klaytn Network. Klaytn is a public blockchain network developed by one of the leading technology companies of South Korea. As the one and only lending protocol on Klaytn network, Qubit has attracted further attention and TVL grew by more than 20 million.
Winner of Binance MVB III program
- Announcement by Binance Smart Chain(link)
Qubit was selected as one of the top 10 finalists of the Binance MVB III program. As a finalist, the project gained a wealth of support from Binance Smart Chain such as private demo-days, business networks, and mentorship programs. Most importantly, it was a meaningful moment to see how supportive our global Qubit community and moderators are! WAGMI
Introduction of state-of-the-art features
Who on earth would have thought that it would be possible to borrow assets on BSC against collateralized assets on Ethereum network! What was previously conceived as impossible is now a reality on Qubit — X-collateral. Users can take leveraged positions without the need of moving assets from one network to another. Unlike other substitutional services like Bridges, there is no commission or fee for the service, which saves a substantial cost for users.
Additionally, we launched xLP, our leveraged farming product in December. xLP allows other yield farming protocols, such as PancakeBunny, to use LP leverage API and get higher yields. There will be more DApps using xLP as its underlying protocol, which will increase the utilization rate of Qubit liquidity pools.
Plans for 2022
Protocol fee sharing
QBT holders who lock their QBT will be eligible to claim accrued protocol fees, leading to great monetary benefits for holders.
Launch of Qubit DAO
A Qubit-based Decentralized Autonomous Organization, a.k.a. DAO will be launched. QBT tokens will represent proportional voting power for decision making within the Qubit protocol.
QBT buyback campaign proposal
QBT buyback program is being researched. Conceptually, this will further increase the demand for QBT tokens. Portions of the protocol fees may be spent to buy QBT tokens on the open market, with tokens being used when the reward distribution period is over.
Interest-bearing tokens as collateral
When the collateralization of interest-bearing Ethereum tokens is ready, users will be able to stack BSC returns for providing liquidity on the BSC on top of the interest they already earn on their aETH and cETH.
Towards the next-generation DeFi, Qubit will continue to update throughout this year. Stay tuned!
Qubit. Lend to ascend, borrow for tomorrow.
Qubit Official Channels
Twitter: https://twitter.com/QubitFin
Telegram: https://t.me/QubitFinOfficial
Discord: https://discord.gg/JGJBWRxX2Y
