Wednesday 5th May, 6 PM GMT+7
Joel Natanael : Hello everyone welcome back again to AMA series FCM. Today we will have an AMA with Phuc Nguyen as Founder and CEO of Bunicorn
Phuc Nguyen : hi FCM, it’s my pleasure to be here and share about Bunicorn to all of you
Joel Natanael : Before we start the AMA,
Can you explain to us a little about your background before entering the cryptocurrency world and why did you finally decide to create Bunicorn project?
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
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.
We have seen a very promising BSC ecosystem booming recently and yet there is no Defi platform offer the same trading/farming standard that we expected. There are still many issues with the current model of the popular AMM uni/pancake (and many clones). For example, the liquidity providers have to expose to a very high risk of impermanent loss with when half of their assets are high volatile tokens. Imagine that you need to convert your profit from other defi-platforms into stablecoins, but the slippage in uniswap is supper high. That’s why we came up with the idea of Bunicorn.
Joel Natanael : I’ll explain a little bit about how the AMA will works today
There are 3 segment in this AMA
Segment 1: Project Introduction
Segment 2: Question from Twitter
Segment 3: Free Asking
SESSION INTRODUCTION PROJECT
Q1. What is Bunicorn? What features that Bunicorn provides to the users?
Phuc Nguyen : 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.👍
Q2. Can you explain to us where the name Bunicorn came from and what do you expect from this name?
Phuc Nguyen : Bunicorn is a combination of Bunny and Unicorn. It would be a bunny with a horn instead of a horse. And also it has the B in its name to make it Binance Unicorn/Uniswap as we’re launching the project in BSC first. And fortunately, it perfectly matches with our NFT collectibles theme. We’re gonna add a lot of gamification and bunny memes into the NFT, similar to Crypto Kitty or Polkamon.👍
Q3. I see that your project have a token named Buni. Can you explain to us what is the benefit of holding Buni? What can user get from this token?
Phuc Nguyen : Buni holders need to lock their tokens to receive the profits from trading fees & flash withdraw/loan fees. They would also be able to vote for the development of BUNI ecosystem as a whole.
Apart from this, BUNI token holders can always contribute liquidity to the platform by lockup their TVL to BUNI pools and get the highest APR from our Liquidity Mining Farms. That’s also the only way to mint Bunny NFT collectibles👍
Q4. Many people like projects if the price of their tokens can grow drastically, then what are your plans to increase your token price? I mean not pump and dump, but natural growth.
Phuc Nguyen : The token’s price is a good reflection of the project’s growth when considering all factors from product development, marketing & partnership, TVL, volume, and of course, demand and supply of the token. Lucky we’ve got everything aligned in a big plan.
The product roadmap has been set for both short term and long term. We’re focusing on making a secondary market for the NFT, the syrup-style pools, governance system, in the next few months. Other defi products like lending, launchpad and a bridge version to Polkadot as well.
About marketing, we have Momentum 6 on our side. Apart from that, we also partnered with marketing agencies in China (Encrypt Club), Korea (Ellipti), and a wide range of influencers, KOLs, backer from Vietnam, US, Middle East and all over the globe. We’re gonna announce our partnership frequently post launch.
For the token demand and supply. We’ll use a part of the revenue 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.👍
Q5. What is your plans in the future to get more investors so your project can develop more?
Phuc Nguyen : At this moment, we’re signing contracts with a lot of investors already, we’re gonna announce them very soon in the next couple of days. Our short terms plan is to increase the TVL of our DEX after launching so that we can attract both VC and also retail investors to the platform. Some VC and whale clubs have already agreed to lock up their TVL on us right after launch and more to come. And the plan that I mentioned in the previous question would also answer this one.👍
SESSION QUESTION FROM TWITTER
Q1. From @ValerieElash4 : With the overwhelming response of people with the bunicornswap ,what is the impacts that it brings to your platform? To investors,what they can look forward for them to trust you more for a long run?
Phuc Nguyen : even though we’ve just started spreading the words about Bunicorn few days ago but we have gained a lot of interests from early supporters. I think it’s a very good signal for us that this project is really attractive and it solve real problems for Defi users
From investor’s point of view, after I explained to them the tokenomic and the future plan, most of them always get so excited and to wanted to become a part of this. Because you know, the most difficult part of a project is to develop the product, not the fundraising. And you know, we have the product ready to be launched within this month! You can check it out here https://staging.buni.finance/
the smartcontracts also have been audited both internally and externally several times by hacken.io. Official announcement from hacken will be released soon
we’re also being in touch with an insurance firm which is InsurAce hopefully can sign a contract with them to secure the investment for all the stakeholders👍
Q2. From @EbrahimKholil42 : How do you plan to show the world that your product is not just useless blockchain solution to a non-existing problem?
Phuc Nguyen : yeah so I like the idea behind this question, people often ask me what blockchain is and what can it do better than existing centralized solution
but I think the Defi platfroms booming in the last few year is a very good answer for those people about the application of blockchain in general and finance in particular
but the problems we’re trying to solve here is for the existing Defi solution, they’re not totally complete and still have ways to improve. Thus, let me tell you what makes BuniCorn better than its competitors
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.👍
Q3. From @luckluckan1 : In how many ways or in what ways is your project generating revenue? What is the revenue model? How it can benefit investors and the project itself…
Phuc Nguyen : The first revenue stream comes from swap fee. Second is from the flash-withdraw fee, meaning that if you want to withdraw your LP tokens from the farm within a short time, you’ll be charged a fee.
Thirdly, we’re gonna add more defi products to the platform such as NFT marketplace, auction, lending. It’ll be the next source of income as well.
As I mentioned earlier, all of those revenue will be either distribute to the token holders and buy back/burn the BUNI token to reduce its supply. That’s what we can do for the token holders from our revenue.
Q4. From @tasfiya43 : 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 : Exactly! We’ll launch our product on Binance Smart Chain this month to leverage its lightning-speed and low fee consensus compared to ETH. And thanks to our advisor (Thi Truong, founder & CEO of Polkafoundry), we’re gonna have a Bunicorn version in Polkadot early next year.
Q5. From @Realilme7i : A partnership is essential for Adoption, so can you tell us what partners you have now and in the future?
Phuc Nguyen : so we have around 30 VCs lined up for our private round of token sales already including Momentum 6, Polkafoundry, Exnetwork, CINCH, PNYX, Spark, Master Venture, Chain Capital, GBV, LD Capital, Digital Finance Group, Coinmarketcap, MXC… to name a few
Phuc Nguyen : of course, we’ll have more names in the future but cannot reveal it now haha
SESSION FREE ASKING
Q1. Karoceh : What are the advantages of the Yield Farming model with a reward vesting wrapped in NFTs? can you please explain why do you think this is better than wrapped in token?
Phuc Nguyen : One of the issue with the Yield Farming of other projects out there is users tend to dump the tokens they got from Liquidity Mining immediately. This is not a good factor for the token’s price in long term.
For us, all the farm rewards are wrapped in NFT collectible, you can redeem those later or can also keep them in your collection & trade them if you want.
Each NFT token is wrapped with a different amount of BUNI token. The more BUNI it is, the rarer the NFT collectible. It can be ranked as Super Rare, Ultra Rare with a tailored look & feel.
We aim big for this NFT market because we have good resources in the game industry and will make a whole new exchange/auction marketplace for those value-backed NFTs gamification collectibles.
It’s better because it will lockup the BUNI token and reduce the supply. In the meantime, users can still trade/sell or liquidate those NFT if they want.
Q2. Meu Meu : i would appreciate it if you could share the next updates with us. What is the most ambitious goal of the project? What should the community look for?
Phuc Nguyen : 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.
Q3. i am Also Happy : How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
Phuc Nguyen : Please follow our public channels for more updates:
Q4. Diya : 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 : You’re right. We have audited both internally and externally multiple times by hacken.io. Official announcement will be made very soon.
Q5. Atom : Many projects are just clones of existing ones, and an analogue of an existing one is created. Do you have different and creative qualities from those who look like you?💬
Phuc Nguyen : You’r right. On bsc, there are many clones of pancake swap in particular. However, we’re born to be different, we propose new solution to solve the problems of reducing impermanent loss and stablecoin liquidity. Apart from that, we also come up with our creative UI design as you guys can experience the testnet build from here https://staging.buni.finance/#/trade/tokens
that’s it. thank you guys all for the great AMA and congratulations to all the winners
Telegram Group Official : https://t.me/bunicornswap_en
Twitter official : https://twitter.com/bunicornswap
Website : https://buni.finance/
Medium : https://medium.com/bunicornswap
Discord : https://discord.gg/UHfcCQ8a