At 20:00 on June 9, 2021, Steven, the head of the Rabbit Finance community, the cross-chain excess lending protocol of the Binance Smart Chain (BSC) ecosystem, visited the NULS community and brought project sharing.
The following is the text of the AMA:
Q1， Can you briefly introduce us what is Rabbit Finance?
Rabbit Steven： Sure, Rabbit Finance is a cross-chain excess lending protocol, which can help deposit users obtain more interest, and help liquidity farmers obtain higher income through high as 9x leverage and optimized reinvestment strategy.
Q2， I heard that Rabbit Finance has been invested by many institutions? Can you introduce.
Rabbit Steven： Rabbit Finance is invested by 11 top tier capitals and fund of exchanges, led by FBG Capital, Horizon Capital, PCoin Labs, Redline Capital, AngelONE Capital, LBank, BKEX Capital, HBTC Labs, Hot Labs Du Capital and Bibox.
Q3， Recently, some projects on BSC have been attacked, resulting in damage to user assets. I think the question that everyone is most concerned about is, is the safety of Rabbit Finance? Has it been audited?
Rabbit Steven： Rabbit Finance’s smart contract has been audited by Certik and Chains Guard, double checked. The link is here.
CertiK audit report：https://www.rabbitfinance.io/CERTIK-REP-Rabbit-2021-05-23.pdf
Chains Guard audit report：https://www.rabbitfinance.io/ChainsGuard-Rabbit-Finance-Smart-Contract-Audit-Report.pdf
Link on CertiK https://www.certik.org/projects/rabbitfinance
and we will have 2 more audit report on the way.
Recently, a number of projects on the BSC have been attacked. Many users were concerned about it. From the beginning of product design, Rabbit Finance puts the safety of users’ assets in the first place, so we designed higher security protection to completely avoid the risk of flashloan attack.
The liquidation mechanism adopts DEX+CEX double price verification, only when the error is within 5% before liquidation will be executed.
We use a liquidation bot instead of a bounty hunter, to prevent attackers from obtaining liquidation benefits through flash loan.
Two price verifications (with an interval of 2 minutes), to prevent attackers from profiting by price manipulation in the same block through flash loan.
maximum limit for borrowing, which reduces the factor of opening a position and exploding the position, and the safety design is more conservative than similar products.
Q4, Can you tell us about the innovation of Rabbit Finance in terms of strategy?
Rabbit Steven： Yes, we believe an excellent strategy guarantees a high rate of return.
On MDEX we reinvest the MDX obtained by the user farmed to the MDEX Boardroom
Reinvestment strategy on Pancake is to sell the CAKE obtained by users, continueously add liquidity LP to users positions.
Reinvestment frequency and calculation of APY: our webpage shows the APY for daily reinvestment, and the actual APY will be higher than displayed, because our reinvestment frequency is every 1 hour.
Currently the APY of the vaults and farming pools are as follows,
Q5, We know that in the blockchain, excellent partners are indispensable for project development. Is Rabbit Finance supported by partners?
Rabbit Steven： Of course, Rabbit Finance is the only in-depth partner of MDEX on BSC, which is an excess lending protocol with leveraged farming function.
Q6, What is the next steps of Rabbit Finance?
Rabbit Steven： Rabbit Finance is an exceeding lending protocol. The main mission of a lending platform is to continuously improve the utilization of vault. We will continuously increase the application scenarios of borrowing. Leverage farming is one of the high-frequency scenarios in the DeFi application. And we will add the following loan application scenarios as planned.
1，Leveraged trading function of Tokens
Users can use leveraged loans from Vault to trade tokens, earning long or short profits, thereby increasing the real demand for borrowing, rise the utilization of deposits, which rise profit.
2，Mortgage loan of ibTokens
Currently users can only borrow excess loans. We will support users to mortgage interest-bearing token and borrow other tokens in a later version.
3，Launched a elastic stablecoin asset CARROT, 1:1 ratio peg to BUSD
Stablecoins are a hot spot from 2020 to 2021, as AMPL is a very successful case. We have made an upgrade on the basis of AMPL’s original algorithm:
a， When the exchange ratio of the 24-hour weighted average price of CARROT and BUSD is lower than 1:1, the global burn will be 1:1.
b，When the exchange ratio of the 24-hour weighted average price of CARROT to BUSD is higher than 1, the inflation reward of CARROT that can be obtained by stacking RABBIT to the Boardroom, this targeted inflation reward is similar to Basis Cash. The RABBIT staked to the Boardroom will be locked for 48 hours, the CARROT obtained can be collected at any time.
4，Joint issue NFT assets with well-known IP
In addition to the value of the IP itself, the value of Rabbit Finance’s NFT assets can also enjoy the right to accelerate RABBIT farming. For more details, we will announce later.
We will start the cross-chain project at a certain time, and our first cross-chain version will be on Heco.
Q7 Is there any good news recently?
Rabbit Steven： Yes, several things i would like to mention.
We will start the buy back and burn project this week, later we will have an announcement.
And we just launched 12 new farming pool and 7 new vault, if you are the token holder welcome to participate.
In the end, please allow me to post some related links of our project, welcome to join our Telegram channel and group. Thank you!
Telegram Announcements: https://t.me/RabbitFinanceANN
Telegram English: https://t.me/RabbitFinanceEN
Telegram Chinese: https://t.me/RabbitFinanceZH