AMA Session between Bunicorn and Krystal

On August 1st, Krystal hosted a live AMA with Bunicorn - Guest: Phuc Nguyen, Founder, and CEO of Bunicorn. The event had 4 parts encompassed:

  1. Introduction
  2. Twitter questions
  3. Live Quiz
  4. Closing and announcing winners

Part 1 - Introduction

1. What is the project about in a few simple sentences? For how long have you been working on Buni? How many people are on the team?
Bunicorn is a GameFi platform that elevates DEFI and blockchain gaming experience to the next level.

Within Bunicorn Ecosystem:

  • AMM DEX with the flexibility of Balancer and optimization for stablecoins like Curve. The DEX is meant to feature exclusive Gaming tokens.
  • The unique Yield Farming platform that vests the rewards into gaming NFTs.
  • A gaming metaverse with several games featuring a play-to-earn model with high-quality artworks and sustainable tokenomic.
  • Exclusive NFT marketplace featuring game-only artworks. It is also a common portal to auction/ trade/ exchange/ scholarship NFT of different games.

We are a team of more than 30 game developers, blockchain enthusiasts, marketers, and operational executives. Our most recent recruitments include:

  • Vincent Vu, NFT game product owner: graduated in Singapore, a veteran Game Designer in Vietnam with 11 years of experience. Worked in WWE champions which served 30 mil users. Designed Impostor Solo Kill has 30 million downloads in 3 months, Grand Master, Kungfu master, etc.

  • Alex Le, marketing lead: Marketing MSC in the UK, 4 years of experience as Community Manager and Marketing Manager at TomoChain

  • TUNA, Art Director, stands out as the Top 100 Binance NFT Creator

2. What makes your product better than other competitors?

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 dump all tokens after farming. That’s why the creative yield farming on NFT tokens turns vesting rewards into NFT collectibles, potentially becomes gamification collectibles is the ideal solution for post liquidity mining crisis.

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
• The characters in the game are not super-inflation.

NFT MARKETPLACE
• Currently, marketplaces like Opensea have too many categories of NFT, or other marketplaces only specialize in pictures in general.
• That’s why we are here, building a specialized marketplace for NFT games to auction, exchange items of different games on BSC.
• Gaming artists are looking for a marketplace featuring game-art only.
• Game projects that are looking for solutions to stake their NFTs.

3. In the long term, the project will focus more on the AMM side or NFT gaming side?
well, I would say the gaming side is heavier but both AMM and games will complement each other with the bridge is NFT

4. Let’s talk about Buni token, what is it’s utilities and tokennomic?
The BUNI token is a utility token intended to perform several functions, mostly protocol ownership, and can be added in the future.

  • Revenue share: BUNI holders can stake their tokens to earn a portion of the revenue
    generated from the platform services such as swapping fees.

  • Governance: BUNI holders can use their tokens to vote on governance proposals
    regarding changes and upgrades to the protocol.

But as of now, BUNI is being used in our games to buy characters and capture all the revenue in the game. Similarly, it will be the main token to capture value in other products within the Bunicorn ecosystem

5. What is the total supply of Buni and is there a burning mechanism for the token?

Max supply is 1 billion, the governance will decide how much will be burnt in the future for the tokens we collected to the treasury

Part 2 - Twitter Questions

1. I read somewhere that Bunicorn can solve the existing problem of farms that are destroyed by huge dumps because the users unlock their liquidity massively, so can you please us how Bunicorn is able to solve this?

This is one of Bunicorn’s unique selling point. We solve this problem by locking bonus tokens inside the NFT 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. 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.

This makes these NFTs valuable
• 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.

As of now, users are able to stake LP to get NFT, which then can be staked to get a portion of the game’s revenue

->> Before 30 days, can the user withdraw the NFT?
The tokens are locked linear for 30 days, if they decide to withdraw the tokens out of NFT before the expiry, they’ll lose half of the tokens under vesting

2. Could you explain in detail what are the tools and/or methods implemented by Bunicorn to offer users full assurance of receiving higher capital efficiency and lower slippage?

The Bunicorn DEX is now leveraging Kyber DMM-like mechanism for trading stablecoins since it solves 2 difficult problems of AMM including:

Programmable Pricing Curve: by adding an AMP factor to Uniswap’s formula, DMM can generate different price charts for each pair type. For example, when the price of a stablecoins pair does not fluctuate too much with each other, the AMP can be approximately 100, i.e. a pool only has a TVL of $1 million but can provide the same liquidity as a pool with TVL 100 million dollars, which generate very good slippage.

Dynamic Fee: For example, when the market is highly volatile, the fee will be higher to bring more profit to the liquidity providers (LP). When the market is moving sideways, the fee is reduced to attract more trading volume.

In addition, Bunicorn also applies the same mechanism of Balancer to normal tokens to increase flexibility. Users can create pools with more than 2 tokens and arbitrary ratios. This will help LP choose the pool that best suits their Impermanent loss risk management strategy.

3. Trend NFT game is divided into 2 genres to attract players. one is a game that makes money fast on capital, the other is a long-term development according to the roadmap. The genres mixed in between are often very difficult to receive. So how will BUNICORN attract players?

I would say that we stick to long-term stability for our community and the project itself. Any games with substantially high profits out there are pretty much unstable. Because high profit would cause serious inflation and might make the game collapse in the long run.

We design a tokenomic mechanism in the game to solve the following problems:
• The cost of new players is not too high, to attract new players
• The ratio of bonuses for old and new players is fair and stable
• Tokens used as bonuses are not too inflationary
• The characters in the game is not hyperinflation as well

Bunicorn is not just a single game, we are a metaverse with several games. The first one we launched on August 31 is rather simple but it works as a proof for a tokenomic model that nurtures sustainable growth. Another with a more complex gameplay is being developed towards the end of the year.

->> Could you give Krystal community a hint of what kind of game it is going to be? Can the NFT from the first game use in the next one?

Well, all I can say now is the concept would be a Bunicorn but armed with weapons like a battleship. The gameplay is rather complex with different modes like PvP, PvE, lands, breeding, and more. It is very likely that the NFT from the first game will be used in the next one and also the tokens will be used across all the games.

4. Recently there have been flashloan attacks on BSC, the blockchain where Bunicorn is developed. How is security being handled within the Bunicorn platform? Can we consider it a 100% secure platform?

We have seen many flashloan attack cases in the crypto world recently. And it is 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 very large 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.

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, 1 by Certik. Bunicorn also ran a Bug Bounty program with a 50K USD reward for almost 2 months without discovering any security bugs.

6. Can you tell more about your project achievements until now and your future plan? Will you join BSC MVB III?

Bunicorn has successfully released Bunicorn DEX in July. Our DEX got pretty impressive numbers with around $25M TVL and good trading volume. Despite $BUNI’s IDO was launched at the time of the bear market but currently still has an ROI of x11 compared to IDO price and was once a top gainer on Coinmarketcap.

On August 31, we have successfully released the Bunicorn Game and Marketplace at the same time.

On the other hand, our team is still exploring new features and products to complete our ecosystem like The 2nd Bunicorn game launch by the end of 2021, the Mobile app for DEX, Governance, NFT gaming market, and scholarships.

And for the BSC MVB III, yes, we are actively joining the program. Our team hopes to bring you guys good news after the result is out. It would be appreciated if you guys would cheer us on throughout the competition.

About Bunicorn

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

Within Bunicorn Ecosystem
— The Bunicorn RPG game is designed as a “Play to earn” model, while teleporting users to a magical “Bunicorn” world with exquisite NFT collectibles.
— Bunicorn exchange is a high-performance AMM DEX that offers investors yield-earning opportunities through liquidity pools and liquidity mining, with unique time-locked rewards wrapped into tradable NFTs.

Learn more about Bunicorn:

Twitter | Announcement Channel | Global Chat | Vietnam Chat | Korean Chat | Russian Chat | Chinese Chat | Discord | Website | Bunicorn DEX | Forum | Github | Docs | Youtube