As a community-oriented decentralized synthetic asset project, QIAN Protocol community development team report the major progress of the QIAN Protocol project to the community members in the past one month in 2021:
1. Chemix whitepaper released（Click：Chemix whitepaper）
February 10, 2021, the latest generation of QIAN protocol product — Chemix WhitePaper is officially released. Chemix is a fractional-algorithmic synthetic assets protocol that is open-source, permissionless, and entirely on-chain, currently implemented on the BSC network. The goal of Chemix is to establish a highly scalable, decentralized, algorithmic assets management system to provide technical reserves for the continuous upgrade of the QIAN protocol.
(Note: the name Chemix is a derivation of Chemical Reaction, which represents the new generation of QIAN protocol synthetic assets concept.)
QIAN V1 adopts the crypto asset pledge minting mechanism similar to MakerDAO’s DAI and issues decentralized stablecoin QUSD. With the support of KUNers, QUSD will gradually gain recognition in the mainstream market. During the development of Chemix, QIAN V1 continues to operate normally.
QSD (QIAN Second Dollar) is the synthetic stablecoin issued by Chemix and target a tight band around $1/coin.The actual price of QSD will fluctuate within a certain range and adjusted by the algorithm;
KUN is the governance token of Chemix, which seigniorage revenue, algorithm proportion and governance voting function.
KBT (KUN buffering token) will be used in the redemption and recollateralization to carry the value released by the algorithm and act as a buffer of KUN price fluctuation;
DBQ is a special stable bond token, which will serve as a supplementary mechanism for the algorithm to regulate QSD price stability.
2.Chemix open beta(Click:Chemix Open Beta Guide）
The new generation of upgraded product of QIAN Protocol-Chemix, has officially launched its Tentnet on Binance Smart Chain. Users can now access a high-speed, low fee, money market that offers users to mint the protocol’s synthetic assets called QSD.
Chemix has basically come to an end. The total number of KUNers who have signed up to participate in the public test is nearly 30,000 and the community development team randomly selected 400 KUNers to participate in the public test and received a lot of valuable feedback. The developer of the QIAN Protocol is currently adjusting the interactive page according to the feedback, so that the presentation of the interactive page will be more in line with the user’s usage habits and make it more convenient for users to use. With the support of the community development team and KUNers, Chemix Mainnet is expected to go live on or around March 18, 2021.
To start using Chemix follow the steps below:
Set up a Binance Smart Chain Metamask Wallet
Deposit BNB (BEP-20/BSC) into the Binance Smart Chain Metamask Wallet address for gas.
Deposit BNB/USDT/BTCB (BEP-20/BSC) to your Wallet. (Note: This can be done via Binance Bridge or Binance.com)
Go to https://qabsc.qian.finance/chemixand follow the instructions to use the protocol.
On February 10, 2021, the Chemix smart contract was audited by Certik. The final audit results were submitted to the community development team on March 10, 2021. The audit results and fees are expected to be released to the community around the time of the launch of the Chemix mainnet.
3.QIAN V1 FlashLoan feature has been developed and deployed on BSC Mainnet
In November 2020, one of the community developers of QIAN Protocol proposes a new profit model — FlashLoan. After the community votes (Click:Vote), the community developers of QIAN Protocol start to deploy and beta test. On March 11, 2021, Qian V1 Lightning Loan will be officially launched on BSC mainnet. (click:QIAN V1 FlashLoan smart contract)
Before QIAN V1 FlashLoan is officially launched, the auditor of YFII community is invited to carry out a community audit.
4.The allocation of KUN token has been confirmed
At the beginning of February 2021, the results of KUN redistribution plan proposed by the QIA community developers was released(Click:Publicity and voting for marketing and team allocation and marketing using of KUN). The final distribution plan approved by the KUNers of the QIAN community is as follows:
5% owned by the community development team, which has release schedule with 50% on 12 months, 50% on 24 months;
25% strategic investment share, introducing external investors, acquiring resources for project development;
50% community development, including governance mining, mining during the launch of QIAN V1, and mining when QIAN V2 is about to be launched. About 6% token of this part will be deposited into Binance Bridge compatible tools, i.e. Bridge tool offered by BurgerSwap, for community members to use.
KUN total supply will remain 12 million, ETH and BSC network has 50% each other.