You may notice the slick UI refresh. We've made a number of changes in preparation for LeoBridge and have two major UI updates dropping in the near future.
Today we released a largely visual update along with updating many links in the side menu. The LeoBridge domain was added (https://bridge.cubdefi.com), although the bridge is still in dev environment testing, so all you get to see now is a Coming Soon ™️ message.
LeoBridge is nearly ready. The backend is all deployed and our initial tests have gone smoothly. The final piece of the puzzle is putting together the Bridge UI (https://bridge.cubdefi.com) to handle decentralized cross-chain swaps.
As a reminder, the bridge UI swaps ERC20s into BEP20s (and vice versa) by routing orders through smart contracts that are connected to LeoFinance's unique tri-token economy - LEO, bLEO and wLEO.
We crafted a new visual that explains the bridge and how it works (yes, this is also built directly into the bridge page):
I saw some people asking in Discord how LeoBridge has any material impact on LEO and CUB.
LeoBridge carries a 0.25% swap fee on every cross-chain swap. This fee is sent via smart contract to the CUB treasury where it burns CUB and bLEO. More details on how this burn works will be released alongside LeoBridge.
Additional benefits are related to LEO liquidity/price and marketing for the CUB ecosystem.
To properly handle large swaps, wLEO and bLEO liquidity pools need depth. Imagine that $100k is swapped through LeoBridge, if the pools do not have sufficient depth on both the wLEO and bLEO side, then the swap will have a high degree of slippage.
As LeoBridge scales, the value of LEO held in the wLEO / bLEO pools will need to increase. This is likely to come from a mix of price appreciation and the actual flow of LEO tokens to both pools.
The LeoFinance Team/Community appreciation for the Thorchain (RUNE) project seeps into many levels of the project. Deterministic Value is frequently discussed in regards to the future value of RUNE.
It's becoming increasingly clear that Deterministic Value is starting to play a larger and larger role in the value of LEO as well. First with wLEO-ETH as being base paired against the second largest cryptocurrency during a bull run has played out.
Now with bLEO-BNB as we've got the dynamics of both -ETH and -BNB playing a role in LEO tokenomics.
LeoBridge takes this price determinism to the next level: if the volume of swaps handled through LeoBridge continually increases, then the demand for deeper liquidity on both sides of the bridge (wLEO-ETH on Uniswap and bLEO-BNB on Pancakeswap) increases drastically as well.
Again, this demand will need to be fulfilled through a mix of increased token flow to these pools and appreciation in the overall value of the LEO token economy.
To take cross-chain tokenomics to the next level, the LEO economy also has curation. As tokens flow out of LEO POWER and into the WLEO / bLEO pools, curation APR will also increase.
Eventually, an equilibrium must be reached between the APRs provided as a:
- wLEO LP on Uniswap (wLEO Geyser Rewards)
- bLEO LP on Cub Finance (CUB Farming Rewards)
- LEO POWER Curator on LeoFinance x Hive (LEO Curation Rewards)
The current breakdown (roughly) of APRs is:
- wLEO Geyser - 30-60% (recently readjusted higher as liquidity migrated to Cub Finance)
- bLEO CUB Farming - 196%
- LEO POWER Curator (20-32%)
it will be interesting to watch these tokenomics evolve, especially as LeoBridge grows and forces the depth of wLEO / bLEO pools to grow as well.
Major Update to Dens and Farms
We've spent a lot of time researching the flow of capital into the Cub platform and also looked to some other successful yield platforms on Binance Smart Chain.
Many are currently transitioning to a more "focused" farming approach. Deprecating pools that don't offer much value to the platform and then redirecting that inflation to the native token.
The primary goal of this is to consolidate the resources and opportunities. Cut back on the options a bit and simultaneously make the remaining options (especially in the native coin - CUB) more attractive.
Equally important is how this impacts the long-term roadmap for CUB. We've just started working on the new Cub Kingdoms update which will introduce new vault contracts that bring a different style of farming to the CUB ecosystem.
Having less pools and dens will make the launch of Kingdoms both smoother and more lucrative.
After running some polls, talking with various people in the community and devising a plan based on capital inflows/outflows, we're proposing the following update into the Timelock Lion's Den contract:
When Will the Changes Take Effect?
Due to the 4% deposit fee, it's important to give sufficient headsup for changes like these.
In 48 hours, these changes will go live on Cub Finance.
When these changes go live, the Lion's Den contract will also initiate a 24 hour grace period on deposit fees - this means that you will be able to withdraw LP tokens from 1 Farm or Den and move it to any other Farm or Den with no deposit fees.
After the 24 hours are up, the 4% deposit fee will be reinstated on all Farms/Dens except for CUB (always 0%) and bLEO (2%).
Some have already noticed but in working with CertiK in the audit process, they recommended implementing a timelock smart contract for changes like this.
The contract we implemented creates a 24 hour queue for any changes to Farms / Dens. These proposed changes that we're adding to the queue are exactly the type of changes that are made more secure by a timelock queue.
The queue basically just gives users peace of mind in knowing that changes cannot be implemented instantly on a whim. When rug pulls of yield platforms in this category occur, it's usually aided by the fact that there is no timelock in place.
We're giving a 48 hour headsup here which means we'll queue the upates 24 hours from when this post goes live. Once the 24hr queue window passes, the changes go live.
That is right around 4 PM CST on March 27th 2021.
The 0% deposit fee grace period will end the following day at 4 PM CST on March 28th.
New Cub Kingdoms Feature
Cub Kingdoms are an exciting new vault contract we're building for the Cub Finance ecosystem. These vaults will resemble Yearn/Auto auto-compounding vault contracts.
In short, the first Cub Kingdom will allow you to pool CUB-BTCb in a separate "farm" from the "Farms" and "Dens" page.
The "Kingdoms" page will display this new type of vault contract which automatically reinvests CUB earnings into the base asset pairs.
i.e. pool CUB-BTCb and earn CUB rewards. The vault automatically takes those CUB rewards, swaps 50% of them into BTCb and reinvests into your original pool position.
AutoFarm is a popular platform on the BSC and this feature will be very similar to what they offer.
LeoBridge is the first feature we're developing essentially from scratch, Cub Kingdoms will be one of the first features post-Cub launch where we adopt the successful contracts of another platform and bring them into the Cub ecosystem.
The future of Cub Finance is in expanding the features, use cases and utility of CUB.
The Kingdoms vault contract will also collect a small "management fee" from farming rewards and send it to the CUB treasury where it will burn CUB and bLEO at an 80% / 20% split (respectively).
We've decided to punt the idea of Layered Farming for the time being. Goose has clearly not had success with this type of farming contract and we will wait and see if they iron out the kinks. We've got a few ideas for fixing their contract: i.e. adding more randomness and "gamifying" it to beat the bots. We might explore those in the future.
For now, the focus is entirely on delivering, improving and marketing the new LeoBridge feature of Cub Finance. We've also started on the Cub Kingdoms release which should drop sometime next week.
LeoFinance is a blockchain-based social media community that builds innovative applications on the Hive, BSC and ETH blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
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