AMA Recap Crypto Library with Bunicorn

                                          


On 24th May 2021, Bunicorn conducted an AMA in the Crypto Library Community. Our guest is Phuc Nguyen. Lots of questions as usual from the Community about Bunicorn progress. The Bunicorn team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library 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.

INTRODUCTION
Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Phuc Nguyen (Bunicorn) : Hey guys, 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 portfolioI joined the space few years ago and gained 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.
FIRST SEGMENT (HOST)
Crypto Library Team : What is Bunicorn? and what features and products does Bunicorn want to offer us?

Phuc Nguyen (Bunicorn) : Bunicorn is a BSC-powered DEX that offers: 
  • Flexible AMM pools with up to 8 tokens, any weight
  • Amplified pools that allow trading between stablecoin pairs with lower slippage and deeper liquidity.
  • Smart order routing that automatically split your swap across several pools for optimized price. 
  • Dynamic fees adjusted base on the underlying volatility. 
  • No third-party or centralized oracle risks.
  • Liquidity providers can also join multi-token pools with a single asset. 
  • Innovated Yield Farming with a reward vesting model wrapped in NFT collectible.
Crypto Library Team : Could you give us some reason Why we have to choose Bunicorn than other projects out there?

Phuc Nguyen (Bunicorn) : To answer this question, let me talk about some pain points of other DEXs out there that Bunicorn is trying to solve. 
  • The first one is the risk of impermanent loss. Traditional dex like Uniswap or Pancakeswap only support the pools with 2 assets. So from a liquidity provider perspective, it's very risky to hold 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 huge amount of capital to the liquidity pool, but the returns I meant the APY 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. 
  • The fourth problem is the high gas fee from Ethereum network.
 To solve these problems, Bunicorn's AMM is deployed in BSC and we introduce 2 kinds of pools:
  •  The first one we call Flexible pools where the users can have up to 8 tokens and any weight. So you can choose a pool which has 3 out of 4 tokens belongs to your long terms portfolio. In other words, you can customize the pool based on your own taste of risk. 
  • The second one only works for the stablecoins. It offers a very low slippage, just few basis points. It has a very high capital efficiency up to 100 times better than Uniswap. and when talking about decentralize exchanges, it usually comes along with liquidity mining. And there is a problem with liquidity mining that we want to fix.
Users tend to dump their tokens that they get from the liquidity mining pools immediately. So instead of distributing these tokens directly, we wrap them up into NFT collectibles with a vesting schedule. The users can claim the actual rewards after a period of time let's say 1 week or 1 month. In the meantime, they can also sell these NFT in other NFT market places.

Crypto Library Team : Please tell us about $BUNI token! What are the token use-case, distribution, and where we can buy it?

Phuc Nguyen (Bunicorn) : BUNI is our governance token. Buni holders need to lock their tokens to receive the profits from trading fees & other revenue streams in the future. All the revenues will be distributed to back to the community, not the company. A portion of these revenue will be used to buy back and burn the BUNI token. This will dramatically reduce the Buni circulating supply.  Let me give more information about demand & supply of BUNI tokens.
  • First 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 becomes popular, a large portion of the total supply will be locked up here, right?
  • As we're launching our exchange in other blockchains such as Polkadot, so 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. 
The tokenomic and distribution can be found in our official website: https://buni.finance/
 we're almos close our private token sale round, the public sales is yet to be announce, please stay tuned for our next official announcement.

Crypto Library Team : Please share some information about your roadmap, your recent progress, and your future plans?

Phuc Nguyen (Bunicorn) : We have finished the first phase of our product roadmap that offers:
  • Flexible Pools controlled by smart contracts. It allows dynamic settings from the number of tokens, weight, swapping fee, etc. 
  • Stablecoins pools with super low slippage and higher capital efficiency.
  •  Yield Farming + NFT reward vesting They have been audited by hacken.io, and we're even doing a second round of audit just to make sure. 
This second round will be finished by the beginning of June. 

You can already try our testnet build deployed here: https://staging.buni.finance/
In the future:
  • We'll make NFT vesting tokens that have already been completed in the first phase to become collectible bunnies and build a marketplace so you can exchange/auction them.
  • We'll be having a Governance system, so that Buni token holders can lock up the Buni to vote, earn the trading fee profits, buyback, and burn BUNI tokens. 
  • To have other Defi products such as Lending & Flashloand added to the platform.Apart from that, because we have Thi (who is the Founder & CEO of PolkaFoundry) as our executive advisor. We have agreed that we're gonna have a bridge to Polkadot substrate & para chain ecosystem in Q1 2022 right after Polkafoundry launched their mainnet.
SECOND SEGMENT (TWITTER)
Crypto Library Team : In your roadmap Q4 2021,BuniCorn will launch Flashloan Lending. So can you give us an overview about this soon feature in your platform? How it will works? What best offers that it serves to clients and users in your platform? Thank you

Phuc Nguyen (Bunicorn) : Yes, we intend to add more defi products to Bunicorn along the way. Lending & Flashloan are the two that we're working on. It's be very similar to AAVE protocol. Lending would need a collateral asset backed while Flashloan is a loan that you need to pay back within a blocktime. It will complete our ecosystem as a whole, and also it offer more use cases for the users such as: Arbitrage, Collateral swaps, and lower transaction fees because it will require lesser transactions than a collateral backed loanbut it's also a risky feature, so we're working very hard and do extensive audit testing for these 2 products. this will bring more revenue stream to BUNI token holders as wellbecause as I said, all revenue of Bunicorn will be distributed to the community.

Crypto Library Team : On your website you mention that Bunicorn has dynamic pricing to optimize the profitability of liquidity providers and reduce the impact of non-permanent loss. What mechanisms do you use to establish dynamically the price of your rates? How high or low can they be?

Phuc Nguyen (Bunicorn) : As I mentioned, we have 2 kinds of pool which is flexible pools for normal bep20 tokens, and stable pools for stablecoins. With flexible pools, you can customize the fee as well as other settings such as the tokens, weight... of the pool manually. For the stablecoin, this fee setting is automatically adjusted based on the market volatility as part of our implementation. This approach is inspired by Kyber's DMM protocol to offer a better capital efficiency. The fee can be as low as 0.00001% to several percent
THIRD SEGMENT (LIVE QUESTIONS) 
Crypto Library Team : What is the unique feature of your project that sets you apart from other projects and what competitive advantage does your platform have?

Phuc Nguyen (Bunicorn) : While there are many features in our platform but I like the liquidity mining with NFT vesting the most. Let me talk a little bit more about our NFT and how it works. We'll rank these NFT based on the actual amount of BUNI tokens under vesting. Let's say a 1 million of dollars worth of token can be ranked Super Rare or Ultra rare. And because we have the Bunny character in our name, so we're gonna add unique designs into these NFT to make them similar to Crypto Kitty or Polkamon. Then, if you cannot wait until the end of the vesting period, you can sell these NFT with a discount or you can auction them with a much higher price because yours is so rare.

Crypto Library Team : Bunicorn is still in its tester phase, what are the incentives given to community members to become tester, will they have benefits once mainnet is launched? How can I sign in as one?

Phuc Nguyen (Bunicorn) : We're going to host a bug bounty program in Immunefi in the next few weeks. Stay tuned for our announcement. The price can be as large as $50K.

Crypto Library Team : I would like to know about how to protect investors in your project ? Is there any audit process ?
 
Phuc Nguyen (Bunicorn) : The list of investors can be found in our website here: https://buni.finance/ We are backed by Signum Capital, Krypital Capital, LD, JRR, Youbi, Shima, GBV, Magnus to name a few. We finished the first audit round by hacken.io. We're doing a second round of audit as well just to make sure.

Crypto Library Team : Does your project have plans for a token burn or maybe a buyback to stabilize the token price and give your investors more profit?
 
Phuc Nguyen (Bunicorn) : Yes, we'll use a portion of the revenue to buy back and burn the token. The exact proportion will be determined by the governance system.

Crypto Library Team : Binance smart Chain blockchain is having high transaction speed and cheap gas fees, Are you planning to launch your mainet or switch to other blockchains in the future?
 
Phuc Nguyen (Bunicorn) : We'll have our next version in Polkadot parachain early next year because we have Thi (founder of Polkafoundry) in our advisor board. Other networks are under consideration such as Solana & Matic but yet to be announced yet.
Comments