Qubit is Met with Over $250,000,000 in Total Value Locked upon Launch

The lending and borrowing platform built on Binance Smart Chain experienced huge growth in Total Value Locked moments after its launch.

By
Utulu Hope
on
August 26, 2021
Category:
BSC News

Qubit Goes Live on BSC 

Qubit is now live on Binance Smart Chain (BSC) mainnet. In addition, the decentralized lending and borrowing protocol developed by the PancakeBunny and Mound teams has launched ahead of schedule. 

Following a series of attacks, the team from PancakeBunny has put the past behind them and forged ahead with what looks like a bigger and better project. The protocol broke the news about its launch via Twitter on August 24th, promoting the Tweet with a BUSD giveaway for followers who liked, retweeted, and performed some tasks.

“Qubit, our new lending platform, is now live on BSC! Audits are complete and we are operational,” the tweet read. 

Before its launch, Bunny Finance announced Qubit’s audit via Medium. The audit was completed by Peckshield and can be viewed here. What’s more, a second audit by Theori is set to be finished in early September, according to the Medium. The audits should help reassure the Bunny Farm following the summertime attacks.

Source

Qubit’s Launch Met with Massive TVL 

Moments after launch, PancakeBunny announced that Qubit Finance recorded a high Total Value Locked (TVL). According to its Tweet on 25th August, the borrowing and lending platform’s TVL reached 200M. 

“250M Total Value Locked! Thank you all for your support,” tweeted PancakeBunny. 

Qubit Finance is doing well out the gate and hopes to bring higher yields for the entire BSC ecosystem. The protocol is granting high lending rewards for assets like BNB, ETH, BUSD, and more. As of this writing, the protocol’s TVL has already crossed $320 Million just a few days after its launch.

Source

The protocol strongly believes that lending should be a utility on the BSC, and its present status shows that many have shown interest. Qubit will build on this to keep developing in the Decentralized Finance (DeFi) space. 


What is Qubit Finance? 

As we mentioned earlier, Qubit was developed by the PancakeBunny team. It is a decentralized lending and borrowing platform built on the BSC. The protocol connects borrowers and lenders in automated money markets, offering speed, automation, and blockchain security. 

Where to find Qubit Finance:

Website | Twitter | Discord | Telegram | Medium


Tags:
Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer. He hodls mostly in Ethereum, BNB, and, Avax.

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