AMA RECAP : Crypto Caravan + Bumper
Special Guests : Jonathan DeCarteret (CEO), Samuel Brooks (CTO), of Bumper
Bumper CEO Jonathan DeCarteret and CTO Samuel Brooks spoke to Sahil Seth of Crypto Caravan about their company’s journey to date, and the unique path they’re paving in the Crypto market.
The AMA included:
- The company roadmap leading up to the DApp launch in June.
- An outline of the logic behind the ‘zero-slippage’ system used in the Bumper protocol.
- What investors will need to know in order to use the DApp.
- How Bumper utilises “Sam’s Fundamental Theory of Blockchains” to make crypto a suitable long-term investment.
- How the communal nature of DeFi can create a “win-win” scenario for all stakeholders in crypto.
- A layman’s guide to understanding Bumper and how to buy their tokens.
SEGMENT 1 — INTRODUCTION
Q1.Please introduce yourself and tell how you started a crypto business to the Caravan Community !?
My name’s Sam. I’m an engineer. I solve problems and I like blockchains.
Studied AI at Uni and starting and selling tech companies ever since, most notably Switch the UKs 60th fastest growing Co
Since 2016 trading and 2017 starting crypto businesses
For about 6 years… maybe it’s 7 now? I started off working part time before going full time at the start of 2016
Q2. Can you share with the community what Bumper Finance has been doing from the roadmap ?
Here is our Roadmap and we’ve hit every target so far
2021 Q1: [Design & Raise — COMPLETE]
$10m+ Fundraise (over $32m USD oversubscribed).
2021 Q2: [R1a Launch — IN PROGRESS]
Agent-based and game-theoretic modelling for proving cryptoeconomic design
Modelling of token economics (i.e. token liquidity and treasury forecasting)
Dual independent smart contract audit.
Mid June: (On-Track) Release 1a for Liquidity Providers (“Makers”)
Target TVL for initial release $100m
2021 Q3: [R1b Launch — IN PROGRESS]
Mid-August: (On-Track) Version 1.0 Bumper protocol launch
Retail go-live via Bumper DApp.
Secret partnership announcement and integration with major DeFi protocol.
Continued work on improved Bumper protocol capital efficiency via integrations with:
CDP lending sites (Aave/ Maker/ Compound)
Wallets (Metamask/ Coinbase)
Centralised exchanges (Binance)
Decentralised exchanges (Uniswap/ Sushi/ Balancer)
Synthetic assets (Synthetix/ Mirror)
Derivatives (Barnbridge/ Nexus/ Vesper)
2021 Q4: [R2 Launch — IN PROGRESS]
Expanded asset protection whitelist to include:
Major large-cap ERC-20 assets
bCOIN, e.g. (bTSLA/ bAPPLE/ bGOOG)
Expanded stablecoin compatibility (BUSD/ USDT/ DAI)
2022 Q2: [R3 Launch — ON ROADMAP]
Interchain interoperability (i.e. BSC/ ETH L2)
Recently there’s been a lot of activity in preparation for our first two releases. Once we have an initial release out to the community, then it will be a matter of iteration.
Such is the nature of open source protocols; the community is everything.
Apart from preparing the initial release, I’ve been working lots on the protocol specification, which will form the basis of a final whitepaper on the protocol.
Q3. What is that one significant milestone Bumper Finance has achieved which you are proud to share ?
As always, we can’t control what happens with centralised exchanges, but the protocol utility token will be ERC-20 compliant and so should be easy for anyone to integrate with.
… in a fully decentralised fashion
There are so many to list here. The principle itself. Leveraging pooled liquidity to distribute risk. Building the curves. Modelling the real-world data. Building a stunningly intuitive DApp. Being inundated with VC investment was the ultimate proof of concept for us. It was crazy turning down over $32m of investment and signalle the moment we realised this will be a crypto game-change.
Q4. What are the unique features does Bumper Finance provide as compared to other projects?
That’s a great question.
I would say, first up, would be its approachability.
The purpose of Bumper, protecting the price of your crypto assets, is itself not new. But how Bumper approaches that problem and solves it, so efficiently, is utterly unique. In traditional finance you would use a Stop-Loss or Options desk, which are sub-optimal. Bumper is inexpensive, flexible, with no fixed expiry windows and is yet another example of the crazy levels of innovation in DeFi that completely supersedes traditional finance — the future of finance is assuredly cryptographic.
There are a few options available for individuals to try and manage their asset price risk, on both sides of the market, but most of them are really geared to professional traders.
Bumper is as simple as it gets, while under the hood the protocol mechanisms are designed to serve both sides of the market (protection side — “Takers”, and the liquidity side — “Makers”).
Decentralised software is awesome like that as it doesn’t have a parasitic profit motive in between those two things as you find in traditional centralised solutions.
Q5. What are your upcoming plans or events?
Well these are our key milestones…
Mid June — Open to LPs to deposit USDC and earn BUMP
Mid August — LPs (and only LPs) can participate in pre-sale
End August — Public Sale
Mid September — BUMPER GOES LIVE
You can watch Bumper being built in real-time here -
SEGMENT 2 — TWITTER QUESTIONS
Q1. Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract , and did you ever audit it via any external party?
That’s a big question. The central 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 😉
Q2. One of the services that you have, namely the BUMPER DApp, will it support all types of wallets? Are there any transaction fees and what interesting features does it have?
The Bumper front-end is an interface to the smart contracts. It’ll support a range of wallets (including MetaMask, which itself supports a bunch of different types of wallets).
Release 1 will support MetaMask. Release 2 which is scheduled 3 months later will expand the list of software wallets and hardware wallets (as well as the range of assets to protect, multi-denominated stablecoin, Layer2 and x chain interoperability). Yes there will be TX fees, but we’ve designed it to be super efficient. The main feature, by design is simplicity. Just6 clicks to get protected.
That being said, any front-end can interface with the protocol code. I expect that members of our community and other protocols may be inclined to build their own front-end interfaces to Bumper.
For example, a “Protect with Bumper” button on a lending protocol front-end site.
The London Hard Fork will also alleviate gas fees, so by the time the full Bumper protocol goes live, my personal hope is that the Ethereum transaction fees won’t be as expensive.
In support of the above, we are laying the ground work for an L2 implementation, meaning that in future, blockchain fees will be far lower than they are now.
Q3. A partnership is essential for Adoption, so can you tell us what partners you have now and in the future?
Sure — Good question. We’ve carefully crafted our Go To Market Strategy, of which partnerships will be key. Our wish-list starts with lending sites like Compound, Maker, Aave — where Bumpered assets used to collateralize loans have zero chance of being liquidated and reduced over-collateralization ratios (since they are less volatile). The biggest partnerships will come from other DeFi protocols that use Bumper i.e a YEARN ETH vault that protects the price at a certain floor, we see this area as massive. After that, partnering with wallets like Metamask, Coinbase, Robin Hood and exchanges like Binance & Houbi, KuCoin. Then Bumpering tokenized stock such as bTSLA and bCOIN and finally an institutional product that brings crypto innovation to traditional finance.
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 and become a part of the community so they can get early insights into how to do this :D
Q4. Many of investor just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to long term?
Autonomous software networks such as Bumper rely on the network effects of participants, including users of the platform, community supporters and governance members to provide its utility.
Therefore we use the native protocol token to manifest the necessary coordination between potential protocol participants by allowing (positive) participant decisions to be recorded on Ethereum, initially for the 1a release immutably proven by the exchange of liquidity for Bumper protocol tokens (BUMP).
I.e. participating early by depositing liquidity proves support.
And so in order to stimulate such coordination, the tokens are set to an increasing exchange rate as a function of historical deposits up until the 1b release.
While in typical parlance this might be called “price discovery,”
in reality this a form of “value discovery.”
It comes back to utility, which is both a function of the value of the software and the value of the network effect of the market between Makers and Takers.
This is something I’ve thought about for a very long time. There are a few similar thought leaders in the space (e.g. Chris Burniske). I jokingly call it “Sam’s Fundamental Theory of Blockchains.” 😂
Speaking from a personal perspective anyway ^
I’m an Engineer and I like blockchains.
Q5. Are you planning to burn or buy back any tokens from the market in the future? Do you have such programs?
My view is that all stakeholders are aligned towards the same goal. Tokenholders, Takers, Makers, Stakers and even the protocol itself all benefit from a robust and increasing token price. So any strategy that serves that goal is a win-win
so in the situation where the protocol overestimates the internal fees required to be levied onto the Taker side of the market, there is the opportunity for community governance to deploy some of those reserves into token buy-back.
Optionally then those tokens can be sent to 0x0, or held in a separate reserve for potential future use.
To follow our progress and become a Bumper LP to earn $BUMP — join us at https://t.me/bumperfinance
SEGMENT 3 — LIVE Q&A
Q1. Is Bumper Finance easy to understand for new users? and does your project have a manual for users.? Is your project easy to understand for new users? and does your project have a manual for users.?
This is good one to start . Bumper, simply put, protects the price of your crypto assets. You select the price you want to protect and hit confirm. The protocol does the rest and sends you a Bumpered version of your asset, that will rise as the native asset does but will never fall below its floor. For this you pay a nominal daily premium, as low as 3% p.a.
For sure we’ll have a manual that explains the process, but its only 6 clicks and your protected. Bumper your crypto
Lots of questions relating to how it works:
In simple terms there are two internal liquidity pools in Bumper: an Asset pool (e.g. ETH and other ERC20s, such as wrapped BTC), and a stablecoin pool (initially USDC).
The protocol rebalances between the two by adjusting fees levied to Takers (i.e. premiums) and yields paid out to Makers.
On top of this the native protocol token (BUMP) serves to amplify this effect by adding to those rebalancing incentives.
Q2. Can you share the links to all your social media platforms?
Q3. Could you please tell me just a little more about the team and some of their backgrounds? I have personally seen many projects launch with inexperienced team members, and some of those didn’t go so well due to easily avoidable mistakes.”
Yeah great Q. The team comprises founders that have previously built crypto funds, instrumental architect of Havven, a previous founder of super successful London digital agency, CEO of UK’s 60th fastest growing Co, 2 university professors and winner of the 2020 ETH Hackathon, to name a few.
Q4. Where can I buy your tokens right now what is your current contract and how can I buy them?
You can’t buy the token right now. You’ll have the opportunity in June when we launch the first part of the protocol for liquidity providers. You’ll also get bonus tokens for providing liquidity. A presale and public sale will follow this in August/September. Keep an eye on our TG community for updates.
Q5. Is Bumper Finance easy to understand for new users? and does your project have a manual for users.? Is your project easy to understand for new users? and does your project have a manual for users.?
As Sam mentioned earlier ‘Simplicity is the ultimate form of sophistication’ the Dapp aims to be really simple to use. The outcome of Bumper is that your crypto price is protected, quite a simple proposition, but what sits under the hood is anything but simple. We also understand that there are a broad range of users who will want to protect their crypto from retail investors, institutions and active crypto traders.
Bumper protects the value of your crypto using a radically innovative DeFi protocol. Set the price you want to protect and if the market crashes, your asset will never fall below that price. Importantly, if the market pumps, your asset rises too.
Check out the website: https://bumper.fi
Follow us over on Twitter: https://twitter.com/bumperfinance