Date : 8 January 2022
Time : 2:00 PM UTC
Guest : BonFire Team
Venue : https://t.me/Crypto_Talkzs
Website : http://bonfirebon.com/
Host : 👋Hello Chat , Welcome to another exclusive Crypto Talkz AMA❤️
Hello and welcome to our community, I’m glad you here to join the AMA today! @bonfirebon_com 🙂
BONFire: Hello everyone
Host : Welcome! How has your day been going so far?
Host : That’s great to hear !!So, without making a delay…Let’s start our AMA 🙂
Host : Could you introduce yourself?
Hello, I am a member of BONFire DAO. Since our team members come from all over the world, we collaborate through DAO to jointly complete this great idea.
Everyone who is involved in building the BONFire ecosystem can become a member of the BONFire DAO, which is what we are looking forward to.
Follow us:Telegram: https://t.me/BONFirebon_official
Host : What is BONFire? Please introduce briefly.
BONFire is a credit money agreement based on Ethereum.
At the same time, BONFire is deploying the first truly available decentralized credit-based stable monetary system
We hope to bring to the DeFi and crypto world a credit stablecoin that is decentralized and more suitable for daily use like the “stable” BTC.
We want to achieve a “BASIS OF CREDIT, OWNER OF VALUE.”
BONFire is composed of three main carriers: WOOD, $BON, and DUSD, which are gradually increasing value levers
Strictly speaking, this includes an infrastructure network composed of DUSD minting, treasury lending pool, ARBUnstake (like a mini future), Farm & DEX and ecological Launchpad, and an expanding ecosystem of smart contract credit currency around DUSD. We choose and drive our beliefs!
BONFire is dedicated to igniting the flame of hope in the darkness where native credit value medium is missing in the crypto world, attracting DeFi travelers and explorers
Let’s create and own credit
Host : Could you briefly explain Wood, DUSD and BON illustrated in the diagram?
WOOD is a private Layer 2 point asset managed with a private key signature.
It is used to measure and evaluate a user’s community contribution.
There is no gas fee to use WOOD.
BONFire releases WOOD through people’s behavior on the chain, interaction with BONFire, activity in the BONFire community, and other contributions
After the Claim WOOD airdrop, you can use your WOOD in USE WOOD, and WOOD can exchange for more rewards in the future, such as $BON, BONFire NFT, etc.
$BON is the underlying asset that drives the entire BONFire protocol
It is deployed on the Ethereum mainnet. The gas fee is required to use BON
BON is the GAS and decision-making power of BONFire
Without a doubt, in order to ensure stable growth, it will appropriately continue to absorb some value from the DUSD network
$DUSD is a truly usable decentralized credit stablecoin.
We could understand it as a stable currency issued by the Federal Reserve in a parallel world, but it only supports the exchange of crypto assets for this stable currency.
BONFire ensures 1:1 anchoring of DUSD to USD at this stage by controlling minting costs, expanding liquidity scenarios, ongoing external value plunder, and good liquidity
We could also understand it as a bond with an acceptance window. When you pay BTC (WBTC), ETH, or other crypto assets listed as reserve assets, the BONFire protocol will pay you DUSD based on the value of these assets
Please read these two articles to better help you understand BONFire:
Gold-USD-Bitcoin: From decentralization to centralization, and back to decentralization: https://medium.com/@BONFireBON_com/gold-usd-bitcoin-from-decentralization-to-centralization-and-back-to-decentralization-d50bae114435
From Bitcoin to BONFire: The Product of Blockchain Evolution: https://medium.com/@BONFireBON_com/from-bitcoin-to-bonfire-the-product-of-blockchain-evolution-cf4155a8b8b1
Host : Stablecoin is a huge market. What are the advantages of BONFire compared to other stablecoins?
From USDT, DAI, to FEI, AMPL, and LUNA-UST (let’s forget about Basis), people have made many attempts to stabilize the medium.
Regardless of the status quo, the market and people pay more attention to and actively participate in these explorations.
It proves that we have a strong demand for stable, non-chaotic additional issuance, strong consensus, and high availability of credit money.
As for the current mainstream stablecoins such as USDT and USDC, we can always see the news about their incremental issuance on the Ethereum chain and TRON chain.
There is no way to know whether they are 100% reserve ratio or not, and even if they are, the assets they anchor are always ready to dilute the property in our own pockets.
As an anchor crypto money, DAI is over-collateralized and solves part of the above-mentioned problems, but in the time of violent fluctuations in the market, the stable coin will no longer be stable, and the risk it poses is fatal
While the credit stable coin DUSD issued based on BONFire, we could understand it as a stable currency issued by the Federal Reserve in a parallel world, but it only supports the exchange of crypto assets for this stablecoin.
When you pay BTC (WBTC), ETH, or other crypto assets listed as reserve assets, the BONFire protocol will pay you DUSD based on the value of these assets.
BONFire solves all the pivotal disadvantages of USDT, USDC, DAI from the origin, and achieves complete decentralization, ignoring the drastic fluctuations of the market and anchoring assets for quality crypto assets
Anyone holding DUSD will not have their property diluted anymore, which means your property will not be devalued. This is the ultimate form of stablecoin, and this is exactly the grand aspiration that BONFire is achieving.
Please describe the economic model of BONFire (acquisition and consumption of $BON)
BON is the underlying asset that drives the entire BONFire protocol. It is deployed on the Ethereum mainnet. The Gas fee is required to use BON
BON is BONFire’s governance token. Of course, in order to ensure stable growth, it will appropriately continue to absorb some value from the DUSD network
$BON provides fluidity to stabilize the value of DUSD mainly by rewarding mint DUSD, using the activity of DSUD to complete the release
Please outline the RoadMap of BONFire and let us know more about the prospect of BONFire in the near future, so that we can better understand and participate in the ecological construction of BONFire.
BONFire’s RoadMap is mainly divided into three stages:
PHASE 1: Prometheus
PHASE 2: Purses
PHASE 3: Persephone
As illustrated in the diagram above：
PHASE 1: Prometheus
Launch BONFire protocol suite – (BONFarm BONSwap, BONLoan, BONLaunch);
Launch Pan’s Parchment Scroll (WOOD data verification and archive mechanism);
Launch Drunken PAN-Bonfire (random number generator);
DUSD and USDs achieve ±1% stable value anchoring over 424,242 Ethereum blocks;
DUSD minting volume exceeds 10,000,000.0000;
BON Holder exceeds 2,000
This is what we will achieve in this phase, and it won’t be long before we announce the second and third phases of our plan. Let’s look forward to it!
WOOD as BONFire development incentive points, $BON as BONFire core assets, I believe we are looking forward to having them. As a member who is interested in BONFire, how do I get them?
How to get WOOD:
WOOD is a private Layer2 asset managed with a private key and will be distributed to the BONFire community based on your activities on the blockchain.
Without any Gas, it also avoids the early whale intervention to achieve WOOD “monopoly” behavior, so that everything is fair!
First of all, to celebrate the launch of BONFire, we have prepared four WOOD airdrop activities
Subscribe & Explorer Enlisted & Call My Bro & other WOOD airdrops—connect your account and Claim your WOOD from here: https://app.bonfirebon.com/bon
In addition, other activities of BONFire will also send out WOOD or WOOD Code, such as spreading BONFire, BONFire product use, and feedback, BONFire community activities, and so on
WOOD bounty redemption system will soon be online, you can choose to exchange a variety of rewards, such as BONFire LaunchPad Whitelist, $BON & NFT redemption, new product insider test access, etc.
Please join the BONFire community, be the first one to know more information about these activities: https://t.me/BONFirebon_official
How to get $BON:
BON is the fundamental asset that drives the entire BONFire protocol and is deployed on the Ethernet main-net. Compared to WOOD’s Gas-free system, $BON requires payment of Gas.
You can get $BON by participating in BONFire IDO, besides, you can get $BON through the WOOD exchange, or participate in BONFire community activities, become a BONFire community contributor, etc
Please join the BONFire community, be the first one to know more information about these activities:
To know more about BONFire, visit the BONFire Website:
From Bitcoin to BONFire: The Product of Blockchain Evolution:
Gold-USD-Bitcoin: From decentralization to centralization, and back to decentralization:
More about BONFire:
We are recruiting BONFire global ambassadors, if you are interested in BONFire, and share our vision, please private message us to join BONFire, let us witness and realize this great project together! fren!
📌 Here below are links for you to get the latest update about BONFire