AMA Recap: Crypto Loverz + Bumper Finance
On Tuesday 15th June, Ahmed Esmail of the ‘Crypto Loverz’ Telegram channel hosted an AMA with Bumper CEO Jonathan DeCarteret and COO Gareth Ward. The discussion covered topics such as:
- A simple overview of the protocol.
- Why building a strong community is paramount to the business.
- The user-friendly interface that Bumper’s DApp will utilise.
- The security measures needed for smart contracts.
- How BUMP can increase in value without the need for token burning.
- The investment details behind the LP bootstrapping programme.
nice to see you here with us
Welcome to CRYPTO LOVERZ community
Hey Guys — great to be here!
Now lets start with some general questions are you ready ?
1. Could you please introduce yourself to the Crypto Loverz group?
I come from a creative industries background and have been involved in start-ups, tech and crypto for some time.
I graduated with a degree in AI and have spend the interim time starting and scaling startups, most notable Switch which I grew to the UK’s 60th fastest growing company
Great experiences 🔥🔥
2. Can you provide us with a brief overview of Bumper?
Sure — Bumper has one objective. To protect the price of your crypto assets. Its achieves this using an innovative DeFi approach
Last question in this segment
3. So what sort of benefits would Bumper be able to offer its users that other traditional asset-protection tools would not?
Flexibility, price efficiency, not fixed expiry window
But most of all
You own say Bumpered ETH (bETH) which you can trade, knowing it will never fall below the price you’ve protected
That’s great to know 🔥🔥
Thanks for this brief intro
Now is the time for twitter questions are you ready?
Sure — hit us up
Plz when you finish answer say done
Q1 — Ahmedkamel
Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real world issue or problem What is the problem that your project primarily focuses?
imo Crypto volatility is the biggest problem in crypto. It what sidelines investors, causes liquidations and prevents widespread adoption. This is the problem Bumper is solving — its fundemental
Q2 — Jhon Trader
How important is the community to Your project? and how can we collaborate or help share token for the development of the project?
Community is super important since Bumper will live or die depending on how much user engagement we can attract.community participants should join our channels and stay tuned for our releases for information about 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 and become a part of the community so they can get early insights into how to do this :
Autonomous software networks such as bumper rely on network effects of participants, including users of the platform, community supporters and governance members to provide the utility of the market.
Q3 — Ahmed
I would like to know about how to protect investors in your project ? Is there any audit process ?
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 😉
Q4 — Amna Mughal
nice to know about the project.#Bumperfinance
•Where can I buy it?
•Can you share the links to all your social media platforms?
The first opportunity to buy BUMP at pre-sale will be exclusively for Liquidity Providers (LPs) who deposit USDC next month.
LPs will be able to swap some of their USDC for BUMP. This will be followed by a public sale on a launchpad. Finally, BUMP will be available on UniSwap in Oct.
We’ve just kicked off our Youtube channel so it would be great to see some followers over there: https://www.youtube.com/channel/UCev3-UKT8u332ujjdFiMPbQ
Last question in this segment 🔥🔥🔥
Q5 — Dương Gia Phong
Out of the all options available for individuals to try & manage their asset price risk, only few are designed in such a way that a novice can use it, majority are geared towards professional traders. I would like to know how easy & simple is bumper for non professional traders?
The Bumper DApp is really easy to use, something we’ve built to be extremely intuitive. On the app, it takes just 6 clicks to get protected and about 2 to exit your policy.
From the very start of our design and scoping phase, we were thinking about the user experience so it’s been at the heart of the process. The crypto space lacks this and we’re hoping we can improve that experience.
Thanks , For your great answers
Now it’s the time for our community to know more about Bumper Finance
are you ready for that?
[Chat unmuted for community AMA questions]
please choose the best 5 questions to answer,
Just take your time and also give some time to our translator after each question you answer 😉
Experienced team is the most vital thing in building company growth, a project will not develop without being managed by an experienced team, whatever it is good. so, how about project? does your team have good experience in the cryptocurrency world?Experienced team is the most vital thing in building company growth, a project will not develop without being managed by an experienced team, whatever it is good. so, how about project? does your team have good experience in the cryptocurrency world?
We agree experience is super important. We have been in crypto since 2017 and founded INDX a regulatory compliant crypto fund that was offering CeFi yield farming back in in 2018 — way before DeFI. We are joined by Sam Brooks who as the key architect that designed and then delivered Havven, which independently pivoted into Synthetix.
4️⃣ questions left
Unlucky — — —
Binance Smart Chain BSC is trending right now. Is your project interested or is there a plan to enter the world of BSC?
At the moment we’re building on Ethereum but want to move to other chains in time. BSC is one we’re obviously keeping an eye on. With the Ethereum update coming, it will be interesting to see the impact of that upon other chains. If a chain is only offering cheap network fees right now but not much has been built on it, then an Ethereum update take a bit of that market away. Will be interesting to see but for us we need to focus on where the biggest market is right now.
3️⃣ question left
Most projects have to go through certain difficulties and challenges, what difficulties do you face and how do you overcome them??
Modelling the mathematical equations, curves and algorithms that underpin the rebalancing mechanism. This required some super complex maths and a determination of steel. But we’re through it now
2️⃣ question left
MR SHOAIB, [15 Jun 2021 at 07:29:31]:
Do you have a Token Burning plan to increase Token value and attract Investors to invest?Do you have a Token Burning plan to increase Token value and attract Investors to invest?
No. Token burning is not, imo, always the best thing for a token or network. It may increase token price due to decreased supply but the key to the success of any token is about network effect. We’ve done a lot to embed the token value into the protocol and the use of the protocol. It not only functions as a tool to help rebalance the protocol but it incentivises actors in the marketplace and provide simple utility such as payment of fees with the token.
Julia Murad, [15 Jun 2021 at 07:29:21]:
🌹🌺. Could you please elaborate more about your tokenomics?
What’s the total supply and what kind of plans do you have regarding the token unlocks in the future?
250m total supply 250m
$8m+ of Bonus BUMP tokens to be yielded*
VC & Team on 18 month vesting
$1.60c+ TGE price
Existing Market Cap $120m
Target Market Cap at launch $400m
Last question 🔥🔥
Thank you for your kind answers , I hope that
Bumper Finance have introduced to our community as well…you can share some useful links with us
Website — https://www.bumper.fi
Telegram — https://t.me/bumperfinance
Twitter — https://twitter.com/bumperfinance
Discord — https://discord.gg/YyzRws4Ujd
Flashpaper here — https://bit.ly/2Prc3KB
Thanks guys — its been a blast
Yes thanks Mr 😊
Thank you guy’s for your patience.
I hope all guy’s now have a general knowledge about Bumper Finance and please if you need any more info you can ask
here 👉 @bumperfinance
Thanks all. Hope we see you in our TG channel!
Thank you for your time
wish you success 👍🔥
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