AMA Session with Phuc Nguyen from Bunicorn (BUNI)

MEXC Global

Published in

MEXC Global

6 min readAug 6, 2021

Guest: Phuc Nguyen, Founder and CEO of Bunicorn
Host: Iris of MEXC Global

Introduction:

Iris: Today, we’re honored to have Phuc Nguyen, Founder and CEO of Bunicorn, to our community to give us a more intuitive introduction to their unique project.

Phuc, welcome. Would you like to say hello and introduce yourselves?

Phuc: Hello everyone, this is Phuc from Bunicorn team. It’s my pleasure to be here today to share about Bunicorn.

And here’s our official channels for those who wanna learn more about us:

Bunicorn exchange: https://bunicorn.exchange
Twitter: https://twitter.com/bunicornswap
Telegram Chat: https://t.me/bunicornswap_en
Telegram Announcement: https://t.me/bunicornswap
Forum: https://forum.buni.finance

Questions about the project

Q1

Iris: What is Bunicorn? Can you share with us more in detail?

Phuc: Bunicorn is an intense DEFI Game platform that elevates DEFI and blockchain gaming experience to the next level.

Within Bunicorn Ecosystem:

Bunicorn RPG game is designed for the “Play to earn” purpose while teleporting users to a magical “Bunicorn” world with exquisite NFT collectibles.
Bunicorn exchange is a highly performed AMM DEX that offers investors yield-earning opportunities through liquidity pools and liquidity farm mining with unique time-locked rewards wrapped into tradable NFTs.

And here’s our official channels for those who wanna learn more about us:

Q2

Iris: What triggers you to launch Bunicorn? What are some of the real-world problems/ pain points that Bunicorn aims to solve?

Phuc: With the goal of becoming a specialized ecosystem for upcoming play to earn projects, in each of its products, Bunicorn ecosystem owns various solutions to solve the problems that similar products are facing, including:

AMM DEX

• The main problem with DEX is impermanent loss when liquidity providers (LPs) have to join high-risk pools on Pancake. This makes half of their accounts exposed to a token whose price goes up and down with too much volatility.

• When users trade stablecoins on DEX normally, the slippage is too large, not suitable for trading stablecoins

YIELD FARMING

The yield farm projects that have high APY often return the token’s very high inflation rate. This makes users tend to pump all tokens after farming.

PLAY TO EARN NFT GAMES

The tokenomics problem in the game is quite difficult for many projects. And for us, we can balance growth and sustainability in the game and solve problems such as:

• the entry cost for new players is not too high, which can help attract new players

• The ratio of bonuses for old and new players is stable and fair

• tokens used as bonuses are not too inflationary

NFT MARKETPLACE

• Currently, marketplaces like Opensea have too many categories of NFT, or other marketplaces only specialize in pictures

• The community needs a specialized marketplace for NFT games to exchange, buy and sell items of each game

Q3

Iris: What are some of the challenges that Bunicorn currently faces? How do you aim to solve them?

Phuc: Well there are many challenges in this space, but let me just give you one about security as you all have heard about recent flashloan attacks in BSC

it is also the reason why that our team must consider very carefully when choosing BSC. Through analyzing the flashloan attack cases of other projects, I see most of their protocols have a common weakness: They are based on the price of another source to calculate farming rewards, APR or mint more money to back stablecoins. This makes it possible for hackers to use flashloan to borrow a huge amount of money and manipulate prices in a short time, thereby manipulating the token/reward mechanism of the attacked protocols in the way they want.

However, currently, Bunicorn is not relying on any price feed/oracle. As for the current Bunicorn farming mechanism, the number of $BUNI per block is fixed so Bunicorn won’t fall to the vulnerabilities that the team has reviewed.

Iris: that’s true 👍

Phuc: But no one can be 100% sure of anything in the crypto world, so Bunicorn has also gone through many internal and external audits, including 2 audits by hacken.io, 1 by certik. Bunicorn also ran a Bug Bounty program with a 50K USD reward for almost 2 months without discovering any security bugs.

Iris: great to see that you value security this much 👍👍👍

Q4

Iris: Are there any exciting news or updates with regards to Bunicorn that you would like to share with the users?

Phuc: Yes, we get plenty of good news for the Bunicorn community in the upcoming period. This shall include:

Some key partnership announcement and listing to be announced this month
A game intro video to be released before the official game
At the end of August, we will release the first Play-to-earn RPG game on BSC. This is the first game in the Bunicorn Universe in the form of a card game, which will be web-based. The Pokémon-inspired game allows players to collect and own trainers and Bunicorns to battle each other for rewards.
Launch NFT marketplace by the end of Aug with the 1st Bunicorn game
The 2nd Bunicorn game launch by the end of 2021
Mobile app for DEX

That’s our plan for this year!

Iris: fantastic! looking forward to all of them! 🔥

Q5

Iris: If you were to summarize your project in ONE word, what would it be? Why?

Phuc: Well, I would say “gamefi” haha

Because our team over here is on an intense determination by working day and night to give our community the top-notch, intense Bunicorn GameFi ecosystem encompassing AMM DEX, Yield Farming, NFT Games, NFT market for NFT games and Mobile App for DEXs on BSC.

We hope to accompany more users on this trailblazing journey.

Free-asking Session

Q1. It is very hard to find legit and full dedicated devs. How many team members you have and how do u convince new investors u are legit?

Phuc: Bunicorn is run by more than 30 people with rich experience in the blockchain field. Recently we have recruited 3 talents, including Vincent Vu — Game Design Director, and TuNa — top 100 Binance NFT creator to join our team & imagine a unique game universe for Bunicorn, and Alex, CM manager at Tomochain.

Q2. How is the governance voting and governance vote privilege works on your project ecosystem?

Phuc: We will release our NFT by the end of this month which will capture a huge revenue stream to our Treasury. The governance will play an important role to decide how this treasury will be spent including token burning, distribute partially to the BUNI holders, in-game rewards and marketing activities.
https://blog.buni.finance/bunicorns-play-to-earn-adventure-battle-to-redeem-buniland-s-peace-c3a1d37bdb2d

Q3. I wonder if you have plans to create the NFT support and special NFT’s for your project in the future and what do you think about NFT’s?

Phuc: Bunicorn features a very special kind of NFT in which they lock the yield farming token rewards for 30 days. These NFTs will have additional value beyond tokens that can be used to unlock Bunicorn in-game items as well as possibly other artwork and be traded back and forth on NFT marketplaces. Currently, Bunicorn‘s users can farm eggs and chests to unlock the characters in the game.

But we are also collaborating with many other famous artists, including those of you in the top 100 creators of Binance NFT to create really valuable NFT content as gifts as well as for the upcoming marketplace.

We envision the NFT in the future will be not just about artworks, it can contains additional value and meaning including:

As a bond because the price of the token wrapped in the NFT will fluctuate up and down in the future.
As a very rare NFT collectible or a game item that only the farm has, the more tokens you earn, the higher the value of the NFT item will be.

And here’s our NFT farm with 380% APR right now: https://blog.buni.finance/bunicorn-nft-farms-join-to-earn-the-very-first-bunicorn-eggs-c4a71293366f

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