In the Project Spotlight series, we interview projects developing on the Binance Smart Chain (BSC). Previously, we shared interviews with ForTube, BurgerSwap, Bounce, Arkane Network, AnySwap, Bitquery, Blink, Tenderly, Defistation, PARSIQ, Injective Protocol, and Mirror Protocol. The next project we interviewed is BunnyPark.
IMPORTANT: Please note the following content does not constitute an endorsement or approval of any of the products or services of the project, organization, or individual.
What is your core business, can you expand on your business strategy to those unfamiliar with your project?
BunnyPark is a high-speed dApp operating on BSC with the main focus on DeFi+NFT. We operate a DEX and liquid mining, but besides this, BunnyPark also added more creative NFT ways, including the social, blind box, and NFT SaaS (Software as a Service) services.
We plan to establish a BSC ecological park, in which users can socialize and interact with the image of NFT, and explore more possibilities of NFT at the same time. They are based on the fact that we have been in contact with many top IPs including AV industry, animation industry, film and television industry, etc. Create a traceable blind box based on NFT technology in the real world, and items in the blind box have many rights, including redeem crypto assets or collect a series of NFTs to exchange for the opportunity to interact with IP idols, as well as more novel forms of NFT expressions.
Our main goal is to provide a better understanding of NFT and increase awareness among regular users and the general public.
We also designed many ways to play on-chain NFT, such as NFT blind boxes with different IP themes and certain real-world rights through NFT, such as collecting blind boxes to exchange for cars and other goods, or interact with IP idols by holding NFTs and so on. The most interesting is our NFT social section, which will allow users to use NFT images for social interaction. This is the REAL meaning of our name “Park”. All users with an NFT image can socialize in Park, giving NFT life.
When was the idea behind BunnyPark born, and what led to it?
The BunnyPark whole picture was created at the end of 2020. At that time, a large number of NFT projects focused on capitalization and various forms of investment income, with different forms of expression or interactive forms: pure art collections, mining or staking, which did not separate from the finance field. But our team believes that the emergence of NFT should be an opportunity for blockchain or DeFi technology to break the circle. Our team partners have participated in DeFi and NFT project investment and research at a very early stage. When we first came up with ideas of “social” and “NFT blind boxes in the real world”, and imagined that they could make friends and interact with the image of NFT, everyone was excited. We knew that this would be an unprecedented product.
Can you tell us more about your team’s background and introduce the core members?
BunnyPark product belongs to the Dapp Maker Studio studio and is headquartered in Denver, USA. Executive Officer BiCheng Zhu, holds HBA degree in Business Studies from Toronto, Ontario; Robert McDaniel, the European and American community developer, is a professional cryptocurrency enthusiast with mature global business channel resources; Elsa Wong, Asia-Pacific community developer, has rich experience in blockchain project incubation and community operation. Dapp Maker Studio also has up to 60 centralized and distributed developers, as well as multiple groups of distributed operation teams and third-party generation operation teams.
What are the main advantages of BunnyPark for the user, compared to a similar project from a mainstream financial market?
As I said earlier, NFT social and real-world NFT blind boxes will be the most exciting explorations, and BunnyPark is the first project that came up with these ideas.
We will focus on creating NFT IP. Since we own rich IP copyright and channel resources in the pan-Asian and Southeast Asian regions, including AV industry, animation industry, derivatives and peripherals (figures, dolls, accessories, etc.), they will be our firm backup.
Through many NFT landing scenes such as physical blind box machines, derivatives sales stores, etc., NFT will be given more content. Meanwhile, through collecting NFTs to exchange digital assets such as BNB, redeem limited edition IP products, interact with IP stars, and even users who hold NFTs will be able to show their names in the latest film, television, animation or book works of a certain IP, which is a field that has not been explored by other NFT projects.
What is your security strategy? How do you keep your users safe?
BunnyPark seeks the most established institutions to conduct security audits: Slowmist and CertiK.Slowmist audit report has been issued. You can see it here.
CertiK audit work is under process and the result is expected to be issued in mid-June. Check the latest progress here.
Meanwhile, we will monitor interactive data on the chain in real-time at our background platform. If an abnormality occurs, we will modify the emergency parameters to reach the suspension agreement;
There are key parameters in our contract. If necessary, some or all of the functions can be suspended to avoid serious infringements.
For example: if mining contracts and output are abnormal, we will set the block height to stop output at a specific time in the future. Some corresponding parameters also include the contract parameters of the NFT card, the contract parameters of the Farm fund pool, and others.
In addition, 5% of BunnyPark’s Token distribution is used for developer incentives. We welcome developers to help us discover and fix security risks at any time.
Let’s say I want to start using BunnyPark. Where do I start? Where can I find some how-to guides?
BunnyPark just updated the main website and UI style on May 26, 2021. First of all, to ensure the simplicity and aesthetics of the entire product, any blockchain-based Dapp should not make it difficult for users to operate. The DEX, Farm and other sections of BunnyPark products all respect user experience, while the NFT section will enable our users to quickly obtain the favorite blind box series by paying BP. Blind box usage and function are explained with details on each page.
Why did you decide to build on the Binance Smart Chain?
At the very beginning of the BunnyPark project, Ethereum was still the most active public chain, which is no doubt. At that time, many different types of Dapps, including NFTs, were running on Ethereum. But as I explained in the project introduction, we believe that NFT should not only exist as an art work of art, which will heavily limit the use scenarios and liquidity of the NFT itself. How often will a high price painting NFT be traded and sent? ?
However, BunnyPark NFT interaction is high-frequency as it has both the value of artwork and the nature of easy circulation, which is friendly-use for developers and users. There is no excessive learning cost.
Based on the above requirements, there is no doubt that Binance Smart Chain is the most suitable chain for us. Facts also proved that NFT development benefited a lot from Binance Smart Chain development, and Binance Smart Chain itself is becoming the king of the new generation of public chains.
What do you hope to see next from the BSC community?
BSC has gone through a complete initial precipitation and early development stage, and it is already a leader in the new generation of public chains, both in terms of data on the chain and in terms of users.
The initial development of a public chain often relies on the number of developers to drive ecological prosperity and finally attract users.
In the middle and late stages, it should not rely on the number of developers and ecology, but on the quality of the ecology, including the health, safety, applicability, virtuous competition of the ecological content, and if it is important to have a positive effect on the blockchain industry and even the quality of the ecology and the real society.
We are honored to witness the development of BSC. We are sincerely gratified since the BSC ecology has not been reduced to a paradise for discordant developers like the EOS ecology in 2018 or the current HECO ecology, which ultimately made users and the community lose confidence. This is also the reason why we reject other public chain invitations.
In the future, BSC should continue to guide developers to create applications that can truly meet users’ demands. Whether the demand is based on traditional financial finance, DeFi new finance, or other aspects.
The BunnyPark project focuses on NFT, and we prefer to classify it as a social or entertainment section, which is also an essential product for ordinary people. The real landing of blockchain applications will certainly not be limited to the financial sector. Although it is a product of two eras, in the development of diversification and segmentation, the traditional Internet has many things to learn from.
What do you see as the main challenge for the future of DeFi?
Thanks to the vigorous development of the new public chain headed by BSC, the ecological prosperity of DeFi has been greatly developed. But some security incidents have also exposed the shortcomings of the industry’s rapid development. As a decentralized ecosystem, we feel that the only thing that will be tested most for at least 1-3 years in the future is the security aspect, which can also learn the lessons from the traditional Internet.
There is no doubt that any developer in the world is an excellent planner and product designer. People can quickly conceive and create completely new DeFi applications, and can also easily replicate or improve existing applications, which means there is no need to worry about the diversity of the future ecology. On the contrary, the security incidents occurring these days should be brought to our attention.
But at the same time we also believe that BSC will be able to establish a more in-depth help system for developers gradually, just like the original PC operating system protection software was also provided by Microsoft. A large number of users and developers trust BSC far more than other public chains. We believe that BSC has the ability and responsibility to establish a more complete security mechanism.
Where do you see DeFi and BSC in five years?
In the past few years, DeFi has undergone rapid development. If time goes back to 5 months ago, this statement still works. From the perspective of outsiders, it is easy for us to sort out and summarize the past history of this industry, but when deep in the waves, we cannot accurately predict the situation in five years.
One year ago, in May 2020, the total locked amount of DeFi was only $700-900 million. By September, this number was doubled. More surprising is that it still doubled every month. Recently, despite the crypto market dip, the entire network lock-up volume is still as high as $80 billion dollars. Just looking at one year’s data, it is clear that there is a huge potential and amazing development speed of DeFi and BSC. The only thing that can be confirmed currently is that the vast majority of practitioners, including us, regardless of developers, users, and some traditional or non-traditional financial institutions, all have confidence and expectations for DeFi and BSC development. Let’s say five years later, we believe that the greatest imagination should be given to it!
For the developer team, many of our members have rich work experience on ETH and TRX public chains. But after contacting BSC, our dev team were surprised at the standardization, versatility, ease of use, high speed, safety and low gas fee of this public chain. I believe this is also the original reason for the rise of BSC.
We believe that BSC still has a huge potential to grow as it has both the credibility of BTC, the mature environment of ETH, and the high speed of EOS and TRX. The most unique point is that it is welcomed by a wide range of users and developers. At the beginning, it may benefit from Binance historical accumulation, but in the long run, we believe that it is the CONSENSUS firmly built in everyone’s heart. We are very glad to witness the development of the DeFi industry, just as we are honored to participate in the ecological construction of BSC.
There are two things we firmly believe:
- DeFi will become more prosperous, which will affect more core users and even non-core users;
- BSC has the potential to become the First choice on the public chain for DeFi developers and users.
The development of any technology all holds one key element: serve humans. Comprehensive standardization, versatility, ease of use, high speed, security, developer friendliness and user reputation and so on are benefits of BSC. We believe that there is no public chain development that will compete with BSC in the future.
If you’re interested in knowing more about the Binance incentives for BSC projects, please visit https://binancex.dev/index.html.
Alternatively, you can directly apply for the funding by contacting us on our email buidl@binance.org
