Red Kite AMA with Bunicorn on 9th July, 2021

Guests’ background

Hello and Welcome to our Community Mr. Phuc Nguyen!

Hello PKF Community! I’m super excited to be here and thank you for everyone involved in this AMA. I hope you’ll enjoy learning more about Bunicorn.

Thank you as well for your time! Before we start, I would like to share again our AMA format for today. We will have 3 segments :point_down:

- Segment 1: Guest and Project Intro

- Segment 2: Twitter Questions

- Segment 3: Live Questions

Are you ready?

I’m all set, let’s do this!

Before going to segment 1, please tell us about your background and your position in Bunicorn?

Sure thing! My name is Phuc Nguyen, CEO of Bunicorn and let me share 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.

Once again, I’m super thankful for having this AMA and look forward to answering all the questions you might have about our mission and our roadmap.

Could you briefly tell us about BUNICORN and share us 3 words to quickly describe your project?

Bunicorn 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.

We aim to address the post-DeFi liquidity crisis through NFT vesting and turn the yield farming rewards into unique NFT collectibles that bring long-term value to both the community and project itself. And the vision is powered by two prominent advance features:

  • Pools with the most current optimized AMM models: Balancer-style liquidity bootstrapping pools (LBP) and Kyber-style Amplified pools, Bunicorn ensures the capital efficiency and fair token distribution to prevent bots from front-running.

  • Unique BUNI NFT collectibles generated from yield farming will be backed by a genuinely fantastic game storyline introduced by the Bunicorn team.

Bunicorn is currently built on the Binance Smart Chain (BSC) and plans to expand on multiple chains such as Polkadot, ETH layer 2 and more in the future.

so, 3 bullet points to quickly describe us

  • High capital efficiency
  • Fair token distribution
  • Innovative combination of yield farming and NFT gamification

Surely you are building very unique in the industry. This directs me to the next question. What are BUNICORN’s advantages over its competitors?

At this stage, we have completed our AMM and yield farming models, so here are some key advantages of these products over other competitors:

  • 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 splits your swap across several pools for optimized price.
  • Dynamic fees adjusted based 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 innovative yield farming model that vests the earned reward and wraps them into NFT collectibles.

Apart from this, here are a few things that we are working on that will pave our way as a trailblazing player with solid and innovative products and substantial business growth including:

  • A mobile application for the DEX. while many other DEX right now are web-based, but for CEX, mobile have dominated for years.
  • A fantastic NFT game that’s gonna be announced soon after IDO with a detail timeline & game-play to feature our universe of NFT cards.
  • An NFT marketplace that supports time-locked and token-backed NFTs, and features gamified Bunicorn NFT card packs.

Would appreciate if you can share as well BUNICORN’s whitepaper here for the Community to check with!

Here you go:

Last question for the first segment: Are there any big marketing/community building activities that will come after IDO? If so, please share more details with us?

Sure we do have a lot of plans to win new users in the long term.

Right after the IDO ends, we will roll out the pre-staking program with insane APY that aims to invite pioneers to add large liquidity to Bunicorn exchange at the beginning.

Another focus is building the NFT marketplace, Mobile App and NFT Game in Q3 Q4 this year. We have a partnership with Momentum 6, ICO Pantera, Crypto Times and more big community groups that can help us raise awareness and outreach to China, Korea, Japan, Singapore and so on.

The marketing campaigns and community activities will come along with each product release and partnership so our wide range of network and KOL will definitely amplify the effectiveness of Bunicorn campaigns.

Now let’s go ahead to the 2nd Segment!

We have announced on PolkaFoundry’s Twitter about the AMA with BUNICORN today. A lot of users have dropped their questions and we are going to pick THREE.

Here is the first one: What use plans do the NFTs have within the ecosystem and in what ways are they going to be valued?

Unique BUNI NFT collectibles will be generated from yield farming on Bunicorn exchange.

Bunicorn NFTs are not only to be traded/exchanged on the marketplace but users can also play with our new game. It is how we combat the post DeFi liquidity crisis that every yield farming projects have to face. We add a soul to each NFT token, giving them a mission to help owners conquer new goals in our game. This brings a long term meaningful value, both financially and intellectually, to NFT tokens and its owner.

Apart from the Artwork/Gaming value, each NFT in Bunicorn is actually backed by real BUNI tokens, so it contains speculative value as well. It means you can see it as a bond to buy/sell/invest at a future price.

Our team just recruited a Veteran Game Designer in Vietnam, Vincent Vu. He graduated from Edith Cowan University, Singapore and has more than 11 years of experience in the gaming field.

He worked with Scopely in WWE Champions and now have been working on Impostor Solo Kill that has more than 30 mil download within 3 months. More highly qualified recruitments are coming. We strongly believe our game will be huge when it launches and benefit BUNI users and holders greatly.

With team members of great experiences surely gives value to the project. No doubt about that! Second question: Nowadays, crypto hacks and attacks have risen significantly. What steps or measures have you taken to avoid it?

To further build a better version of the cryptocurrency market with maximum security, we recently have chosen Hacken— a leading cybersecurity consulting company with an essential focus on blockchain security — to perform extensive audits on our project. The audit took two rounds to complete. It gives us immense pride to declare that our smart contracts are secured.

We’ve been analyzed other flash loan attacks recently, and most of them are because the smart contract’s behavior relies on the price of another service, so the attacker can use an enormous money to manipulate this price and then withdraw the money.

We don’t fall to these cases, but to make sure, Bunicorn also hosted in Immunefi and Hacken Proof with the reward up to $50K without any vulnerability found so far.

We are discussing the integration terms with InsurAce to get insurance products for our TVL as well.

That is great news as well!

While reading your docs, I saw that you introduced a new liquidity mining model by wrapping up vBUNI into NFT collectibles to address the issue of most liquidity mining platforms when users hard sell their tokens, however, what makes you confident in the success of this new model?

Yes, there is a big risk in liquidity mining programs when LPs immediately sell their token rewards. As a result, yield farming projects face high liquidity risk from token dumps after mining rewards are paid out.

Also, a high APY yield farming program introduces a higher inflation rate of the token supply.

Bunicorn reduces these token price devaluation risks by locking up farming rewards in wrapped NFTs to take them out of circulation. These NFTs continue to provide value including trading opportunities to liquidity miners.

To incentivize liquidity miners to hold onto their tokens, we have developed a unique product that wraps up farming rewards (VBUNI) into a time-locked NFT.

The NFTs as collectibles can be ascribed additional value with the artworks and the rarity of the characters/item in our standalone NFT game.

Are you ready for the 3rd segment? A lot of questions coming!

I can’t wait to see them coming, let’s go for it!

Why did Bunicorn combine the Kyber and Bancor AMM Model? How does this reduce risks of impermanent loss and high slippage?

So exactly we combine the Balancer and KyberDMM model. This will give Liquidity Providers the most flexibility they need. They can choose the right pool that suits their taste of risk, for example only stablecoins, or 80% of the assets in the pool belong to their long term portfolio. Thus, by reducing the exposure to high-volatile tokens, we can reduce the risk of impermanent loss to LPs.

Apart from that, KyberDMM is among the best AMM in terms of capital efficiency and slippage optimal for trading stablecoins.

Does your project support staking programs? If yes. How does your stake system work, what is the requirement for users if they want to stake in your platform?

Yes, we will have 2 phases for staking/farming in Bunicorn. Right after our mainnet launch, we’ll open a TVL bootstrapping program that allows users to stake BUNI and other tokens with insane APY rewards. It only lasts for 15 days.

After that, there comes our yield farming pools and single-asset pools that can generate BUNI backed by NFT collectibles.

Partners are very important for every project today. May I know which partners you have now and which partners in the future you will be heading to Bunicorn ?

Apart from our reputable VCs such as IceteaLabs, Signum, Youbi, LD, M6, JRR, GBV… we also partnered with other well known projects in the space such as ChainLink Labs to use their VRF in our NFT minters, MathWallet - one of the top popular crypto wallet with more than 20 million users worldwide.

What is the role of tokens in the ecosystem? Where can people currently buy i $BUNI, What is the functions of the tokens #BUNI?

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.

A portion of this revenue will be used to buy back and burn the BUNI token. This will dramatically reduce the Buni circulating supply.

BUNI token holders can also vote for improvement proposals to the Bunicorn platform as well.

Other than that, we intend to provide more defi services such as gaming, lending, LBP… etc. Users will have to stake their BUNI to get the entry ticket to these additional services.

Do you have any mechanism for transferring to ethereum network compatibility so other projects can think of using your solutions?

Our vision is to become a lightning fast and gasless DEX atop multiple chains, so yes we are actively looking to bridge our product to other EVM compatible blockchains such as PolkdaFoundry and other ETH layer 2 solutions like Polygon or xDai in the future.

Thank you so much to everyone who participated! That ends our 3rd and last segment. Thank you for your time and participation for today’s AMA, Mr. Phuc Nguyen! Would love if you can share as well BUNICORN’s social links where can community get latest updates from the team!

Well, the honor is mine. Congrats to the winners, if you still have other questions about our vision and mission, I look forward to chatting with all of you in our official channels

Twitter: https://twitter.com/bunicornswap

Telegram Chat: Telegram: Contact @bunicornswap_en

Medium: https://blog.buni.finance

Thank you again everyone and that concludes our AMA today with BUNICORN - Founder and CEO, Phuc Nguyen!