It's been two weeks since the goal of PolyCUB shifted from the traditional focus of just waiting to accrue rewards from management fees (V1 - Kingdom) to looking outside on how PolyCUB can create more value in order to meet up with it's yield optimizing abilities.
As it has been said by 
The avenue for PolyCUB V2 vault came into existence, when the Hive Witness made a proposal to move the interest on HBD savings from 12% to 20% APR. Taking advantage of this opportunity saw the quick launching of pHBD in April.
pHBD has been is actually a turning point for the PolyCUB project. This is because of the amount of values in terms of rewards that'll be accruing into PolyCUB.
One of those value brought in by pHBD is the actualization of xPolyCub governance, which has finally been used last week and the outcome very enormous.
With the arrival of pHBD, the first phase of the PolyCUB V2 value accrual has been achieved, remaining the other parts of the V2 vault: pHIVE and pSPS.
Since the V2 vault has been test run by the pHBD, there need to look at what pHIVE and pSPS will also bring to PolyCUB. This will lead us into a comparative analysis of the V2 vaults in order know which of them brings or creates more value to the PolyCUB project.
Before we look at the a competitive analysis of pHBD, pHIVE and pSPS, let's see the various value accrual channels of pHBD:
- pHBD - native HBD held as 1:1 collateral for the wrapped equivalent - staked on the Hive blockchain earning 20% APR = value accrual for PolyCUB's PoL
- pHBD 0.25% wrap and unwrap fee = value accrual for PolyCUB's PoL
- pHBD cross-chain arbitrage = value accrual for PolyCUB's PoL
- pHBD-USDC LPs need to buy more POLYCUB to stake as xPOLYCUB to control governance and drive pHBD-USDC vault yield higher
Comparative Analysis of pHBD, pHIVE and pSPS
This comparisons might not be holistic in nature in terms of statistics but based on my understanding of the value they bring to the hive blockchain.
pHBD since pHBD is the wrapped form of HBD and is pegged at 1 pHBD = 1 HBD. This means that we can calculate the value of pHBD based on the price of HBD. It's a truism that HBD backs hive and has a limit that it can be printed when we look at the HBD haircut. If the hive debt increases above it's limit, then the HBD could go into extinction. Currently pHBD has brought about $323k liquidity to PolyCUB, which is super amazing, when we compare the number of days of it's creation.
pHIVE and pSPS
Placing pHBD side-by-side with pHIVE and pSPS, one can say that the value of pHBD cannot be compared with that of the other 2 V2 vaults that's about to be launched, reasons being that hive has enough liquidity pools within and outside the blockchain and has the power to rise above it's current market price.
pSPS is another amazing value provider because of its connection with blockchain gamings. Everyone by now should've known that blockchain gamings is the future of every blockchain because of the amount of investors that come into the platforms. Splinterland is a unique blockchain gamings platform on the hive blockchain and has the potencies of hiking the price of PolyCub once it's launched.
The analysis above doesn't deny the fact that pHBD, pHIVE and pSPS are working hand in hand to see that PolyCUB takes it's next phase of attaining it's goal of a yield optimizer.