AMA RECAP — Whale Blockchain Enthusiast with Bunicorn
Dear community Whale Blockchain Enthusiast, On 1st of July 2021, Bunicorn conducted an AMA in the Whale Blockchain Enthusiast. Our guest is Phuc Nguyen, Founder & CEO of Bunicorn.
Lots of questions as usual from the Community about Bunicorn progress. The Bunicorn team took part in a very interesting AMA session which included Project introduction, Questions from twitter, and a live AMA session with the WBE community. If you missed the AMA in person, read this recap for a deeper insight into Bunicorn.
Let’s take a look at the most interesting points of our conversation.
🐳 Segment 1: Project introduction
Welcome, Phuc Nguyen! And thanks for joining us for your AMA on the Whale Blockchain Enthusiast Telegram. For new community members can you please start by introducing yourself and telling us a bit about your background in the blockchain space and Bunicorn ?
Phuc Nguyen: thank you Martin for invited me to this whale club, I’m so excited to be here and share about Bunicorn. I’m Phuc Nguyen Founder & CEO of Bunicorn. Here are some highlights about me:
Former Google Summer of Code participant
Samsung Smart App Challenge winner
Former Researcher of NASA Ames’s Java PathFinder project
Former Project Manager at DeNA, a giant game company in Japan
Co-founder & COO of a leading blockchain development firm in Vietnam & SEA with hundreds of blockchain & Dapp engineers
Former CTO of a centralized exchange under Signum Capital & Bitmex’s portfolio
I have hands-on experience in scalability & security for the centralized system in general and exchanges in particular. I have been working on decentralized projects from the protocol to the application layer.
Bunicorn is a BSC-powered DEX that combines: Flexible Pools with a customizable number of tokens, weight, fee; and Stable Pools with super low slippage, high capital efficiency for swapping stablecoins.
Additionally, Bunicorn introduces an innovative Yield Farming model with vesting rewards wrapped in NFT collectibles.
Can you tell us what advantages does Bunicorn from other automated market-making decentralized exchange build on Binance Smart Chain ?
Phuc Nguyen: Defi & decentralized exchanges has gained massive adoption in the pass few years but yes, there’s always room for improvements. Let’s talk about some pain points that Bunicorn is trying to solve.
— The first one is the risk of impermanent loss. Traditional dex like Pancakeswap only support the pools with 2 assets. So from a liquidity provider perspective, it’s very risky to expose half of your assets into 50:50 pairs like that.
— The second one would be the slippage. AMM pools often have very high slippage up to few percent when you’re trading in large amount or if there’s not enough of liquidity in the pool. This is un-acceptable for swapping stablecoins, to avoid that, you’ll need to provide a enormous capital to the liquidity pool, but the returns is very small.
— The third one is the flexibility of the pools. Once deployed, the AMM pools are mostly fixed in terms of swapping fee, weight and other settings. It cannot adjust based on the market’s volatility.
— — AMM always goes alogn with Yield farming. However, they face high liquidity risk from token dumps after mining rewards are paid out. Also, a high APY yield farming program introduces a higher inflation rate of the token supply.
That’s why we decided to make Bunicorn to solve all this. But let me reveal all the features during this AMA in up-coming questions haha
What features does Bunicorn offer to users and can you explain about it?
Phuc Nguyen: okay, we have many outstanding features that can outrace other DEXs on BSC:
— Flexible AMM pools with a customizable number of assets and weights within a pool. This simulates a real index fund in real life. It also mitigates the risk of exposing too much capital to a high volatile token like traditional uni/pancake 50:50 pools.
— Amplified pools that allow trading between stablecoin pairs with lower slippage and deeper liquidity (higher capital efficiency).
— Smart order routing that automatically split your swap across several pools for optimized price.
— Dynamic fees adjusted base on the underlying volatility to optimize returns for liquidity providers.
— Liquidity providers can also join multi-token pools with a single asset.
— LBP (liquidity bootstrapping pools) is a new token distribution model with fair price to fight against front-running bots
— New innovated yield farming model that vests the earned reward and wraps them into NFT collectibles avoid the high inflation rate.
Bunicorn is currently doing a testnet and what are the results? when is mainnet Bunicorn and what are the updates after mainnet ?
Phuc Nguyen: yeah, we have recently launched our testnet together with an early adopter airdrop campaign which attracts thousands of participants. they’re actively using the testnet everyday and we received tons of feedbacks and support from the growing community about it besides, we also hosted a bug bounty program on immunefi & hacken proof for our testnet with the reward up to $50K with no vulnerability found yet. The mainnet will be out the same date with our IDO on 9th July.
This shows how active is your community and how enthusiastic are in the Bunicorn testnet.
Phuc Nguyen: yes they are! we have a growing community with 75.8K followers on twitter. oh I forgot, here’s our testnet: https://staging.buni.finance/#/trade/tokens
Defi, NFT & Meme is very interesting and is starting to be in great demand,
Can you share your opinion ? What steps are already being taken towards the future progress of $BUNI ?
Phuc Nguyen: okay, we have NFT in our project, and they’re more than just ordinary artworks but something better. Yield farming projects face high liquidity risk from token dumps after mining rewards are paid out. Also, a high APY yield farming program introduces a higher inflation rate of the token supply. Bunicorn reduces these token price devaluation risks by locking up farming rewards in wrapped NFTs to take them out of circulation. These NFTs continue to provide value including trading opportunities to liquidity miners.
The NFT with time-locked tokens acts like a bond. It has speculative value and can be sold at a discount in the secondary market before the vesting period is up. In other words, holders can trade and auction these NFTs in other marketplaces and make them liquidable.
We intend to make a universe of gamified cards with unique artworks generated algorithmically similar to that of Crypto Kitties or Polkamons.
so, NFT holder can also collect, enhance and evolve their cards, participate in our gaming events and resell his Super Rare asset at a price much higher than the underlying BUNI value in other NFT markets
Can you explain tokenomics $BUNI and whether Bunicorn will have a IDO in the near future?
Phuc Nguyen: here’s our tokenomic: https://buni.finance/#tokenomic
The public sales will be organized on 9th July in 2 launchpads: Poolz + Redkite. A very big CEX listing will be a follow-up but cannot say the name now.
🐳Segment 2: Questions from the Twitter
Question from @swapninja
Can you told me what is your project plan for Short term, mid term and longterm, as we can see the crypto market on this day in really high volatility movement, what can you offer with your plan in this project ? Is there any plann for burning to get move value with less token?
Phuc Nguyen: yeah so as I mentioned, we have the testnet ready & audited, mainet will be out soon.
Our shorterm roadmap:
— A mobile app for our DEX. Right now most of the DEXes are web-based while the mobile-app users have dominated centralized exchanges for years.
— An NFT marketplace that allow minting/trading/auctioning NFT that have time-locked bep20 tokens. It also features our exclusive gamified BUNI cards in Bunicorn universe with Gacha & gaming events.
— Governance system that distributes a portion of revenue to BUNI holders and buy back + burn tokens.
Our longer term goal:
- Make a whole game out of our BUNI cards.
- To have other Defi products added to the platform
- To become a lightning fast & gasless DEX atop multiple networks like PolkaFoundry, Polygon & Solana as well.
so yes, we have the burning & buy back plan
Question from @Pabloesc0b4r
Community is important for the progress of a project. How many users are currently using the Bunicorn platform? Is it on target or not? And what’s the future plan to increase Bunicorn users?
Phuc Nguyen: well, even though we haven’t launched the mainnet yet, but Buni has attracted more than $100K followers in our social platforms and many of them have tried our testnet app.
The huge support we received is beyond our expectation! our marketing team is constantly working to increase the awareness of Bunicorn to both global & local community toward our mainnet launch
Question from @Emoetluph
to create the $BUNI financial ecosystem, will there be a buyback or burning of a token supply?
Phuc Nguyen: BUNI holders need to lock their tokens to receive the profits from trading fees & other revenue streams in the future. A portion of these revenue will be used to buy back and burn the BUNI token. This will dramatically reduce the Buni circulating supply.
Question from @Lan_kuy
Currently attracting real users and mass Adoption is a problem for Blockchain projects. So how will $BUNI solve this problem?
Phuc Nguyen: okay so we have the product ready, not just selling our idea, that’s the main thing that will drive our project forward with real users and all the users who participate in Bunicorn and hold our token need a reason to trust in the long term, so let me share some of the utilities and the supply, demand for it apart from the dividence sharing & burning, we intend to provide more defi services such as gaming, launchpads, LBP… etc. Users will have to stake their BUNI to get the entry ticket to these additional services.
— BUNI has a max supply instead of unlimited supply in other yield farming projects such as Pancakeswap.
— The liquidity mining rewards will be vested, so there is no immediate dump on the market.
— All these vesting tokens will be isolated from the circulating supply in a form of NFT collectibles. As these NFT become popular, a large portion of the total supply will be locked up here. Users can even merge/split the NFTs without having to convert them back into BUNI tokens.
— As we’re launching our exchange in other blockchains such as Polkadot, a part of the supply will be bridged to other blockchains as well.
— We intend to provide more defi services such as gaming, launchpads, LBP… etc. Users will have to stake their BUNI to get the entry ticket to these additional services.
Question from @brunohernades
Can you list 1 or 2 deadly features that make #your project stand out from its competitors? What competitive advantage does your platform have that make you feel the most confident in yourself?
Phuc Nguyen: okay let me describe more about 1 of them, our NFTs
The NFTs as collectibles can be ascribed additional value. We intend to make a universe of gamified cards with unique artworks generated algorithmically similar to that of Crypto Kitties or Polkamons.
Bunicorn ranks the rarity of the VBUNI NFT collectibles based on the number of underlying assets wrapped in that token and the duration of the vesting period. For instance, a BUNI token with a value of $1M locked in 1 month would be classified as Super Rare.
Cards can be enhanced until a certain level at which they are fully mature (max) by combining several low-level cards together.
for example, this is a High Normal card
and here is a Super Rare Card after leveled up
🐳Segment 3 : Free Asking / Live Questions
Telegram User: Security, Is The Most Important Thing To Consider Want Starting, Up a Project. How Secured, Is This Project For Users And Investor’s???,”
Phuc Nguyen: we have been audited by hacken.io twice and we have announced a bug bounty program for weeks without any issue reported
—
Telegram User: STAKING is one of the STRATEGIES, to ATTRACT USERS and ACHIEVE MASS ADOPTION. Does your GREAT PROJECT, have plan about Staking???,”
Phuc Nguyen: we will have a pre-staking program with insane APY running in only 2 weeks right after the IDO. After that we will also announce our liquidity mining program with time-locked NFTs.
—
Telegram User: Features are the main thing in a platform. With interesting features, of course, it will really help every user. Can you name some of Bunicorn deadly features and even those other projects don’t have?
Phuc Nguyen: Some features that we are working and will be the next big thing:
— A mobile app for our DEX. Right now most of the DEX are web-based while the mobile-app users have dominated centralized exchanges for years.
— An NFT marketplace that allow minting/trading/auctioning NFT that have time-locked bep20 tokens. It also features our exclusive gamified BUNI cards in Bunicorn universe with Gacha & gaming events.
—
Telegram User: Hi!! ✅✅Could you tell us what is the vision or long-term goal of BUNICORN? Also, how do you plan to build a strong community that can help the project continue to grow and sustain itself in the long term unlike other tokens? ✅✅
Phuc Nguyen: Our longer term goal:
— Make a whole game out of our BUNI cards.
— To have other Defi products added to the platform
— To become a lightning fast & gasless DEX atop multiple networks like PolkaFoundry, Polygon & Solana as well.
—
Telegram User: I think NFT is really popular topic for now, what is your opinion regarding NFT?
Phuc Nguyen: okay even though I answered this question in WBE channel but I will answer it once again here because I find it interesting
The NFTs as collectibles can be ascribed additional value. We intend to make a universe of gamified cards with unique artworks generated algorithmically similar to that of Crypto Kitties or Polkamons.
Bunicorn ranks the rarity of the VBUNI NFT collectibles based on the number of underlying assets wrapped in that token and the duration of the vesting period. For instance, a BUNI token with a value of $1M locked in 1 month would be classified as Super Rare.
Cards can be enhanced until a certain level at which they are fully mature (max) by combining several low-level cards together
For more information and future AMA, join our Social Media channels:
🐳 Whale Blockchain Enthusiast Group: https://t.me/WBEcommunity
🐳 WBE News: https://t.me/WBEnews
🐳 WBE Twitter: https://twitter.com/WhaleBlockchain
🐳 More information on Bunicorn :
🔸Website: https://buni.finance/
🔸Twitter: https://twitter.com/bunicornswap
🔸Telegram: https://t.me/bunicornswap_en
🔸Telegram ANN: https://t.me/bunicornswap
🔸Medium: https://medium.com/bunicornswap
