Welcome to the BONFI LIVE AMA with The Gem Hunters. We would like to kindly thank the team for sharing information on their new project with our community.
Q1) Ok will roll straight into it, to get this AMA rolling let's start off with a brief description of what BonFi Is?
BonFi is an open finance, multilayered DeFi liquidity mining platform that uses advanced AI Technology to create staking rewards for users. We intend to build an empowered organization where regular community members can impact future organizational decisions and eventually become council members themselves.
The technology that we look to bring to the crypto space is similar to what is found at traditional hedge funds. The technology includes advanced trade prediction algorithms and latency high-frequency trading techniques to drive staking rewards for its users.
Q2) Ok so now lets get to the team, tell us a bit about the people behind BonFi.
The BonFi core council members include myself, Jeff and Tiffany. We look after the daily operations of BonFi platform and its AI-powered liquidity pool, BonVest. I have made my career in the field of advisory, primarily focusing on fintech firms. These past few years I have also been active in blockchain, where I have helped corporates to establish blockchain pilot programs into their legacy system.
Jeff is a data scientist and his specialties are in the areas of data modelling and quantitative analysis. He is leading the development team to build the BonFi platform and the algorithms supporting BonAi. Tiffany is an asset management specialist. She has helped corporates in the Asia market to develop strategies for managing equity portfolios and FX trading.
Other BonFi team members include professionals from various industries, including blockchain technicians, financial analysts, data scientists, and crypto enthusiasts. Most team members have been active in the crypto industry since 2016, either as investors or early technology adopters.
Q3) A major part of BonFi is the AI or known as BonAI, Give us a breakdown of the BonAI, How it works and what it does?
BonFi platform’s exclusive product offering is our liquidity pool, the BonVest. We are building this from the ground up. We aim to revolutionize how we leverage different data points to create a sustainable and maximize staking APY. BonAi will be built to contextualize data about the various factors impacting cryptocurrency pricing and trading sentiment, including but not limited to macroeconomic data, stock markets, crypto trader sentiment, and order books on exchanges.
The BonAi consists of different components:
Algorithmic Trading: behavioral data, crypto market data, technical trading indicators, etc.
Market Intelligence Data: automated web data mining, advanced feature engineering, intelligent database management.
Price Prediction: cross-correlation data, real-time prediction engine.
Market Risk Evaluation: macro-economic data, real-time risk assessments, etc.
Together this builds a comprehensive framework to base BonVest’s liquidity mining operations.
Q4) So lets get to the actual coin, what is there to know about the native BNF Token, Including functionality and Tokenomics?
The $BNF utility token has three primary functions. First of all, it unlocks access to the BonFi ecosystem. BNF Token holders can join our liquidity pool, the BonVest, and gain access to other product offerings. Secondly, it also provides the community with governance rights. Token holders impact BonFi’s future governance through staking and voting. They are also able to submit proposals, and eventually, become council members themselves. Thirdly, users will be able to stake BNF token and receive rewards.
The total supply of BonFi (BNF) tokens at launch are 1 billion tokens. 25% of our tokens are currently being sold in the token sale. The token sale is segmented in two rounds: early member token sale (10%) and member token sale (15%). 45% of funds is allocated to distributing staking rewards and for referrals. 15% of funds is used for ecosystem expansion and marketing. The remaining 15% is allocated to the team and advisors. The team tokens have a vesting period of 2 years with unlocks scheduled each quarter.
The token supply is fixed for the first two years and will not be changed. After that, the BonFi DAO may consider adjusting the supply by either burning tokens or issuing inflation with a maximum 6% cap.
Q5) BonFi has it's own DAO and along with the team it runs the BonFi Platform, Lets talk about the Dao And Ecosystem Governence and while we are on the topic of Governence lets also discuss the Token Governance.
The BonFi Org. consists of an uneven number of council members that look after the daily operations of the BonFi Platform, and Bonvest, our AI-powered liquidity pool. By having an uneven number of council members, we can effectively make decisions, avoiding the culprit of equal voting. Our goal is to provide regular updates about decisions that have been taken and the motivational factors behind them.
We intend to build a community empowered organization where the community can directly influence the platform's governance, befitting the true spirit of open finance. This will be in the form of voting rights and submitting proposals. Eventually, we would like the community even to elect council members and drive vital organizational decisions such as proposed protocol changes, the launch of new products, and more.
Q6) Why did BonFi decide to go with a Liquidity Mining Pool? What advantage does this offer over just regular staking?
The liquidity mining pool acts as the layer between the BonFi Platform and the BonVest. It is necessary to understand the role of the BonVest to fully understand why a liquidity mining pool is the best possible implementation for our service offering.
The BonVest is a permanent Ecosystem contributor that is nested under the BonFi DAO. This means that the BonVest will always be mining the liquidity that is available in the pool. For users, this means that as soon as they stake their assets, they start to earn rewards generated by the BonVest.
Overall, setting up a liquidity mining pool allows the platform to grow organically and provides a safe platform for users to stake their assets, as third party risk is completely eliminated.
Q7) What is some of BonFi's future marketing plans? Is there any planned partnerships or any major events coming up?
BonFi is currently deep in preparation for an array of value-adding partnerships. We have a lot of exciting news planned. I guess it will be impossible to answer this question without making an announcement of an announcement ;). But let me try.
Next week, we will announce a collaboration with a big project that will allow users to stake our partners' coins and earn a nice APY in $BNF. It will be promoted to over 100,000 members in their community.
We are also working on our first product launch with a strategic partner. The product launch is scheduled for early after the Uniswap exchange listing. We will enable $BNF token holders to enter into staking pools. This is an excellent opportunity for our community to increase their holdings.
Other initiatives are also in the works. Unfortunately, I am not at liberty to share them just yet.
Q8) Lastly to round up is there any information the team would like to share or bring to attention, like some upcoming news?
We are currently holding our public token sale where the $BNF token is sold at $0.0081. This token sale will conclude on October 16, followed by the token generation event on October 19th. On the same day, $BNF token will get listed on the Uniswap exchange with locked liquidity. The listing price will be 1 BNF = $0.0092
For those interested to sign up for public token sale, please visit this page: https://www.bon.finance/tokensale
In the coming days & weeks we will announce a bunch of new initiatives. Make sure to follow us on:
We would like to thank the Bonfi team for attending and sharing information on the project, please find links for more information above.