Bami: A Multi-chain Decentralized Finance Platform

What is Bami

Friends, imagine in our daily lives, if you urgently need money, you can take your gold and silver jewelry or other valuable items to a pawn shop for collateral, and redeem them when you have more cash, right? The Bami blockchain project was originally conceived to provide everyone with a similar "digital pawn shop" and a broader financial services platform in the blockchain world.

Its initial positioning was as a multi-chain financial application, aiming to make decentralized financial services—such as savings, payments, trading, and lending—easily accessible to everyone, just as conveniently as using a bank card, but without the restrictions of traditional financial institutions.

Later, Bami shifted its focus to the booming field of non-fungible tokens (NFTs). You can think of it as a "pawn shop" dedicated to NFTs and digital assets. If you own valuable NFTs, such as digital artworks, game items, or virtual land, but don't want to sell them, Bami allows you to use these NFTs as collateral to borrow money, solving your liquidity needs.

In addition to collateralized lending, Bami also offers a "clearance market" to handle NFT collateral that wasn't redeemed on time, giving everyone a chance to buy at a discount. It also has P2P lending features, where you can lend your NFTs to others or borrow NFTs to play games or access benefits. There's even a "launchpad" to help new NFT projects issue and promote themselves.

To make things more convenient, Bami has developed its own wallet app, Bami Pay, making it easy to buy and sell crypto assets with fiat currency (such as Vietnamese Dong). It also has a Bami Bridge, which acts as a bridge to help you transfer digital assets between different blockchain networks, such as between Ethereum and Binance Smart Chain.

Project Vision and Value Proposition

Bami's vision is to bring decentralized financial services to more ordinary people, enabling everyone to enjoy financial freedom.

It believes that to achieve this goal, complex blockchain technology must be made simple and user-friendly, so that even those without technical backgrounds can easily get started.

Bami's core value proposition is to add value to the NFT market and provide users with optimized financial solutions. Simply put, the core problem it aims to solve is: many NFT holders own valuable digital assets, but these assets have low liquidity (ability to be cashed out). Bami enables these digital assets to "come alive" by offering NFT collateralized lending and other services, providing liquidity for holders and new sources of income for lenders. Most importantly, you can get the funds you need without losing ownership of your NFTs.

Bami emphasizes transparency and openness, and hopes to become a community-owned and governed project, allowing BAMI token holders to participate in project decision-making.

Technical Features

Bami's main technical features include:

Multi-chain Support

Bami is a multi-chain application, meaning it doesn't run on just one blockchain. It initially launched on Binance Smart Chain (BSC) because BSC has a large user base and relatively low transaction fees. Binance Smart Chain (BSC) is an Ethereum-compatible blockchain known for its high transaction speed and low cost.

At the same time, Bami also plans to expand to the Ethereum network once Ethereum's Layer-2 solutions mature. Ethereum is currently the most mainstream smart contract platform, but its transaction fees are high; Layer-2 solutions aim to improve scalability and reduce costs.

Cross-chain Bridge (Bami Bridge)

To enable asset flow between different blockchains, Bami provides a cross-chain bridge feature. Imagine if you have an NFT on BSC but want to use it in an application on Ethereum, Bami Bridge can help you securely "transfer" this NFT from BSC to Ethereum, just like crossing a bridge.

Decentralized Oracle Integration

Bami collaborates with Berry Data, utilizing its decentralized oracle services. Oracles are like "informants" in the blockchain world, responsible for securely and reliably transmitting real-world data (such as NFT prices) to the blockchain, ensuring smart contracts execute based on accurate information. Berry Data's oracle is community-verified, which helps improve the transparency and accuracy of data (such as NFT valuations) on the Bami platform.

Smart Contracts

Bami's core functions are all implemented through smart contracts. Smart contracts are code stored on the blockchain that automatically execute when preset conditions are met, without third-party intervention. The BAMI token itself is a BEP-20 standard smart contract token. BEP-20 is the token standard on Binance Smart Chain, similar to Ethereum's ERC-20 standard.

Tokenomics

The core of the Bami project is its native token, abbreviated as BAMI.

Token Basic Information

• Token Symbol: BAMI
• Issuing Chain: Mainly issued on Binance Smart Chain (BSC), compliant with the BEP-20 standard.
• Total Supply: Early data shows a total supply of 1 billion BAMI. However, more recent data (as of July 2024) shows both the total and maximum supply as 250 million BAMI. This suggests the project may have undergone a token migration or supply adjustment.
• Current Circulating Supply: As of July 2024, BAMI's circulating supply is shown as 0. This is very important information, possibly indicating the token is undergoing migration, or market circulation is extremely low, or the project is in some transitional state.

Token Utility

The BAMI token plays multiple roles in the ecosystem, like a multifunctional "pass":

• Platform Utility: It is the utility token of the Bami protocol, used to incentivize liquidity providers and help launch and grow the platform.
• Payments and Discounts: In Bami's "pawn shop," you can use BAMI tokens to pay for loans and may enjoy more favorable interest rates. You may also get discounts when buying NFTs in the "clearance market."
• Project Participation: BAMI holders have the opportunity to participate in collaborative projects introduced by the Bami ecosystem.
• Governance Rights: BAMI tokens grant holders the right to participate in community governance, allowing them to vote on important project decisions and jointly determine the project's future direction.
• Membership Benefits: By staking Bami membership NFTs, you can gain various privileges, such as lower loan interest rates and eligibility to participate in the launchpad.

Token Allocation (Early Data, Based on 1 Billion Total Supply)

According to early data, BAMI token allocation is roughly as follows:

• Community: 48% of tokens are allocated and controlled by the community.
• Liquidity Incentives: 7% of tokens are used for liquidity provider rewards in the first four weeks.
• Strategic Reserve: 15% for future strategic spending.
• Investors: 5% allocated to early strategic investors, 4% to future strategic investors.
• Public Sale: 1% for public sale.
• Team and Development: 20% for project development and team expansion.

Please note, since the total supply has changed, the above allocation ratios may no longer apply. For details, refer to the latest official whitepaper or tokenomics documentation.

Team, Governance, and Funding

Team

Bami's team members come from North America and Asia, with backgrounds in blockchain and decentralized finance (DeFi). Interestingly, the team chooses not to publicly emphasize the identities of specific members, preferring to prove themselves through the project's products and results rather than "titles" and experience. This approach is not uncommon in crypto, but for some investors, team transparency may be a consideration.

Governance

Bami is committed to becoming a community-owned project. This means the project's future direction and major decisions will be jointly determined by BAMI token holders. Through the "Bami Vote" mechanism, BAMI token holders can vote on important project issues, achieving decentralized governance.

Funding

According to the early token allocation plan, 20% of tokens were allocated for project development and team expansion, and another 9% for early and future strategic investors. This indicates the project received some funding support during its launch phase.

Roadmap

The following are some key milestones and events planned by the Bami project based on early data (mainly from 2021-2022). Please note, as time has passed, most of this content should be considered historical progress rather than future plans. Given changes in token supply and circulation, the latest roadmap should be checked on the project's official updates.

Historical Key Milestones (Around 2021-2022)

• Project Launch Phase:
  • Launched the Bami Dashboard for users to manage assets.
  • Integrated Bami Swap and connected with PancakeSwap's liquidity pool to provide trading services.
  • Started liquidity provider incentive programs and staking features.
• Product Expansion:
  • Bami Lend (Q2 2021): Planned to launch permissionless collateralized lending services, allowing users to borrow against assets.
  • Bami Pay (Q3-Q4 2021): Launched native wallet app supporting fiat (such as Vietnamese Dong) on/off ramp services.
  • NFT Ecosystem: Continued development of the NFT ecosystem and integration with the Vietnamese crypto ecosystem and broader DeFi sector.
  • NFT Pawn Shop Launch: Officially launched the "NFT pawn shop" focused on NFT and digital asset collateral, offering NFT collateralized loans, clearance market, P2P lending, and other features.

Future Plans (Early Outlook)

• Multi-chain Expansion: Plans to expand Bami to the Ethereum network once Layer-2 solutions mature.
• Community Decision-making: In the future, the community can vote to decide whether Bami expands to other Layer-1 blockchain networks.
• Launchpad: Launch a launchpad platform to provide BAMI holders with investment opportunities in potential NFT projects.

Common Risk Reminders

Investing in any blockchain project comes with risks, and Bami is no exception. Before participating, be sure to understand the following common risk categories:

Technical and Security Risks

• Smart Contract Vulnerabilities: Although blockchain technology aims to enhance security, smart contract code may still have vulnerabilities. If exploited, this could lead to loss of funds. The BAMI token's smart contract was found to have some low to medium severity compiler-specific warnings during compilation.
• Cross-chain Bridge Risks: Bami Bridge allows assets to move between blockchains, but cross-chain bridges are common targets for hackers and carry risks of theft or technical failure.
• Oracle Risks: Although Bami integrates decentralized oracles, the data sources or mechanisms of oracles can still be manipulated, leading to inaccurate collateral valuations and affecting the stability of the lending system.

Economic Risks

• Token Price Volatility: The price of BAMI tokens is affected by market supply and demand, macroeconomic environment, project progress, and other factors, and may fluctuate sharply, resulting in investment losses.
• NFT Market Risks: Bami's core business is NFT collateralized lending, so its economic model is closely tied to the health of the NFT market. The NFT market itself is highly volatile and may lack liquidity; if NFT values drop sharply, the risk of collateral liquidation increases.
• Extremely Low Circulation: As of July 2024, BAMI's circulating supply is shown as 0. This may mean the token market liquidity is extremely poor, trading is difficult, or the project is undergoing major adjustments, or even at risk of stagnation. With circulation at 0, the actual value and trading activity of the token cannot be effectively measured.
• Token Migration Risks: The project has undergone token migration (from v1 to v2, with 10:1 or 7:1 exchange ratios). The migration process is complex, and if not handled properly or if information is asymmetric, some users may suffer asset loss or confusion.

Compliance and Operational Risks

• Regulatory Uncertainty: Global regulations on cryptocurrencies and NFTs are still evolving. Any new regulations in the future could have a major impact on Bami's operations and token value.
• Team Transparency: The team chooses not to disclose core member identities; while there are reasons for this, it may increase concerns among some investors about the project's long-term stability and accountability.
• Project Activity: Much of the detailed information and roadmap about Bami was published in 2021-2022. Given the rapid development of the crypto world, if the project fails to remain updated and active, it may risk being eliminated by the market.

Please remember, the above information is for reference only and does not constitute investment advice. Be sure to conduct thorough due diligence and consult a professional financial advisor before making any investment decisions.

Verification Checklist

• Block Explorer Contract Address: The BEP-20 contract address for the BAMI token is
  0xe2d3486f...e0248
  . You can view the contract's transaction records and holder information on block explorers such as BscScan.
• GitHub Activity: No Bami project GitHub repository or activity information was found in this search. For a blockchain project, open-source code and continuous updates are important indicators of development activity and transparency.
• Official Website: Bami's official website is https://bami.money/.
• Whitepaper: The official materials mention the existence of a whitepaper, but this search did not directly obtain a complete whitepaper document link; the main information comes from references to the whitepaper content and project overview.

Project Summary

The Bami project initially entered the blockchain world with a grand vision to build a multi-chain decentralized financial application, providing savings, payments, trading, and other services to the public. It later shifted its strategic focus to the NFT sector, evolving into a "pawn shop" specializing in NFT and digital asset collateral, aiming to provide liquidity for NFT holders and add value to the entire NFT market through NFT collateralized loans, clearance market, P2P lending, and other features.

Technically, the project supports multiple chains (initially on Binance Smart Chain, with plans to expand to Ethereum), and offers a cross-chain bridge and its own wallet app, Bami Pay, striving to enhance user experience and lower the usage threshold. The BAMI token, as the core of its ecosystem, not only serves payment and incentive functions but also carries the responsibility of community governance, allowing holders to participate in project decision-making.

However, when evaluating the Bami project, some key points should be noted. For example, the project team chooses to remain anonymous; while this is not unusual in crypto, it may affect some investors' confidence in the project's long-term stability. In addition, according to the latest data, BAMI's circulating supply is shown as 0, and the project has undergone token migration, which may mean the project is undergoing major adjustments or has low market activity. For any blockchain project, continuous development activity, transparent team information, and healthy token circulation are key factors for success.

In summary, Bami is attempting to pioneer the financialization of NFTs, and its NFT collateralized lending and related services are innovative and meet market demand. However, given the rapid changes in the crypto market and the project's own characteristics, interested parties are advised to thoroughly research the latest information, understand the project's current status and direction, and fully recognize the risks involved. Please remember, the above content is for informational sharing only and does not constitute investment advice.