AMA Recap: Crypto Maxxis x Bumper
Mohit|| Community Manager: First of all, please introduce yourself with us. How and when you started? What is your role in Bumper Finance?
I’m Jason Suttie, CMO of Bumper. I’m a UK-based Aussie. I came to the UK in my 20s and have been stuck here since.
For many, many years I ran a digital marketing agency which focussed on understanding customers and delivering highly engaging marketing campaigns. It was great to understand how people think and respond to messages. I exited that a couple of years ago and had some time off.
During my time off I actually had a few conversations with Jonathan, our CEO, about crypto, blockchain and then I started working with him on some projects and long story short, I’m all in on decentralized finance. It’s part of the future.
In my role as CMO I lead the marketing function of Bumper, driving a team who are focussed on gaining exposure for Bumper, designing the customer/user experience and building a community of supporters who understand the impact Bumper will have on the crypto and broader financial markets.
Q2- We would like to get brief intro about Bumper Finance and it’s use cases.
So, Jonathan, my co-founder and the CEO, were looking at the DeFi space and trying to find the pinch points. We came to CDPs, where we thought if you can bring the over-collateralisation ratio down to 100% instead of 150% like most, then that would be great. It started off as a simple concept of swapping to stable and back at a given price floor. That didn’t work because of slippage so then we worked with Sam to focus on that but what came out of those workshops was a price protection protocol so much bigger than expected.
The first and most important use case is that of protection. Bumper will protect the value of your asset, as long as you’re a policyholder. Other things will expand into assisting with CDPs and possibly leveraged positions.
Liquid hedging strategies for trading.
All kinds of possibilities and we haven’t even explored what could be possible.
Q3 — Can you tell us more about LP program running on your website?
The LP Program is about bootstrapping the protocol with liquidity, but not just that it’s also about getting tokens into the hands of early supporters. People who believe in the project and want to be a part of it.
To get involved in the Liquidity Provision Program you just need to deposit USDC and for doing that you’ll be rewarded with BUMP tokens.
And because we also want to reward early supporters we’re giving depositors the opportunity to utilise up to 20% of their deposit for BUMP tokens at the current price. The price is linked to the Total Deposited in the LP Program and sits at about $0.7444 right now. That will go up as more people deposit and then when we come to the end, we enter the Pre-Sale stage and we will add a premium to the last price during the LPP and that will be the Pre-Sale price. Then, you don’t need to be an LP to buy BUMP tokens.
So a possible pre-sale price will be about $0.99 but that will go up if people take the opportunity to jump in now. A month or so later, another premium will be set on that Pre-Sale price to establish the Public Sale price. There’s a great opportunity to get in early now and make sure you have BUMP so you can protect the price of your assets when the time comes.
You can check it out here — https://bumper.fi/lpp ”
Q4 — Can you explain tokenomics for Bumper?
250m total supply
Circulating Supply at IDO 48.18m (19.20%)
Dec IDO (est)
VCs & Team on 18-month vesting
- 3.5% for Private and Pre-Sale
- 1.5% for Farming (any remainder added to Pre-Sale)
- 3% for Public Sale
Q5 — Can you please provide some progress on your Roadmap and what results Bumper Finance has achieved so far?
To address current progress, we opened an institutional investment round earlier in the year and raised over $10m in funding at that time. Part of our ethos is to ensure we’re engaging and valuing early project supporters so we declined an additional $32m in funding at the time to allow the community to get in on the project early on.
Currently our LP Program has attracted over $18m, so there’s a lot of support out there for Bumper.
We’ve carefully crafted our roadmap, of which partnerships will be key. Our future 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.
As for timings:
LP & Private-Sale is currently happening until Oct 14th
Current indicative APR is 1050%
Over $18m already deposited
Deposit USDC & Earn BUMP Swap up to 20% for BUMP
Pre-Sale — Oct 14–21
Deposit USDC & Earn BUMP Swap Unlimited USDC to BUMP
Public Sale and IDO — late November/Dec
DEX (tbc) / CEX (tbc)
Then Protocol Launch
Q1 — You said “BUMPER’’is a bit like a God-mode cheat code for your crypto assets”. So who are the customers your solution is targeting? Is it the average crypto trader or institutions and big businesses?- @MsNazmul4
Absolutely! The founders of Bumper are all children of the 80s. They played computer games and did dumb stuff you do as a kid because you’re not as aware of risk. When looking at Bumper we thought it’s kind of like having God Mode in a game where you all of a sudden become almost invincible. You can take on the Goomba and win! It was a nice analogy and has stuck because there’s nothing really like it in the crypto market that tackles volatility head on.
When the main protocol launches we really want it to be usable for anyone who is new to Crypto. We see Bumper as being a safety net for traditional investors getting into Crypto. They can dip their toe in, protect their crypto and not be too worried about losing their asset value. Volatility is what turns off so many potential investors/users from holding crypto.
But it doesn’t stop there, the application of Bumper is huge, we’re talking about institutions protecting their position, futures markets, Bumpering real life assets we’re excited to see how it will be used within the crypto market as much as anyone. ”
Q2 — According to your website, the next opportunity to get our hands on the $BUMP token will be to become a Liquidity Provider. So,can you tell us some of the benefits and advantages being a Liquidity Provider of Bumper Finance? What are the priveleges for early LPs in your platform?- @TanjinJahan4
The LP Program is live and running right now having attracted over $18m in deposits.
Being an LP first of all allows you to earn BUMP tokens for depositing USDC. In conjunction it also allows you to use up to 20% of your deposit to buy the BUMP token.
The biggest advantage of this is that it lets early supporters get their hands on the token, which they’re going to need once we launch the protection side of the protocol.
Early LPs get a lower token price, than later LPs. The token price in the dApp is correlated to the total deposits, so as they go up, so does the token price.
It’s currently at $0.74, but wherever it ends up at the end of the LPP it will have a premium added to it when we hit Pre-Sale on the 14th of October.
Q3 — Revenue is a key factor for all projects to survive and keep the projects running. What is Bumper’ way of generating profit and revenue? What is Bumper’ revenue model?- @SLiomie
Bumper is designed to be self-sustaining. The premiums that ‘Takers’ (policy holders) pay go directly to the ‘Makers’ (LPs) who are then incentivised to provide the stable coin to the protocol. Bumper takes a small clip on that for operations, etc. Then, the stable coin in the protocol gets sent out to external liquidity pools to wash its face and further incentivise the Makers. Bumper takes a clip on that as well. We use that to support the protocol in the Capital Reserve which is a safety module backstop for the protocol.
Q4 — Can u educate us about the mechanism of your project. How you manage to protect users against this extremely volatilitie market? Do you also short futures to stay at breakeven or just insurances are only way?- @Luke_Wars07
The Bumper protocol works by creating a liquidity pool interchange. By incentivising LPs (Makers) to the Reserve which provides the ability for policyholders (Takers) to protect their asset. They pay a premium which is part of the incentive for the Makers.
Think of it as a ledger that monitors both sides of the pools and uses a bunch of ratios to maintain its balance. When that balance is disturbed, the protocol kicks in numerous actions like incentivised mechanisms to rebalance. It essentially breaks up the risk and redistributes it. The Makers are highly incentivised buyers of risk and the premiums act as that first layer mechanism to manage the agents in the protocol.
Q5 — You have used a special term “Taker’s Bumpered Asset (bASSET) balance”
I couldn’t get the idea what this is!
Can you explain this a bit for me?- @KiyokuSumaru
A ‘Bumpered Asset’ is essentially a representative token that represents your position in the pool. So, if you send ETH to the protocol to protect its value, you’ll receive a bETH. We expect that to be a fungible token that you can trade so you’re trading a protected asset. Could be very cool.
When you then send the bETH back to the smart contract, you’ll get your ETH back minus fees for holding the policy. ”
Q1 — Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?
We’re really keen to broaden our community into other languages and regions. And we’ve just launched our Ambassador program to find supporters who can help us with this.
Q2- Do you have any Coin Burn / BuyBack systems or any $Token Burn plans to increase the value of Token & attract Investors to invest?Do you have a Token Burning plan to increase Token value and attract Investors to invest?
No. This is a massive misnomer in the industry. That’s artificial token price manipulation, as far as I’m concerned. Value in tokens should grow because there’s value in the system and the token is essential to that system. For BUMP, that is the case. You have to stake it to use the protocol, you will be able to pay premiums with it, governance obviously, and other loyalty programs in the future. As I said before, it’s about aligning the economic value for both users and token holders.
Q3 — Can you share any tutorial video or description that how to use the platform? what are your best achievement till now?
Yes, for sure. We’ve got a bunch of videos on Youtube which show us walking through the dApp. This is a great one showing how simple it is to protect: https://youtu.be/1CcJVYOJxyA
Q4 — I am a professional web vulnerability finder. Do you think your project system is safe enough from hackers? Do you have a reward program for identifying system vulnerabilities?
Nothing is completely safe from hackers. We are definitely in a very hostile environment being in crypto but we are putting all of our smart contracts through auditors and later we will be creating a bug bounty. We want to make it as safe as possible for our users and we will be looking to integrate or at least create a simple bridge for users to take out a smarthack insurance policy with one of the insurance protocols out there.
Q5 — Could you tell us more about your team and their backgrounds? Thanks 😁
Well, you’ve got two of us in here, the other two important members of the Team are Jonathan our CEO, and Sam our CTO
You can check them out here: https://www.bumper.fi/credits and follow them on Twitter :)
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.
Stay Connected to the Bumper Project: