X-Collateral Is Here!
Cross-chain Collateralization is now a reality!
Qubit’s revolutionary X-Collateral feature is ready. This feature enables users to collateralize their assets from other blockchains. Starting with Ethereum, holders can use their approved assets to invest on the BSC and utilize its speed, efficiency, and low gas fees to maximize returns!
X-Collateral: Use your Ethereum ETH directly on Qubit!
With the launch of X-Collateral, you can now use ETH as collateral on Qubit without moving it onto the BSC. Instead, use your ETH on Ethereum and mint xETH on Qubit to supply the Qubit money markets!
- X-Collateral will launch 20 Dec 2021 05:00 UTC+0
- Please refer to our docs for more details
To mint xETH to supply Qubit markets:
1. Take the amount of ETH you want to use to supply Qubit’s BSC markets.
2. X-Collateral will then mint xETH (1 ETH = 1 xETH), which you can then use as collateral to borrow on any Qubit market.
3. Qubit will cover the Binance Smart Chain gas fees you incur when you mint xETH.
ETH will be enabled for collateralization on Qubit and other Ethereum tokens will be available for collateralization as well, including interest-bearing tokens such as aETH(AAVE ETH) and cETH(Curve ETH).
We are particularly excited to enable the collateralization of interest-bearing Ethereum tokens– 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.
This is a great achievement for the Qubit team and an amazing feature that will both grow and benefit the community.
xLP launched on PancakeBunny!
Leveraged liquidity farming is now live on PancakeBunny!(link)
Bunnies use leverage position with xLP of Qubit. Bunnies get higher yield & Qubitians’ pools get utilized more. It’s just the beginning of numerous strategic partnerships.
A lending protocol is a ‘base lego block’. Qubit is a lending protocol of which vision is to become a base lego-block in the crypto world. There will be more dApps using Qubit as its underlying protocol, meaning that their users are actually using Qubit.
Collateral ratio update
Users can now participate in the Borrow market with a higher borrowing rate. The collateral ratio for the majority of tokens on BSC network will be increased.
- The collateral ratio of BTC, ETH, BNB, USDC, USDT, BUSD will increase from 60% to 75%
- The collateral ratio of CAKE will increase from 50% to 55%
- This update will be effective on 20 Dec 2021 02:00 UTC+0.