Massive Update to CUB | Kingdoms Phase-Out and Focus on bHBD & bHIVE

in #hive-1679222 years ago

We've spent a lot of time on CUB and building out the infrastructure to have sustainable, reliable and growing yield.

To us, that is the mission of CUB. Creating a platform of opportunity that can expand both HIVE and LeoFinance to other blockchains. The introduction of bHBD and bHIVE completely changed the outlook of the platform.

What we've been building is incredible. The numbers can be seen through the buyback/burn activity that the DAO is producing. It's pretty radical.

With current numbers - especially the whole market being down - we expect CUB to post its first deflationary month in March 2023 (this month). The next burn report will be posted April 5th and will talk about all of the amazing things going on behind the scenes with bHBD, bHIVE, arbitrage, wrapping and oracle updates.

bHBD and bHIVE launched in August 2022. Since then, the CUB DAO has bought and burned over 2,000,000 CUB. That's 10% of the current circulating supply.

The real metric that all of us are looking at is: wen deflationary CUB?

It's clear that CUB ran for far too long with rampant inflation to pay block rewards to Liquidity Providers and was not generating enough revenue to buyback and burn CUB off the market. The DAO needs to be sustainable in that it can pay large block rewards but in exchange for those block rewards, revenue is being generated that can bolster the platform and create a healthy economic environment.

Kingdoms

If we take a few steps back and look at Kingdoms, we can see that we've been attempting to do this on CUB for a while now. May 2021, to be exact. That's when Kingdoms launched.

The idea behind Kingdoms was that we would build autocompounding contracts that would enable users to LP tokens on other platforms - like Pancakeswap, Belt, etc. - and then earn rewards both from them and from CUB. The rewards from those platforms would carry a small fee in the smart contract called a "management fee" and that fee would autonomously buy and burn CUB.

If you look at the burn chart posted above, you can actually see that happening. There was a VERY small upward trendline in the amount of CUB burned over the last ~2 years. That obviously was far too small to make CUB sustainable. What ensued was inflation getting out of control and management fees having little-to-no impact on helping the platform control it.

After all of this time, we've also seen other platforms change their contracts. This forced us to keep up with them and make changes as well. Eventually - and if you've been a Kingdom LP for any length of time now, you'll know this - we've run into issue after issue in trying to maintain support for these. The revenue they generate isn't even enough to warrant the smart contract fees that run them.

So, the devs made a coordinated decision to get rid of Kingdoms and push their multipliers back into the Farms - bHBD and bHIVE liquidity pools.

This will simultaneously add more rewards for those pools - which generate exponentially more revenue than Kingdoms ever did - and finally rid us of the burden of working with other platforms and keeping contracts up-to-date.

Update Deployed

As you're reading this, the update to Kingdoms has already been deployed. We've removed rewards from Kingdoms and are starting to phase them out.

We have one update left to do, which is to update the total multiplier calculation on the UI.

********IMPORTANT PLEASE READ** while we're updating this, the UI may have a few display issues. Some people have already reported that they can't harvest CUB rewards. We appreciate your patience while the devs work on the UI. Please rest assured that all rewards are still being earned, even if the UI doesn't display them. If you'd like to confirm this, you can always check on your DeBank profile and verify both the LP Amounts and the Rewards that you're earning: https://debank.com.

We're going to put an "under maintenance" banner on the UI for the next few hours while we work on this. After the UI update, you'll find all Kingdoms under the "Finished" banner and will be able to withdraw your LPs from those Kingdoms. Pools like CAKE, SPS-BNB, BTCB, etc. will no longer be supported.

********ANOTHER IMPORTANT NOTE** this does not impact CUB Kingdoms. The CUB Variable Staking Kingdom that we launched will always remain. After the UI update goes live, the CUB Staking Kingdom will have a brand new, dedicated page while the other Kingdoms will be moved elsewhere.

About LeoFinance

LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage & share micro and long-form content on the blockchain while earning cryptocurrency rewards.

Our mission is to democratize financial knowledge and access with Web3.

Twitter: https://twitter.com/FinanceLeo
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Whitepaper: https://whitepaper.leofinance.io

Our Hive Applications

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Web3 & DeFi

Web3 is about more than social media. It encompasses a personal revolution in financial awareness and data ownership. We've merged the two with our Social Apps and our DeFi Apps:

CubFinance (BSC): https://cubdefi.com
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Posted Using LeoFinance Alpha

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CUB is 🔥, literally 😉

Posted Using LeoFinance Beta

You guys are doing an amazing job ,


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Cool! I knew something like this was up.

I don't have anything in the Kingdoms but the Farms. I can't access my LP tokens on the farms.

I am glad that the CUB kingdom is staying and I am not a part of the other kingdoms. Are there be any changes to any of the other farms other than bHive and bHBD?

Posted Using LeoFinance Beta

https://leofinance.io/threads/@ijelady/re-leothreads-6emaye
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Wait...the DAO burned 2M $CUB, and the total supply of $CUB is only 20M? And NO ONE on CT is talking about this? WE NEED TO BOOST THIS!!!!!!!

Posted Using LeoFinance Beta

Thank you for holding virtualgrowth token. You have been included in today's post.

namaste

Posted Using LeoFinance Beta

I'm marveled that despite the huge work ongoing on project Blank, the devs still have the stamina to give us a facelift on CUB. I can't wait to have a thumbnail from LeoThreads taking us to CUB even as we monitor our CUB investment from that end too.

Cheers to us!

Pools like CAKE, SPS-BNB, BTCB, etc. will no longer be supported.

SO if anyone offered liquidity there, would it be automatically removed or should be done manually?

Posted Using LeoFinance Beta

Damn, I wish I would have seen this 5 minutes earlier. Just posted a Thread about not seeing my farms. D-Bank is good. Thanks for the update, I was getting worried 👍

So I'm trying to withdraw my CUB from the Kingdom, but the transaction doesn't 'finish'

My wallet opens, but 'Nonce' 'Gas Fee' and 'Total' remain as moving indicators, but never finishes. I've let this sit for 20 minutes and it never computes those three values.

wallet_not_finishing.png

In short, how can I withdraw my Cub?

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