PancakeBunny Launches Cross-Chain Collateralized Smart Vaults

PancakeBunny, the DeFi yield aggregator for PancakeSwap, has announced the launch of cross-chain collateralized smart vaults for BSC. According to PancakeBunny, the new smart vaults have been designed to allow farmers to earn interest on single assets.

By
Robert D. Knight
on
April 15, 2021
Category:
BSC News

Introduction

PancakeBunny, the DeFi yield aggregator for PancakeSwap, has announced the launch of cross-chain collateralized smart vaults for BSC. PancakeBunny will now support single asset smart vaults for a number of coins, with the first of these to include BTCB, ETH, BNB, USDT and BUSD. According to PancakeBunny the new smart vaults have been designed to allow yield farmers to earn interest on staked coins without ever risking their principal. The most recent rollout will bring the hugely successful startup a step closer to its goal of providing users with farming, lending and swapping services all under one roof.

Source

Bunny Smart Vaults

The new smart vaults will operate on a slightly modified version of the AlphaHomora triple slope interest curve as developed by Alpha Finance Lab.


The company went on to explain that any amount placed in smart vaults which is not employed directly for cross-chain purposes will be managed and invested in Venus. PancakeBunny smart vaults are designed to automatically calculate the interest rates for users and adjust leverage dynamically. 

The funds will be managed differently according to market conditions. When borrowing rates are high the company deposits into the Venus protocol, but when borrowing rates are more favorable PancakeBunny will borrow again, redeposit and repeat. Over time it is expected that smart vaults will provide essential cross-chain liquidity between BSC and ETH.

Rapid Development

The launch of smart vaults on PancakeBunny marks another milestone in the project’s rapid development. PancakeBunny has now rocketed to over $2 billion in total volume locked (TVL), with $300 million in market capitalization and 30,000+ daily active users.

The project also successfully raised $1.6 million in a project financing round led by Binance Labs. It is expected that this additional funding will allow the company to accelerate their development cycle, rolling out a range of new products. Other investors in the project were IDEO CoLab, SparkLabs, Andrew Lee of Handshake, and LTM.

PancakeBunny Unmasked

Source

Recent news announcements regarding PancakeBunny unveiled the developing team behind the project. MOUND have been announced as the creators. Regarding the development Wei Zhou, Binance Chief Financial Officer, and head of Binance Labs said: “Pancake Bunny’s growth and MOUND’s commitment to execution are impressive. Team MOUND’s expertise in live product design and service was a key factor in our decision to invest. We look forward to expanding the horizons of Defi together with MOUND.”

Jun Hur, the CEO and Co-Founder of MOUND went on to add: ““We are extremely excited to partner with Binance to bring the massive returns enabled by the Binance Smart Chain to new markets.”

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Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy and he also hodls some cryptocurrency.