Bunicorn is Using NFT Collectibles to Revolutionize Liquidity Mining Incentives
Decentralized finance (DeFi) and non-fungible tokens (NFTs) are two sectors of the crypto economy that have recorded massive growth over the last year. As of the time of writing, data show that both markets are worth about $79.59 billion.
Bunicorn to Reshape Liquidity Mining
As part of its efforts to promote the growth of DeFi and NFT adoption, Bunicorn, a Binance Smart Chain-based Automated Market Market (AMM) project, has launched an innovative product that aims to help reshape liquidity mining incentives using an NFT-based reward mechanism.
The project manages to use its product as an all-in-one solution to liquidity mining problems such as reducing risks, improving capital inefficiencies, providing higher APY, and preventing price depreciation.
Over $17 Million TVL
Bunicorn is backed by several blockchain ventures, including Signum Capital and Krypital Group. Following its successful IDO, which was conducted on Poolz and Redkite launchpads, the project launched on the BSC mainnet last week. At the time of writing, Bunicorn has over 5,400 token holders with more than $17.5 million in Total Value Locked (TVL).
“Bunicorn ending the first phase with these growing figures in such a short time has been overwhelming for our team. And if it were not for our community’s ceaseless support, the project would not make it to where it is right now.
Therefore, I would like to express my appreciation to the wonderful Bunicorn community. Our team strives to bring you a better version of Bunicorn every day, pushing yield farming out of the boring traditional method and adding a more fun aspect to this concept,” said Phuc Nguyen, Bunicorn’s CEO.
Bunicorn’s NFT Game and Marketplace
With the first phase completed, the project is moving onto the next. It plans to focus on creating its own gamified universe alongside its unique collection of NFT cards. Bunicorn will achieve this in two milestones which consist of NFT game and NFT marketplace.
Bunicorn’s NFT game will be created with a storyline based on the project’s NFT cards generated algorithmically like that of Crypto Kitties or Polkamon, with the aim of revolutionizing yield farming incentives.
The NFT collectibles, on the other hand, will have rarity in six levels ranging from “Normal to Legend” which will be determined by the number of underlying assets wrapped in that token as well as the duration of the vesting period.
Users will also be able to build their preferred characters in the gamified space using the NFT collectible liquidity mining rewards. The project will reveal more details about the NFT game and the NFT marketplace in August.