Another productive week has passed, with a lot of news to share!
We are really pleased to confirm that we’ve submitted the final revised contracts for the remaining fixes on a handful of security recommendations outstanding.
Our Auditors are currently confirming this final pass for the audit to be finalised and released – expect an update on our socials soon!
The final audited contracts will then be deployed – which means that there will be more XBF rewards!
The XBF reward rate however has to be reduced to 360 XBF for the week (180 to stakers, 180 to LPs) to ensure sufficient supply remains for a fair veXBE lockup snapshot, making this the last XBF reward week.
The proposed bug bounty vote is kicking off shortly and will run for a week period so that as many veXBE holders as possible can participate – this is a very important step for the protocol.
The bounty program itself should then start together with the new contracts on mainnet – check out the post on the governance forums for more details: https://gov.xbe.finance/t/xip3-xbe-finance-bug-bounty/124
Since there is no Convex on Fantom, the XBF Vaults are designed to directly interface with Curve (where the current XBE Vaults interface with Convex right now), making XBF Vaults a generic Layer 2 stack that can be deployed on any L2 where Curve or a similar native liquidity protocol operates.
As such these direct Curve Vaults for XBF are critical to our further L2 strategy – and will launch when the audit process completes.
A proposal for XBF distribution schedule is planned for early next week – which could form a strong template for future L2 launches.
In Easy XB World, The Easy 2.0 smart contracts have completed QA on testnet, and are now being audited – so Easy XBE Hive is queued up to launch as part of the XBE Hive deployment process!
The Easy 2.0 UI is also going through QA right now, and will be ready to connect to the mainnet contracts when they are deployed together with the Hive contracts.
We are also excited to announce Easy 3 Web, which simplifies the Hive Stake and Claim process (and will be coming to XBE Hive on Ethereum)!
Development is already well underway, so here is another sneak peek of the earnings UI:
Hive Reward Ramp-up
The XBE Hive launch will start with a live testing period of low rewards in conjunction with the bug bounty kick off, and then ramp up week on week until it reaches full scale.
Slow and steady is the key, as once XBE Hive is running full throttle the Hive can rapidly be deployed onto other L2s through the snapshot, vesting, liquidity incentive, and (yes) protocol liquidity model being proposed.
Looking forward to good feedback (and participation) from community on this soon!
The XB FIAT Ramps (planned to run on fiat.xbe.finance) have also progressed to production keys, and is ready to turn on with Hive Launch!
There has also been substantial progress on the Hive Pro front with a major regional partnership that is progressing to go-live still this year.
With the protocol product expanding rapidly the protocol itself must continue to remain decentralised and adhere to good community governance – and this is an important signal to other major contributors that want to actively participate that they are welcome.
Naturally we have no intention of slowing down proposals and product development on the XB protocol – but XB protocol must ensure that it is open and friendly to the many great developers from across DeFi.
Fees, XB Emissions, and Curve/Convex Wars
A lot of discussions has been emerging around Curve Wars and the role the XB protocol is playing in this space, and in the larger DeFi context the XB Hive is positioned as a mechanism for other protocols to farm protocol liquidity on Curve and get the best yield, earning CVX and CRV tokens for their own treasury.
The Hive Pro and Easy Web 3.0 on Ethereum and the Easy XBF Mobile App on Fantom targets TradFi users – and these users only earn XBE/F rewards – by exchanging all non XBE/F rewards for a share of XBE/F emissions, so that the CRV, cvxCRV, CVX, 3CRV, or FTM rewards accrue to the XBE/XBF treasury. (🐝,🐝)
This means that the XB protocol benefits from fees when DeFi protocols uses Hive to farm liquidity – and benefits from fees AND increased treasury holdings (in exchange for some of the normal XBE/F emissions) when TradFi players use the Hive Pro, Easy XBE 3.0 Web App, or the Easy XBF Mobile App to participate in DeFi.
Lots more to come!
This latest round of audits and integration testing has confirmed to us that it’s important to be conservative and err on the side of caution rather than under prepare!
With the number of exploits on many major DeFi protocols in the last 2-3 weeks, we really can’t be too careful.
It’s a marathon – not a sprint, and these BEES will keep working!