Bunicorn x Im Community AMA Recap
🐋 TELEGRAM AMA: Im Community & Bunicorn 🐋
⏰ AMA Timing : 04 May 2021 l 10:00 AM UTC
Venue For AMA : https://t.me/imcommunityitw
🎁 Reward Pool 100 USDT
Bà Tân | : Welcome everyone. Today Im Community will host AMA with Bunicorn.
Bà Tân | : Today our guest is: @phuc_bunicorn from Bunicorn .
Bà Tân | : Please introduce yourself a bit: @phuc_bunicorn
Phuc Nguyen : sure thing
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 portfolio
Like most of you, I joined the crypto space in 2017 and have participated in a lot of projects since then. 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.
Bà Tân | : Thanks for the introduction 🙌
Bà Tân | : Today’s AMA will have 3 sessions
Sessions 1: The chat will be muted & the team will introduce themselves then we will ask some introduction questions to the team Bunicorn
Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1389237349075144705).
Sessions 3: The conversation will open to the community questions and the 5 best questions will be selected.
Bà Tân | : Rules to follow AMA : ⤵️
▫️ Join : Telegram group Bunicorn Official (https://t.me/bunicornswap_en) and IM Community (https://t.me/imcommunityitw) , Channel Im community
(https://t.me/imcommunityit)▫️Follow: Twitter Bunicorn (https://twitter.com/bunicornswap) and IM Community (https://twitter.com/IM_Communityitw)
Web & Community:
Bà Tân | : Start session 1 AMA @phuc_bunicorn
Bà Tân | : Question1. Could you please introduce Bunicorn to our community?
Phuc Nguyen : Bunicorn stands for Binance Unicorn, so we aim to become the next unicorn on BSC with more than 1 billion TVL.
Bunicorn is an all-in-one BSC-powered Defi platform that offers the following services at launch (May 2021):
- Generalized AMM pools with up to 8 tokens, any weight
- Super low slippage & high capital efficiency pools for stablecoins
- Innovated Yield Farming with a reward vesting model wrapped in NFTs
- And many to come shortly.
In other words, we provide all the missing parts of Pancake swap plus NFT.
Bà Tân | : Question2. What products are the Bunicorn team developing?
Phuc Nguyen : We have finished the first phase of our product roadmap which offers:
- Smart AMM Pools controlled by smart contracts allows dynamic swap fee, customizable number of tokens & weight
- Amplified pools for trading stablecoins with super low slippage and higher capital efficiency.
- Yield Farming + NFT reward vesting
You can take a sneak peek at our testnet build here: https://staging.buni.finance/
for the future roadmap, we’re working on the Governance system, NFT secondary market, the Pools (similar to syrup pools in pancake) and also we’ll be launching a new version on Polkadot early next year
Bà Tân | : Question3. What are the highlights of the Bunicorn project?
Phuc Nguyen : yeah so I guess this question is about what are the unique selling points of bunicorn compared to other DEXs in the market in general and bsc in particular
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.
- 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 and reduce the impact of impermanent loss.
- No third-party or centralized oracle risks.
- Liquidity providers can also join multi-token pools with a single asset.
- New innovated yield farming model that vests the earned reward and wraps them into NFT collectibles.
Bà Tân | : Question4. What are the plans for 2021 for Bunicorn?
Phuc Nguyen : yeah so after we launch the product within this month, after that we’ll try to do 2 separated work lines in 2021:
1. Increase TVL (total value locked) and marketing activities
2. Product development
For the first one, because our pools is very safe for the liquidity providers especially the stablecoin pools. We have some VCs agreed to create pools in our dex right after launching for up to millions USD. With our innovated farming models, we hope that our high APR yield mining pools will be a good place for not only VC but retail users to participate as well.
Align with this is our marketing campaigns. We have Momentum 6 on our back as the leading marketing agency globally. And we also have our partners in China, Korea, Singapore, Hong Kong and Vietnam also to collaborate and support us as a whole
for the second part, we’ll be focus on developing the NFT market place, the syrup pools, the flash loan as well in 2021
yeah, that’s it. Done
Bà Tân | : End of session 1
Bà Tân | : We will move on to session 2
Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1389237349075144705).
Bà Tân | : Question1. In how many ways or what are the ways your project generate revenue? What is the revenue model? How it can be beneficial for both investors and for project itself.
Phuc Nguyen : good question
there are several revenue streams in Bunicorn
the first one, of course, would be swap fee from the AMM pools
and we also have a Flash Withdraw Fee in the farms where users have to pay if they wanted to withdraw the LP before 7 days
and the third is, we’re gonna make NFT tradable so it’ll also generate trading/auctioning fee as well
those fee will either come back to the liquidity provider at the moment, once we finished implementing the Governance system, these revenue will be distributed partially to all the BUNI token holders
and part of that will be used to buy back and burn the BUNI token to reduce the supply
Bà Tân | : Question2.What makes you feel confident about the survival & sustainable success of Your project in the near future? While you build your project, do you take into account community feedbacks and demands?
Phuc Nguyen : In this bull market, I can see a lot of projects especially DEX bumping up but most of them are just clone/forks of pancake, no thing new. We truly believe that we introduced new kind of AMM that works in a general and sustainable way. Because we’re a DEX, so no matter it’s a bear or bull market, there is always trading/swapping activities. One more important thing is our swapping fee is dynamic. That means it can be adjusted based on the market’s volatility to boost up trading and returns for liquidity providers.
yeah community is the heart of every project, I believe. Thus we value your feed back, your need and will always try to do our best for our community and our token holders.
Bà Tân | : Question3. As far as I can see, NFT and BSC are the next trend of new projects. As I know there are a lot of very good development projects on this platform, what do you think about this development?
Phuc Nguyen : yes. NFT is becoming a new trend now after the sky-rocket of Defi platform in the last 2 years. We also see this coming, so we wouldn’t missed it. However, we wanted to re-think the NFT as a vehicle to a real solution other than just catching the trend/hype. That’s why we included NFT in our platform with real value (each NFT is wrapped with real BUNI token). Imagine that a 1 million dollars worth of BUNI is packed in a super rare BUNI NFT, that would be gold, right?
Bà Tân | : Question4. Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user experience?
Phuc Nguyen : Yes, community is everything, we’re born to serve haha. We have our marketing agencies both globally and locally to support the communities in each country as well. We’ll also have a lot of campaigns coming up to like bounties, AMA, etc to spread the words about Buni. Let’s wait and see.
Bà Tân | : Question5.DeFi, Staking and Yield Farming are hot topics right now in our Crypto Space, My question is, did you make this project only for the short term because of these hot topics? Do you have a long term plan for this project?
Phuc Nguyen : As I mentioned above, we aim big to become an unicorn on BSC. That’s why we wouldn’t stop until we get that.
The full roadmap is available here FYI https://buni.finance/ But here are some highlights in the futures:
- We’ll make NFT vesting tokens that have already been completed in phase 1 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 soon as we’re working on it already.
- We’ll have a bridge to Polkadot substrate & para chain ecosystem in Q1 2022. We’re proud to have Thi Truong (Founder & CEO of PolkaFoundry) as our executive advisor. PolkaFoundry is one of the top 5 projects of Polkadot ecosystem to date.
Bà Tân | : End of session 2
Bà Tân | : We’ll move on to session 3
Bà Tân | : Sessions 3: The conversation will open to the community questions and the best questions will be selected.
Bà Tân | : let’s do this, guys
🍀Jőhn L🍀 : Nice
Bà Tân | : Those who haven’t joined @bunicornswap_en group will not be eligible for AMA rewards, make sure you did.
🍀Jőhn L🍀 : I REALLY like this segment
Bà Tân | : COUNTDOWN
🍀Jőhn L🍀 : Awesome guys
Bà Tân | : Thanks for the questions from the community
Bà Tân | : @phuc_bunicorn Pick the 5 best questions and answer it for session 3.
Q1. Can you share your fundraising situation and how your private and public offering tokens are distributed? And what are the plans for the next IEO? What should we prepare if we want to participate?
Phuc Nguyen : More information about the tokenomics can be found here. We only have 2 rounds for the fundraising. And we only raised a relatively small market cap initially. Thus there will be a huge room for the growth after launch. Private is on-going now with a lot of VCs over subscribed already. Public round date is not confirmed yet in terms of Date and LaunchPad. But we’re aiming to launch in bscpad/redkite/bscstation around 20 of May
Q2. Token burning is beneficial to any project because it can control the number of tokens in circulation and provide investors with greater incentives. Does your great project have a plan for token burning?
Phuc Nguyen : yes we have plan to increase the demand and reduce the supply for BUNI token.
Along the way, the Governance system plays a crucial role in reducing the total supply and increase the demand for BUNI tokens. Buni holders need to lock their tokens to receive the profits from trading fees & flash withdraw/loan fees. The treasury will also use part of the earned fees to buy back and burn the token. This will dramatically reduce the Buni circulating supply.
We’ll also have a bridge to Polkadot early next year as agreed with PolkaFoundry team. This will also reduce the supply of BUNI because half of the supply will be on the Polkadot chain instead of BSC.
The last part is NFT vested tokens. Because all of the BUNI minted from the farms will be locked in NFT collectibles, so it reduces the supply. Imagine a super rare NFT collectible worth millions USD of BUNI is locked up and this NFT token is valued and traded at an even higher price.
Q3. 🐔�� Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party
Phuc Nguyen : Yes, our smart contracts have been audited several times internally and externally by hacken.io The official news will be announced very soon.
Q4. What are the list plans of your token? What will you do in the future so that your token can list other exchanges and moreover dramatically increase transaction volume?
Phuc Nguyen : At first, we’re a decentralized exchange ourselves, so we’ll list our token in Buni directly after launch. After that we’re also considering to create a pool in pancake. For the centralized exchange, there is no firmed answer yet but I’m talking with MXC and some other names. Hopefully after we got some traction and good TVL, gonna be able to make it to Binance through our VC connections and Lynn Hoang (Binance country manager).
Q5. As far as I know Ethereum is having a scalability problem, so why project Bunicorn also builds its announcement on the Ethereum blockchain?
Phuc Nguyen : haha I think this question has been copied some where else but will still answer it. yes, you’re right about the current issue with ETH, that’s why we choose BSC from the first place to leverage its speed and low fee. We also plan to do the Polkadot version next year via Polkafoundry.
done, thanks every one for good questions and congratulations to all the selected winners.
Bà Tân | : Thanks for the useful information from @phuc_bunicorn
Bà Tân | : End of session 3
Bà Tân | : For questions that have not been answered today, you can send them to @bunicornswap_en for answers.
🍀Jőhn L🍀 : Thank for your time @phuc_bunicorn
🍀Jőhn L🍀 : Awesome today 😄😄
Bà Tân | : Allright, I declare the Im Community AMA with Bunicorn has ended.
Thanks to @phuc_bunicorn | Bunicorn joined us and provided us with Bunicorn information, we hope that this knowledge makes us understand more about https://buni.finance/
To the members, thank you for following this event to the end. winners will be announced soon.
Bà Tân | : Today’s AMA winners please PM @quocnguyen1234 to provide reward information. Thanks everyone .