After several months of development and testing by the QIAN community development team and community members, Chemix Mainnet mining will be officially launched on April 2, 2021.On March 20, 2021, the Chemix mainnet was deployed.
Chemix (QIAN V2) is a fractional-algorithmic synthetic asset protocol, open-source, no permission needed and entirely on-chain currently implemented on BSC network (with cross-chain implementations on Ethereum and other networks in the future).Chemix main tokens include QSD (QIAN Second Dollar), KUN (Ecological Governance Token), KBT(KUN Buffering Token) and DBQ (QSD stable bond token).
Chemix Main Features:
Higher fund utilization;
Earn interest on collateral by flash loan;
I. Preparation for Chemix Mining & Redemption Operations:
It's recommended to download the Google Chrome browser and install the MetaMask wallet.
Note: Please ensure that you keep your MetaMask mnemonic and password in a secure network environment. If you lose your mnemonic, your assets will be completely lost.
Make sure you have a certain amount of BNB/USDT/BUSD and KUN Tokens in your wallet before starting minting. Currently, KUN can be exchange on Pancakeswap, BurgerSwap, and jaex.co.
Trading BNB/KUN on PancakeSwap: for example: open the https://exchange.pancakeswap.finance -- click on the Exchange button -- input a certain number of BNB, the system will automatically show the respective amount of KUN -- click on "Swap" --the new popup page will display Exchange quantity, price and “liquidity provider fee” -- click on the "Confirm Swap" --to complete the transaction.
Ⅱ Chemix operating environment setup steps are as follows:
- Open Google Chrome and enter the QIAN's official website: https://bsc.qian.finance/home -- click on the left side of the CHEMIX "Mint on BSC" .(See below)
- Switch the wallet to the BSC Mainnet environment: click the MetaMask wallet in the upper right corner -- click the Network Selection button, and select "Custom RPC". (See below)
Enter the following parameters and click "Save". (See below)
Network name: BSC Mainnet
New RPC URL: https://bsc-dataseed.binance.org/
Chain ID: 56
Browser URL: https://bscscan.com/
Switch the network to [BSC Mainnet].
3.Chemix Connect Matemask: "Select Login Account" -- Click "Signature" to complete the connection.
- How to Add the token page in Matemask, and add the BSC Mainnet contract address of KUN/QSD/DBQ/KBT as follows:
"KUN Token": "0x1A2fb0Af670D0234c2857FaD35b789F8Cb725584",
"QSD Token": "0x07AaA29E63FFEB2EBf59B33eE61437E1a91A3bb2",
"DBQ Token":" 0x35a367f17Bc72fbe5FaF9cbE923E4eA05B8990cB",
"KBT Token": "0x0D1a5498acD3C8b86f29D68F10C7BE180e2fd9c5".
Take QSD for example: click MateMask -- "Asset" -- "Add Token" at the bottom -- "Custom Token" -- fill in the smart contract address of the "QSD Token" at the top -- click "Next", and the addition is successful.
- Before mint QSD, select the "MAX SLIPPAGE" on the left toolbar to confirm the maximum SLIPPAGE (0%-20%) that you can accept.
Ⅲ Formally enter the Chemix mining operation, the steps are as follows :(use "BNB/BUSD/USDT one of three" + "KUN" to mint QSD)
1.Click "mint" on the left toolbar -- select the coin in "MINT METHOD", "BNB/BUSD/USDT choose one of three" + "KUN" -- you can see "0.2% Minting Fee" (Take BNB/BUSD/USDT as a unit) -- "YOU RECEIVE".
Note: The Collateral Ratio at this time is 97.75% (i.e. 97.75% of BNB and 2.25% of KUN burn by QSD mint), and the QSD market price is $1.0263. (The higher the price of KUN, the more money is released!)
2. Authorization: Authorization is required for entering "mint" for the first time. Click "Authorize KUN" at the bottom,Matemask pops up the page (see the picture below), click" Confirm ", here you will need to pay the authorization fee of 0.18 US dollars (0.0007 BNB).
3. Mint: according to the number of "BNB/BUSD/USDT" + "KUN" just filled in, click "mint" at the bottom, and the Matemask page pops up, showing "Mortgage Quantity" and "Gas Fee" as well as the "Total" amount.
For example, the BNB consumed in this operation is 0.09135 of the collateral , the GAS FEE is 0.009892 BNB (based on the price of $261.5146 of BNB, the GAS FEE of this operation is about $2.587), and the total number of BNB consumed in this operation is 0.101242 BNB.
- Wait for 0-3 minutes, and the "Transaction Status: Casting Successfully" pops up, When you see this message, the coinage is completed. You can check the number of QSD in "My QSD" at the top right corner of the page.
Ⅳ Chemix redeem operation :(use QSD to redeem your "BNB/BUSD/USDT" and "KUN")
1. Authorization operation: click " redeem " on the left toolbar -- enter the number of "QSD" -- select the currency to redeem and click "Authorization" (" Authorization "is required for the initial redeem);The MateMask authorization page will pop up. Click "OK" and wait for 0-3 minutes. "Authorization Status: Authorized Successfully" will pop up.
Note: Authorization here costs US $0.18 (0.0007BNB).
2. Redemption operation: after the successful authorization, the "Redemption" button will appear on the right side; Click "Redeemable" -- Matemask pops up (here "Contract Interaction" is 0, Gas Fee is 0.009892 BNB," Total amount"is 0.009892 BNB) -- click on "Confirm "-- wait 0 to 3 minutes, and" Transaction Status - Redeemable Successful " will pop up.
At this time, the proportion of mortgage is 97.75%, that is, 97.75% were redeemed as collateral (in this example, BNB). 2.25% of KUN will be redeemed in the form of KBT (Kun Buffering Token, used for carrying and buffer algorithm to adjust release).
The redemption fee is "0.45%", which is reflected in the amount of redeemed pledges and KUN respectively. Use 10 QSDs for example: 10× QSD currency price ×0.45%= USD value of deducted commission fee, USD value of deducted commission fee ×97.75%÷ currency price of pledge = quantity of deducted pledge, USD value of deducted commission *2.25%/ currency price of KUN = quantity of deducted KUN.
3. Extraction: Click the "Extraction" button at the bottom right -- Matemask (Gas Fee 0.009892 BNB) pops up. Click "Confirm" -- wait 0-3 minutes, and "Transaction Status: Successful Extraction" will be displayed.
V. Buybacks & Recollateralization
- **Buybacks:**The opposite scenario occurs when there is more collateral in the system than required to hold the target collateral ratio. This can happen in several ways: The protocol has been lowering the collateral ratio successfully keeping the price of QSD stable;Interest bearing collateral is accepted into the protocol and its value accrues;Minting and redemption fees are creating revenue.
This effectively redistributes any excess value back to the KUN distribution and holders don't need to actively participate in buybacks to gain value since there is no bonus rate for the buyback function, and KUN has expectations of value growth.（KUN BNB/USDT/BUSD)
Recollateralization and Buybacks are the opposite, and the two scenarios do not exist simultaneously.
2. Recollateralization: When the actual collateral ratio of the system is lower than the nominal collateral ratio, the system requires users to replenish the collateral. This process is called recollateralization.**( BNB/BUSD/USDT KBT）
Click " Buybacks & Recollateralization " on the left toolbar -- select the amount of Recollateralization BNB -- it can be exchanged for 25.9205 KBT-- click on "Re-Mortgage" -- click on "Confirm" (where the Gas Fee is 0.009892).