0 Deposit Fee Day, Composable Contracts and Audits

LeoFinance
15 days ago
(edited)
5 Min Read
1011 Words

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After getting some feedback from the community, we've decided to leave the DOT den untouched. The DOT den has a 2x multiplier, so it won't have a signficant impact on the changes to keep this Den for the time being.

We pulled back the 2x from CUB-BNB to keep the DOT den. After making this update, we re-queued the Timelock contract to update our Lion's Den Smart Contract with the new APRs + 0% deposit fees for 24 hours.

Our Lion's Den contract works with a 24hr timelock - this prevents us from making any rapid changes because we have to queue actions 24 hours prior to them taking effect. This gives the platform a bit less flexibility but a lot more security in the eyes of BSC users.

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0 Deposit Fee Day

24 hours from this post is when 0% deposit fee day starts and the farm/den changes take effect. When the update goes live, all farms and dens will have a 0% deposit fee for 24 hours.

We implemented this to alleviate any stress of migrating capital. You'll never make everyone happy when changes to dens/farms are made, but this change is both necessary and beneficial to the platform, especially with the new Kingdoms release on the horizon.

Audit

We've gone back and forth with CertiK over the past week and it looks like our audit report is finally ready to be published.

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This was our conversation this morning after addressing their dev team's final point of feedback. The audit should go live soon™️ (only a few weeks behind schedule).

Once the audit is live, it will be integrated on CertiK's leaderboard and we'll update the link on https://cubdefi.com.

We have a lot of new smart contracts in the works for the Cub ecosystem, we'll have an ongoing relationship with CertiK to conduct audits on these new contracts as we roll them out.

Cub Composability

DeFi composability has taken shape as one of the most important aspects of the industry. There are several variances to composability and how you can use them in a conversation about DeFi platforms. For this post, we're talking about DeFi composability in terms of yield farming.

Right now, Cub Farms and Dens utilize a smart contract called MasterChef (or as we call it: Lion's Den) to allow users to stake LP tokens in vaults and earn CUB APY.

We're currently working on a new feature called Cub Kingdoms which will introduce an entirely new vault contract for liquidity providers on the Cub Finance platform.

These new vault contracts will be an addition to the platform - a new page/UI with an entirely different structure than the Lion's Den contract.

How Do These Contracts Work?

We'll release more details on launch day. For now, here's a brief explanation:

The Kingdom contracts serves as something like an "Automated Hedge Fund Contract" - LPs can stake tokens in the Kingdom contract to earn yield.

The contract is not an ordinary farm contract, it is an autocompounding contract that works across two platforms.

A good example of this is what you see on the Autofarm platform on Binance Smart Chain. You can deposit something like BTCB or BNB-DOT. The contract then takes those tokens and deposits them in another DeFi platform on BSC - i.e. Pancakeswap, Goose or Venus.

Since the LP tokens are deposited on one of these other platforms, the position accrues farming rewards based on that platform. i.e. earning CAKE from being pooled on PCS.

Our Kingdom contract then takes those LP rewards and reinvests them into the base asset pair autonomously. On top of those DeFi yield rewards, you also earn a CUB distribution (i.e. 2x multiplier for BTCB or 0.5x multiplier for DOT-BNB).

LPs earn yield from other BSC platforms that autonomously compound + earn CUB yield on top of that. Welcome to DeFi yield composability.

Here's an example:

  • Deposit DOT-BNB LP tokens in a Cub Kingdom
  • Kingdom contract deposits those LP tokens into Pancakeswap
  • User's position accrues CAKE LP incentives
  • Kingdom contract converts CAKE incentives into base asset pair (DOT and BNB) and then pools those assets back into the user's position
  • User also receives a 0.5x CUB yield on the Kingdom contract, sent to their BSC address as CUB
  • Kingdom contract collects a small management fee on LP tokens. Sent to the CUB treasury to burn CUB and bLEO
  • When the user is ready to withdraw, they'll receive their increased LP balance (since the contract was reinvesting it into the base asset pair)

More details soon ™️

p.s. the LeoBridge UI is taking longer than we anticipated, but still on the way. Backend is looking great and we've got some announcements related to liquidity and LPs for wLEO / bLEO #soon.

[Featured IMG by @themarkymark]

 

 

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