Ask Me Anything ( AMA ) Series #59 Crypto Zyte x Bunicorn On June 1th, 2021. This Guest Star Phuc Nguyen ( Founder & CEO Of Bunicorn )

Introduce

  • Questions 1 :

Before we start the AMA can u intorduce yourself to CryptoZyte members ?

Phuc Nguyen :

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.

Segment 1 : Questions From AMA Host

  • Questions 1 :

Could you tell us what is Bunicorn ?

Phuc Nguyen :

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.
- Liquidity bootstrapping pools
- Liquidity providers can also join multi-token pools with a single asset.
- Innovated Yield Farming with a reward vesting model wrapped in NFT collectible.

  • Questions 2 :

Does Bunicorn has its own token? Then can you explain about the tokenomics and use-cases of this token ?

Phuc Nguyen :

BUNI is our governance token. The full tokenomic is available in our website https://buni.finance

here are some usecases of BUNI:
- Lock BUNI token to vote for change proposals of Bunicorn
- Buni holders need to lock their tokens to receive the profits from trading fees & other revenue streams in the future.
- Mint NFT from yield farming on BUNI pools
- 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.

  • Questions 3 :

What is Bunicorn Vision for the future of its Project ?

Phuc Nguyen :

well, Bunicorn stands for Bunny Unicorn also Binance Unicorn, so we aim to become the next unicorn/uniswap on BSC.

In the future, Bunicorn will be a one-stop-shop for a wide range of Defi products atop multiple chains.

Segment 2 : Questions From Twitter

  • Questions 1 :

From @mylhe

BuniCorn will have Governance 2 and token burning this coming Q4 2021. So can you explain more about what kind of 2nd governance that you will implement in 4th quarter? How many tokens will be burn before the end of 2021? What is the reason and purpose of burning?

Phuc Nguyen :

Along the way, the Governance system plays a crucial role in reducing the total supply and increase the demand for BUNI tokens.

2nd governance means the second phase of the Governance implementation. It would allow token holders to lock their BUNIs and vote for improvement proposals to be applied. For example how much of the revenue will be distributed to holders, how much will be used to buy back & burn tokens.

The number of burning tokens is not determined yet, depending on the DAO and the generated revenue towards the end of the year.

  • Questions 2 :

From @Romadel33

The indicator of projection and sustainability over time is largely measured by the distribution of liquidity in the project, Bunicorn has a 14% that it allocates to operating reserves, what use will the reserves have, do they remain under the command of DAO?or are they a backup?

Phuc Nguyen :

This operation reserve will be fully locked for 3 months and then unlock over 2 years. Its main purpose is for all the operating and development expenses in the future because all of the revenue generated from the platform either be distributed to token holders or used to burn token. Yes, it will be under the command of DAO in the future.

  • Questions 3 :

From @canadalican

I have read about BuniCorn that it focuses on creating an Nft yield farm and was wondering how you would operate the mechanism. Also, will you use Nft technology in different ways?

Phuc Nguyen :

there is one issue with most of the liquidity mining platforms: users tend to dump their tokens they get from the mining pool immediately because that’s not something they bought but something they are given. Also, a high APY yield farming program also comes along with a high inflation rate of the token supply. We have been observing this for quite a long time and wanted to propose a solution that can lock-up these farming rewards out of circulation while still providing value to liquidity miners.

To address this problem, we introduced a new liquidity mining model by wrapping up farming rewards (VBUNI) into NFT collectibles. Users can then use these NFT to convert VBUNI into the actual BUNI tokens after a vesting period. In the meantime, they can also trade/auction these NFT in other well known marketplaces and make them liquidable.

  • Questions 4 :

From @Rizkyan4321

How does Yield Farming with NFT based vesting model works in BuniCorn? How does NFT being utilized in your platform? How does Yield Farming model become profitable and recommendable to investors of BuniCorn?

Phuc Nguyen :

Well this question looks similar to the above question though. But let me go deep-dive into the differences between our NFTs vs others.

We will rank the rarity of the NFT collectibles based on the amount of underlying assets wrapped in that token. For instance, a $1M worth of BUNI token will make it Ultra Rare or Super Rare. Apart from that, we will also add tailored made designs as well as a unique algorithmically generated Bunny character to these NFT collectibles similar to what CryptoKitties or Polkamon has done so far.

The difference between the NFT in our platform compared to other platforms is that it contains actual time-locked tokens similar to a bond. In other words, it contains speculative value. If someone cannot wait until the vesting period to be finished, he can sell his NFT at a discount. Besides, he can also collect and resell his Super Rare asset at a price much higher than the underlying BUNI value in other NFT markets. Therefore, we have reached 2 goals for this feature: separating BUNI from the circulating supply but still making them liquidable in the form of NFT assets.

  • Questions 5 :

From @HinaKha81064387

You know for all projects development is first of all main priority is having enough fund. Does your team is financially capable to run this project? Do you have enough fund for it’s developement Can you tell us that how your project generate the profit.?

Phuc Nguyen :

Yes we almost closed our private sales round and public round will be conducted soon. That would be enough for our project initially. Moreover, the most difficult part is the product development and we have passed it already. We have the testnet ready here: https://staging.buni.finance/

Segment 3 : Questions From Member Crypto Zyte Community

  • Questions 1 :

From @Hdjsjejs

Tell us about your plans for 2021 what are you currently working on and are you going to expand, the list of big exchanges?,",,

Bunicorn Official :

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

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 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.

We have contacted some big exchanges such as MXC, Kucoin & Gate, stay tuned for future updates.

  • Questions 2 :

From @drfatimakhalid

In your white paper, You said that "DECENTRALIZED EXCHANGES (DEX) " is your most noteable contribution. Can you please list some other Killer Characteristics of BUNICORN project??

Bunicorn Official :

Below are some highlights of the key features in Bunicorn right now:
- 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.
- Liquidity bootstrapping pools
- Liquidity providers can also join multi-token pools with a single asset.
- Innovated Yield Farming with a reward vesting model wrapped in NFT collectible.

  • Questions 3 :

From @Narot15

During your project development, did you consider community feedback or requests to further expand on new ideas for your project?many projects fail because they don’t understand their target audience and customers. So I want to ask Who is the most ideal customer for your product?

Bunicorn Official :

There are many types of users that can benefit from our platform:
- Liquidity providers who have cryptocurrencies sitting idle in their wallet and would like to earn passive income from swapping fee and liquidity mining.
- Token teams to list their newly issued token in an alternative DEX on BSC. Especially, they can customize the weight of their pool for example 60% Token, 40% BNB.
- Retail users who want to swap tokens with low slippage and good price.
- Whales who want to convert their stablecoin from one to another, or want to make the best profit out of their large stablecoin portfolio.
- Arbitrageurs who exploit market inefficiencies between exchanges to earn profit.
- Other Defi products seek liquidity through smart contracts ABI.
- Anyone seeking for NFT collectibles and marketplace

  • Questions 4 :

From @Lucas310

Is your platform intelligence contract audited and secure? How safe is your project from investing? Were any major vulnerabilities identified during the audit?

Bunicorn Official :

Yes our smart contracts has been audited by hacken.io with published report and no vulnerability. We’re doing a second round as well just to make sure. The second round will be completed pretty soon and come along with a bug bounty program on immunefi after that.

  • Questions 5 :

From @fuck5207

Who is your investor? How do you generate revenue to sustain the project? What are your goals to the end of 2021 and beyond?

Bunicorn Official :

Our backers are Signum, Polkafoundry, Youbi, Krypital, Shima, AU21, QCP, Magnus, LD, JRR, Digital Strategies, Momentum 6 and more...
We generate revenue from swap fee, and other products to be added in the future such as NFT market place, lending...
Our goal of 2021 would be to finish the Governance & NFT market place. The vision is to become a one-top-shop Defi platform atop multiple chains.

Read more about Bunicorn at the link below :

Official Website : https://buni.finance/

Twitter : https://twitter.com/bunicornswap

Medium : https://medium.com/bunicornswap

Telegram : https://t.me/bunicornswap_en

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