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Bumper

AMA Recap: Based Club + Bumper

Reymond, co-founder of ‘Based Club’, hosted an AMA on Tuesday 22nd June with guests Jonathan DeCarteret (CEO) and Gareth Ward (COO). Some of the topics mentioned during the AMA included:

  • How aligning stakeholder aims will continually increase the value of BUMP.
  • The main seed investors of the company.
  • How BUMP can overcome token burning.
  • The incentives for both users and investors of the protocol.

Reymond:
Let’s do it

Let’s based x Bumper Finance AMA get started❗️

⚠️ Don’t Panic! You are not in Ban. CHAT is muted for AMA ⚠️

📣We will host AMA With :
@straightboomerang @jdecarteret
✨During the AMA, we will often close the chat feature to smooth the question and answer session.

Jonathan DeCarteret:
Hey Guys

Reymond:
Hello everyone and welcome to BasedClub, thanks for taking the time for today’s AMA session!

We’re glad you’re here, how are you feel today? @jdecarteret @straightboomerang

Jonathan DeCarteret:
Great thanks — rearing to go!

Gareth Ward:
Hey guys! Nice to be here.

Reymond:
Great ,are you ready for answer all question?

Jonathan DeCarteret:
Yeah sure!

Reymond:
Okey let’s do segment 1, introduction

Q1. Could you introduce yourself to the community?

Gareth Ward:
I’m Gareth Ward, COO and co-founder of Bumper. I’ve worked primarily in creative industries but have been involved in tech / crypto startups for some time now.

Jonathan DeCarteret:
I’m Jonathan DeCarteret, CEO and co-founder of Bumper. Since graduating with a degree in AI I have been building and selling tech companies, most notably ‘Switch’ — the UK’s 60th fastest growing company.

Reymond:
Nice

Q2. Can you give us a basic explanation of what Bumper does?

Jonathan DeCarteret:
Sure

Bumper is an app that has one objective: to protect the price of your crypto assets. How we protect your asset’s price is the clever part. The DApp itself is simple to use, but relies on a heavily-detailed protocol that balances a pool of stable coins (USDC) with a pool of unstable assets (ETH). The protocol is constantly monitoring a variety of factors to rebalance these pools, creating a system to effectively insure your unstable crypto assets at any level. Therefore, if you protect your crypto with us your asset will never drop below the price you’re protecting, but will go up if your asset price surges.

Reymond:
Great

Q3. Where is the project currently at?

Jonathan DeCarteret:
Currently, we are getting ready to launch the liquidity pool (LP) bootstrapping program for July. During this time we will be gaining initial investment to kick start the internal pool of USDC that DApp users will be balancing their assets with.

As for the app itself, the new UX is a fully working version and is undergoing final refinements before smart contract audit. We’re very bullish that this will be ready for release within 1 month. This will allow yield farmers to deposit USDC and receive $BUMP.

For more info you can see the real-time build here: https://www.notion.so/6f6df7a584264f96bbaec17663df455c?v=7d174c9f32ca4985a8046215a71cdf84

Reymond:
thanks you for answer question from segment 1, lets move segment 2

Q1. Michael Dang @luckyjem02
A strong community not only brings interesting ideas to the project but also attracts larger partners. So how is #Bumper team planning to build its community? And is there a plan to recruit people with Blockchain experience to the #Bumper team?

Jonathan DeCarteret:
Bumper — DeFi Price Protection for Crypto
Bumper protects the value of your crypto using a radically innovative DeFi protocol. Register now for updates on the launch.

Jonathan DeCarteret:
Good Q

Community is super important since Bumper will live or die depending on how much user engagement we can attract. We’re planning to build our community by connecting with people through our socials, linked here:

Website — https://www.bumper.fi
Telegram — https://t.me/bumperfinance
Twitter — https://twitter.com/bumperfinance
Discord — https://discord.com/invite/YyzRws4Ujd

If anyone would like to join Bumper as either a ‘Maker’ or ‘Taker’, you can follow us on these platforms to keep up to date on how to access the protocol directly.

The composability of DeFi also means that anyone will be able to build connective services in between protocols; I would encourage anyone who is technical to join our chat channels to keep up with recent Bumper development. You can also fill out this form https://www.bumper.fi/community-enquiry to propose any new ideas or projects that you think we could work with.

Reymond:
Nice thanks

Q2. Ellie @elliekingcash
Security is extremely important,so How does Bumper allow to process many transactionts per second overlooking the security’s collapsed nodes of the blockchain?

Gareth Ward:
The challenge with autonomous software (smart contracts) is that they operate in a very hostile environment — even before they’re committed into a block — and because the programming is in units of real value, any mistakes in the logic can be catastrophic. For this reason and others (e.g. resource constraints) it’s super important to have code that is simple, readable, documented, optimised, and most importantly, extremely well tested. This includes at least one independent third party code audit. We also have a couple of other measures that will be used to protect against the litany of failure modes — one of which will be a bug bounty program. So, extensive testing (including advanced techniques such as fuzzing and static analysis), independent audit, bug bounty, and something else which I won’t mention here 😉

The clever thing about Bumper, though, is there is no real need to do lots of transactions. Because it works like an aggregated ledger, monitoring and maintaining the relevant ratios that keep the protocol stable, it limits that transaction security risk and reduces things like slippage down to an irrelevant problem.

Reymond:
Thanks

Q3. jlal ahmed @g76974594
So, do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?

Gareth Ward:
Token Burning is just the inverse of minting, and minting is just a dynamic total supply. At this stage it’s easier to start things off with a fixed supply according to what the protocol will need (under certain assumptions) for incentives for the next few years. Value in a token is primarily linked to its network use and not a manufactured change in supply.

Reymond:
Q4. Michael Dang @luckyjem02
How do you plan to engage users, incentivize them in the early stages of implementation?

Jonathan DeCarteret:
This is something we think about the whole time. Bumper aims to reward long-term supporters

Users of the DApp will benefit directly from the protocol; they can arrange protection for their crypto assets as soon as it launches.

On the other side, the incentive for our investors will be long-term. Our initial vesting period is 18 months, and the token emission rate is slow but steady. However, liquidity providers who deposit USDC will farm BUMP tokens as a bonus and gain exclusive access to an LP Private sale. There is no minimum deposit.

Bumper will still be here in the next 10 years and by that time will have migrated across to institutional protection. We are designing a significant building block in the future of DeFi and our investors understand this.

Reymond:
Nice ,last question segment 2

Q5. Ms Nazmul @MsNazmul4
Binance Smart Chain BSC is trending right now. Is your project interested or is there a plan to enter the world of BSC?

Gareth Ward:
Yes. BSC is looking very strong right now but it hasn’t had the time to evolve so we’ll watch it carefully. Certainly we want to open up to more users and that means building on different networks. Ethereum is the smart answer now as it’s the biggest and most tried and tested.

Reymond:
Great! Thanks you for answer all question from 1&2 lets move to segment 3! LIVE AMA

Everyone please prepare your questions, chat group will open on 3 second

1

2

3

[Group opened to community AMA questions]

Reymond:
Stop!!

Thank’s everyone

Feel free chosse 5 or more question @straightboomerang @jdecarteret

1. Robo Rocks
Which of the following points is most important to you?

I. Increasing Token Price & Value
II. Empowering Platform Development
III. Building Community Trust
IV. Expanding Partnership Globally

AND Why?

Jonathan DeCarteret:

Very good question

Intuitively I say Increasing Token Price and Value

Token price is a function of network effects, protocol efficacy, partnership outreach, robustness of the protocol and goveranance value.

2. Crypto King
Can you share some details about your seed investors? Also since we are secondary buyers how can you guarantee that they will not dump on us?

Gareth Ward:

4SV
Base Two
Autonomy
Existential
ICONPLUS
MW Partners
Moonwhale Ventures
Lotus Capital
PetRock Capital
Pluto Digital Assets
Rarestone
X21 Digital
Zokyo

We’ve put them all on an 18-month vesting along with team and founders. We’re all in here for the long-term!

3. Alamin
Can you list 1–2 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?

Jonathan DeCarteret:

Bumper is by definition an innovative approach to volatility. The nearest comparisons are Stop-Loss and Options desks. Neither come close to Bumper in simplicity, efficiency or flexibility. It is quite simply a revolution in how we approach volatility

4. Queen

Why did you build Bumper Finance, what was your motivation to start this project? What is the difference between the Bumper Finance project to attract the interest of investors?

Gareth Ward:

We built it because we saw a problem space in the industry. Price protection is kind of like the holy grail of crypto volatility. As traders ourselves, we’ve always sought to de-risk our portfolio in a considered and easily managed way, so it’s close to our heart and experience.
It’s not always about just the investors and attracting them. Attracting all users, from LPs to policyholders, it’s important to remember that network value comes from network use and support. To funnel as much of the value of the protocol into the token and to build the token as a core utility function of the protocol, means the investors will profit. If we build it… they will come. 😉

Reymond:
Nice

5. Sene
Lots of investors hit and run during the sale and sell session after listing on the first exchange, WHAT DO YOU say about this? How does Bumper Finance stop early investors from selling tokens?

Jonathan DeCarteret:
A basic Bumper tenet is to reward long term supporters of the protocol. We will allow protection takers to pay premiums in BUMP, Makers to receive yields in BUMP, all actors in the protocol to receive a daily distribution of BUMP and finally hodlers to stake BUMP into the Prudential Reserve. By design BUMP becomes more efficient and robust as the token price and TVL increase. Our supporters understand this and with us on the journey to become a Top 3 DeFi protocol

Done

Reymond:
Great

Thanks you @jdecarteret @straightboomerang & everyone for join AMA today. Our ama is over

Group opened

Jonathan DeCarteret:
Great guys

Gareth Ward:

Thanks guys! Really appreciate you having us. Make sure you join our TG chat and follow the other links below:

Website — https://www.bumper.fi
Telegram — https://t.me/bumperfinance
Twitter — https://twitter.com/bumperfinance
Discord — https://discord.com/invite/YyzRws4Ujd
Youtube- https://www.youtube.com/channel/UCev3-UKT8u332ujjdFiMPbQ
For a more in-depth understanding of how Bumper works you can access our Flashpaper here — https://bit.ly/2Prc3KB/YyzRws4Ujd

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Bumper

Bumper

Bumper protects the value of your crypto using a radically innovative DeFi protocol.