Frequently Asked Questions (Feb 2021)
Hey Bunny users,
In February, Team Bunny has held a number AMA sessions with BSC Telegram communities. During the sessions, a lot of very good insights were squeezed about Bunny’s progress, long-term vision, our tokenomics and others.
In case you missed the AMA sessions, we have summarized some of the most frequently asked questions during the sessions. Please find the below content for better understanding about Bunny’s progress and future roadmap.
1. What happens if PancakeSwap is no longer around? What will be the future of PancakeBunny?
We imagine Pancakeswap to still be a dominant player in BSC Defi space in the future, however we do agree that there is huge potential in other projects as well. Thus, our plan is to add new farms, from different projects as well.(Venus, etc.)
2. Can you elaborate a bit on how cross chain farming will work? Will you be offering unique vaults for BSC & ETH or will the vaults be shared in a way where funds somehow transition between chains as part of the farming strategy?
We actually posted a medium article about crosschain:
https://t.co/jNvKfVhE5F?amp=1
Essentially the ETH side will have a different webpage, and ETH holders won’t actually interact with BSC themselves, we will do that via BUNNY relayer and BUNNY oracle contracts, facilitated by the ETH collateral vault as well! In terms of the vaults, ETH users will have the option to choose from the existing bsc farms we have!
3. Will there be any utility with our bunny token, like staking other coins with bunny?
The utility of bunny token is projected to be used for governance! We have yet to decide how exactly the governance structure will look like, but essentially if you have BUNNY tokens, you will be able to vote, and voice your opinion. In the future we may possibly introduce staking other coins with BUNNY, but we are a little hesitant in making the BUNNY governance too complicated. Think of THUGS, I believe they have 2 or 3 separate native tokens that somehow work in combination with each other for governance purposes, which comes off as a bit too complicated.
4. Competition in yield optimizers is high, aside from your outstanding APYs, what are your plans to differentiate BUNNY from similar projects, and grow the community further?
We believe the distinction between our project and competitors is the tech-focused, innovative strategies that we offer. Crosschain with ETH is just the beginning for BUNNY, and in the future we will be posting proposals for new farms, that have varying strategies across different platforms, not just Pancakeswap.
5. When do you see a chance for more community involvement? A lot of us really would like to help and would like to be included and be able to vote with our governance tokens.
After we complete crosschain, our devs will have much more time to focus and build the governance structure. We would really like to see active community involvement, in the form of users posting their own proposals on the snapshot voting page for BUNNY! We have already received some cool art work, UI/UX design, and some fun BUNNY memes from our community, so keep it coming!
6. How will reducing the $bunny minting from 10 to 5 impact the APY of the pools? What effect do you anticipate this will have?
Essentially, non BUNNY stakers that use the other pools (CAKE, CAKE-BNB, etc.) will be receiving less BUNNY as a result of decreased BUNNY emissions. The BUNNY% portion of the APY profits will essentially go down, however we plan on also increasing the yield for BUNNY-BNB farm, as well as introduce burning strategies, so that users are incentivized to use the BUNNY, BUNNY-BNB pool. Obviously as a yield farmer, it is important to chase yield, and our strategy is to incentivize and increase the yield for BUNNY, so that more users transfer their assets from elsewhere into BUNNY pools.
7. Tokenomics: I am sure this will be asked many times; but please do give a teaser on how the tokenomics will be changed.
Essentially the plan we have for BUNNY tokenomics in the future are
* Decreased BUNNY emissions for non BUNNY pools (vote is already started)
* Some type of burning mechanism (We may use performance fee that comes from ETH side of crosschain, to do market buy of BUNNY and then just burn. We may also do a lottery burn. Stay tuned!)
* Increased yield for BUNNY-BNB pool
* Governance voting (more structured) for BUNNY holders (ex. Carrot token for governance)
8. New BSC projects often sound promising until things go wrong like hacks, fraud, etc,. In case of that, is there an option that users can interact with BSC and retrieve tokens back without doing it on pancake bunny website?
Yes! Users can definitely interact with BSC to retrieve tokens without doing it on the bunny website. We believe this should be the gold standard for all defi bsc projects.
9. Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice why they should buy and hold BUNNY token/coin in the long term?
Although we can’t and shouldn’t directly give financial advice, what we can say and what we have noticed is some users saying they held a certain pool for a few days, but didn’t get the yield they were expecting. Keep in mind that the yield being shown is calculated on a compounded annual basis, meaning you cannot simply divide by 365 and expect to get a daily yield like that. Compounding interest rates mean that the longer one holds, and the longer the time value is, the greater the yield.
