The market for Non-Fungible Tokens (NFTs) is rapidly evolving and expanding. On all blockchains and ecosystems, NFT projects and opportunities are flourishing and accelerating.
However, each blockchain suffers with specific and particular problems: high fees, scalability, security, or lack of users. To solve this problem, Bunny Punk is developing a cross-chain bridge to allow interoperability with other blockchains, and collaboration in product design.
With NFT hype we mainly think about art and pictures, but Web3 is growing and more use-cases are popping up. NFT event tickets, music, videos, DRM, etc. will take the stage in the future of Web3, connecting entertainers with their fans. NFTs can be just about any form of digital content. (videos. music, memes, tickets, even tweets!)With the myriad options proliferating in digital currencies, NFTs and DeFi, we believe that the future of Web3 will be all about cross-chain interoperability.
VISION BUNNY PUNK: "THE DREAM"
“Our goal is to get more users to the Elastos Smart Chain network. We hope that, with the popularity of Elastos NFTs, the Elastos-FilDA-CreDA community will grow and grow, allowing all DeFi users to be more aware of what can be achieved with Elastos."
A key product that allows users to access and interoperate with other chains and platforms is the cross-chain bridge. With the future of Web3 moving towards interoperability, cross-chain bridges are needed for users to interact with one another and collaborate while building innovative products, for cryptocurrencies and NFTs alike.
Each growing blockchain has its own unique strengths, such as: security, transactions, scalability, speed and user activity. Our mission is to bring NFTs from other chains to Elastos Smart Chain and, in turn, from Elastos Smart Chain to wider markets through building an NFT cross-chain bridge. This means greater exposure for NFT creators, and better liquidity for asset holders.
MIGRATION V1 $BUN > $BUNNY V2
The first snapshot of the $BUN token was taken on March 14 at a price of $2.18, and the migration to $BUNNY V2 token began. With our upcoming events and surprises the migration will play an important role in phase 2 and phase 3 of Bunny Punk.
Due to the high volatility and speculation of the market, we have concluded the first snapshot to ensure that the balance price won’t have an impact on the migration. Every holder will be eligible to participate in the distribution without doing anything.
The second snapshot will take place on March 18 at 8:00 PM CET. The airdrop of $BUNNY V2 token will be distributed in terms of the recorded balance of each token holder at the first and second snapshot. The second snapshot determines if the token holder still has the same amount of tokens.
It’s important to highlight that once this process is completed, the liquidity from the V1 pool will be removed and the distribution of the $BUNNY V2 token will be airdropped. On March 18 after airdrops are done trading will start and a new liquidity pool for V2 will be added on Glide.
In summary, after the second snapshot, the holder will receive $BUNNY V2 tokens in accordance with the ratio set for recorded balances. The second snapshot is to verify if the holder did not sell his tokens before the airdrop.
We strongly advise not to trade $BUN V1 token until the new $BUNNY V2 token will be tradable on Glide Finance. $BUN Token holders will lose their eligibility if they decide to sell and new participants will not be eligible, since the snapshot already took place.
To be most effective as an ecosystem there has to be a cross-chain interoperability in tokens and NFTs. Gradually, the NFT’s will mature and we believe that over time more will realize the importance of NFTs. They can be used in the music industry, ticketing, game industry and many more. We have to implement the needed functionality of the bridge now and not wait until we miss the boat.
Our cross-chain bridge will use a mint-and-burn protocol to preserve the integrity, scarcity and ownership of the original asset. When the NFT leaves one blockchain, it is burned or locked, and an equivalent NFT is minted on the target blockchain. Conversely, when the NFT bridges back to its original network, the “wrapped” NFT is burned or locked. All NFT assets will be able to bridge to other chains and back again.
The bridge will be accessed through a Web3 via Walletconnect and Elastos Essentials Wallet through the website bunnypunk.io
Both individual NFT assets or collections can be moved cross-chain and this service will be facilitated by the $BUNNY token. Each transfer made on the cross-chain bridge will burn an amount of $BUNNY tokens instantly. As the value of the token varies, the bridge fee will adjust accordingly. Reports of the burned $BUNNY tokens will be provided quarterly
BUNNY HOP: BRIDGE, STAKING & FARMING DAPP
Over the last couple of months we had many challenges in building a DEX and bridge for NFTs. Among the many challenges we had is bringing Bunny Punk NFT to a new level. With the NFT market booming at the moment and new marketplaces popping up on different blockchains, it’s hard to determine the best projects to invest in. There are millions of NFTs for sale! Value is often based on the credibility of the artist and, let’s be honest, most of the NFTs right now are simply drawings that we really can’t do much with. Why don’t we provide direct utility to holders?
Let’s add the ability for NFT collectors to stake them and receive rewards from it by providing stake and farm rewards.
This new project combines utility to NFT collections - by rewarding holders. NFT projects can deploy their entire collection or a part of that to our DEX with the possibility to stake them and reward stakers and Liquidity Providers with their own tokens. Once the user connects their wallet, the NFTs which are stakeable will appear in the dashboard. The system will automatically recognize NFTs on the Elastos Network and identify those with staking capabilities. You will be asked for the desired lockup duration and the APR for that time period will be calculated. To earn rewards you will have to stake $BUNNY V2 tokens with the staked NFT(s).
For NFT projects that want to use Bunny Hop they will need NFTs and tokens. Our developers have made it easy for artists to create a token for their NFTs. A detailed step-by-step instruction manual will be released via our website. Owners can also choose to reward users with other tokens.
The key point for NFT creators is to steadily attract new NFT enthusiasts to their collections, and give their holders the opportunity to earn rewards.
$BUNNY token can be staked to earn other tokens and NFTs.
POOL 1A (ECOSYSTEM)
Manual $BUNNY for $BUNNY - Stake $BUNNY and earn $BUNNY, claim and compound manually. Immediately active after launch.
- $BUNNY is pre-mined with a total supply of 1,000,000 tokens
- $BUNNY token will be utilized as payment for the bridge and will have a staking utility
- Each transfer made on the cross-chain bridge will burn 30 $BUNNY tokens instantly
- $BUNNY is deflationary
- As the value of the token varies, the bridge fee will adjust accordingly
- Reports of the burned $BUNNY tokens will be provided quarterly
The $BUNNY token V2 launch is coming and will be available on Glide Finance. It is the very first launch of a NFT cross-chain bridge token on Elastos Smart Chain.
$BUNNY is the utility token on Elastos Smart Chain that will power the cross-chain NFT bridge. $BUNNY Token will have the main function of granting access to the bridge.
- Token Name: $BUNNY (Bunny)
- Total Token Supply: 1,000,000 (one million)
Liquidity & Staking rewards / Airdrops for NFT Holders
There will be multiple liquidity pools on Glide and PancakeSwap. In the future this will be extended to new chains as the bridge grows to interoperate with other ecosystems.
To celebrate the upcoming launch and staking platform each bunny NFT holder will be airdropped 100 $BUNNY V2 tokens for each NFT in their wallet! The snapshot will be taken immediately after the token launch at March 18 8:00 PM CET. For more details on staking, see the category staking platform.
The treasury will significantly benefit the project. It will function as liquidity allocation for the special pools as mentioned in the category staking pools. There will also be a portion of the funds added to the treasury with each NFT minted.
We believe by managing the treasury wisely and responsibly, the project can benefit in the long run. We, as community members, want to support a sustainable model where we can reward those engaging with our project.
OPERATION & DEVELOPMENT
A blockchain bridge provides a connection between other chains. This involves continually updating and maintaining the cross-chain bridge. A significant challenge is to maintain the highest level of security. This means developers will monitor and evaluate continuously.
The cross-chain bridge will initiate in BETA phase. This means that all major features and functions are working, but its efficiency and security still needs further testing. This can only be accomplished with the use of the bridge. Any bugs discovered by users and developers will be swiftly resolved by our development team.
MARKETING & PR
The surge of interest in crypto technologies and NFTs, and the myriad options available on a multitude of networks makes it hard to reach a specific audience, particularly for nascent upcoming young projects. We are aware of the lack of users currently on Elastos Smart Chain, but will strive to curate an effective marketing campaign within budget constraints.
Our main vision will always be focussed on bringing new users to our amazing ecosystem: Elastos. The Bunny Hop NFT bridge is our way to bring attention to our primary objective.