Frequently asked questions
What is BonFi?
BonFi is a multilayered open finance management protocol complemented by the AI-powered BonVest.
This liquidity mining pool gives users exposure to a basket of underlying crypto assets. It utilizes smart contracts to lock up collateral and issue rewards based on the performance of BonVest. Through the combination of artificial intelligence and a professional cryptocurrency liquidity pool, BonFi allows users & applications to earn rewards on digital assets frictionlessly.
Why do we need BonFi?
Wealth management services based on traditional banking are becoming outdated due to a number of key issues. Participation is often restricted due to accredited investor requirements, minimal investment requirements and long-term capital lockups. Moreover, funds are often managed in an opaque manner with fund managers charging a high asset under management fee.
Decentralized finance (DeFi) offers a new way to create and engage with financial services for existing market participants and cements its place as part of the finance industry by expanding market participation and access to dormant pools of liquidity. BonFi’s approach of using Artificial Intelligence and decentralized governance will usher in the next development stage of Decentralized Finance. We welcome you to DeFi 2.0!
What is the difference between BonFi and other DeFi products?
Existing DeFi services primarily include savings, lending, and staking of digital assets. After experimenting with various solutions, we observed a few key issues that negatively impact user experience, including but not limited to a lack of user empowerment, rigid infrastructure, high token supply inflation, and a lack of features. Furthermore, the promised yields are not based on market data or underlying value.
The BonFi platform provides a more long-term sustainable solution. We enable the crypto community to seize the advantages of Artificial Intelligence, Data Oracles and Quantitative Analysis to build a more rewarding and decentralized system through the integration of the BonVest, a professional cryptocurrency liquidity mining solution.
What are BNF Tokens?
BNF is an ERC-20 token used for governing the BonFi platform. The BNF token allows holders to vote (or delegate their voting power) on proposals for updates or changes to the BonFi protocol. With this, community members can directly influence critical organizational decisions that impact BonFi’s future direction.
How does BonVest generate yield farming returns?
The BonVest utilizes state-of-the-art technology, such as AI, Data Oracles, and Quantative Data Analysis, to help users optimize their yield farming portfolios.
How is the BonFi Platform secured?
BonFi protocol’s security is our highest priority. Our development team aims to secure digital assets by utilizing multi-level encryption, multisig wallets, and advanced authentication methods. Together with third-party auditors and consultants, we invest enormous efforts to create a platform that we believe is safe and reliable. We strive to work with professional vulnerability testers and issue bug bounties for reporting undiscovered vulnerabilities.
Who governs the BonFi Protocol?
At its inception, The BonFi Org. consists of the Organizational Management Team (OM) and the BonVest Leadership Team (BFL). Both are operating independently and provide different services that strengthen the BonFi ecosystem.
With the release of BonFi 2.0, BonFi will transition to a decentralized autonomous organization (DAO). The BonFi DAO places governance, voting rights, and the organization's DAO Council election into the community's hands. The governance structure will provide organizational control to a supervisory council and the community, who will have greater control over the future direction of the BonFi ecosystem. Users will be able to directly influence vital organizational decisions, such as the launch of new DeFi products, proposed protocol changes, and more.
Ultimately, this model allows the community to continue to seize the opportunities created by AI and DeFi, while making governance more democratic. We intend to stay true to blockchain technology's vision while providing the benefits of AI-powered liquidity mining in the crypto space. BonFi aims to offer a decentralized AI-powered liquidity pool service to participants in a user-friendly package.
Where can I purchase BNF Tokens?
Currently, the BNF goverance token is avalaible on Uniswap, Bilaxy and Probit
What are bonTokens?
The bonToken(s) is planned to separate the utility of the BNF token from the value of the underlying asset. The deposited asset's value (e.g., BTC, ETH, USDT, BNF, etc.) is reflected as an ERC-20 token balance bonToken. This bonToken entitles the owner to the underlying asset on 1:1 ratio (e.g., 1 bonBTC: 1 BTC).