Sep 27, 2021
AMA Recap: Crypto Stalkers x Bumper
Navi || CryptoStalkers:
1: First of all, please introduce yourself to us. How and when did you start? How did you get involved in crypto? What’s your role in Bumper Finance?
Jason Suttie:
Well, I’m Jason Suttie, CMO of Bumper.
I lead the marketing function of Bumper with a team who are focussed on gaining exposure for Bumper, designing the user experience and building a community of supporters who understand the impact Bumper will have on the crypto and broader financial markets.
Jason Suttie:
Previously, I built and ran a digital marketing agency over about 12 years. We focussed on really understanding customers and delivering programs and campaigns to bring a new product to market or drive ongoing relationships. I exited this about 3 years ago and had some time off while I planned my next move.
Gareth:
Gareth Ward here. COO and Co-founder of Bumper. Background in Creative Industries / Start-ups / Tech / Crypto. Involved in everything in the business.
Jason Suttie:
During what I call my mid-life retirement, I actually had a few conversations with Jonathan, our CEO. about crypto, blockchain and then long story short, I understood DeFi, and the future and I’m now full time in crypto!
Navi:
Say Done when you completes your answer thanks ✅
Jason Suttie:
Will do. Done!
Gareth:
Done.
Navi:
It’s great knowing you more in details! 🙌
Navi:
[ ❤️ Sticker ]
Navi:
Love to host such experienced minds!! 🙌 So many Questions ahead. Should we move towards next Question?
Jason Suttie:
Yup 👍
Navi:
[ 🏃 Sticker ]
Navi:
2: Now please tell us about your project “Bumper finance”. What were the initial thoughts behind this project?
Jason Suttie:
I’ll let Gareth give the historical detail, but while he’s doing that I’ll fill in the ‘What is Bumper’ picture. We call it God-Mode for Crypto.
Jason Suttie:
And in simple terms it’s a protocol you can engage to protect you from the market heading down. Just like in a computer or console game when you could engage God-Mode and be protected from the baddies, Bumper does the same thing to protect you from volatility.
Gareth:
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-collateralization 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.
Jason Suttie:
Done!
Gareth:
Done
Navi:
Haha! GOD MODE I knew it from CS1.6 Game where we do anything in that like changing gravity etc
#offtopic
Navi:
[In reply to Jason Suttie]
Great!
Navi:
[In reply to Gareth]
[ ❤️ Sticker ]
Jason Suttie:
Yeah, like becoming invincible to the bad boss dude at the end
Navi:
[In reply to Jason Suttie]
Liked that!
Navi:
Next Question
Navi:
3: Most of us are not technical people but we want to understand the tech system of bumper finance. Can you please tell us about your tech system in simple words?
Jason Suttie:
Bumper has one main objective: *to protect the price of your crypto*.
So you don’t have to worry about the bottom dropping out of the market and losing all value in your holdings.
Jason Suttie:
Take the market drop from the other week, for example. If I had $50,000 worth of ETH at the start of the week and this was protected at a 90% price floor. At the bottom of the dip/correction If I had protected with Bumper I would still have $45,000 worth of crypto assets even though the price had fallen more than that.
Jason Suttie:
This helps illustrate
Jason Suttie:
I can now choose to just sit on it and continue paying the premium, knowing that it will come back up again, and Bumper will follow it back up. Or, I could end my policy and rebuy ETH at the lower price, reprotecting as the price comes back up.
Jason Suttie:
In it’s simplest form though, it’s a product that has been built with non-technical people in mind. Couple of clicks and the crypto you just bought is protected
Jason Suttie:
[ 👍 Sticker ]
Jason Suttie:
Done
Navi:
Thankyou for such detailed answer!! 💪😎
Navi:
[ ☺️ Sticker ]
Navi:
Next Question 🙋
Navi:
4: Please share bumpernomics with its distribution and vesting period? Also, tell us about Bumper in the whole ecosystem
Jason Suttie:
Here’s our ‘Bumpernomics’
250m total supply
Circulating Supply at IDO 48.18m (19.20%)
Fully Diluted Valuation at IDO: $600m (full dilution estimated 2025)
Dec IDO/ TGE
VCs & Team on 18 month vesting
Token Emission:
- 3.5% for Private and Pre-Sale
- 1.5% for Farming (any remainder added to Pre-Sale)
- 3% for Public Sale
Gareth:
As for the ecosystem, the BUMP token is really important. It acts as the oil in the engine. You will need to stake BUMP to use the protocol, whether a Maker or Taker, and this helps limit bad actors, for one thing. The token is also distributed and used as an incentive layer to help balance the protocol and keep it healthy. We expect to add in more layers of options, depending on how many BUMP tokens you have.
Gareth:
The key concept to wrap your head around is that of economic extraction. Where we can build the importance of the token, then the token holder is aligned with the function and product of Bumper. That way their economic benefit / value is the same as the protocols, and this benefits the users and the token holders (which are often the same people).
Jason Suttie:
Done
Gareth:
Done
Gareth:
Forgot about that, sorry!
Jason Suttie:
Sorry, forgot to say done :)
Navi:
[In reply to Jason Suttie]
Ehhe!
Navi:
Is sales already done? 👀
Navi:
Or we are too early 😉
Jason Suttie:
We’re just about to announce the details of our Pre-Sale which will start on the 14th October.
Navi:
[In reply to Jason Suttie]
😱
Gareth:
It’s in the LP program stage atm.
Navi:
So we’ve a great chance 😉😁
Jason Suttie:
We had an institutional sale earlier in the year where we brought in $10m in VC funding and were overwhelmed with interest.
Gareth:
So, you can buy now and earn “farming” BUMP so the price is at it’s cheapest.
Navi:
[In reply to Jason Suttie]
That’s huge! 🔥
Gareth:
The price is linked to toal deposits in the LP and when we go to pre-sale, there will be a premium.
Gareth:
So, get in now, is my advice!
Navi:
[In reply to Gareth]
💪
Jason Suttie:
We turned away additional interest of around $32m in order to make sure more tokens when to our supporters. We’re super keen on being able to ensure that we have a strong community of supporters. Because it’s the community who will also be using the protocol.
Gareth:
I aped in myself within an hour of the LP program because it went from 0 to $4m in 5mins!
Navi:
[In reply to Gareth]
[ 😍 Sticker ]
Navi:
I’m already heading towards moon. Getting moon vibes 😁
Navi:
Let’s take next Question 🙋
Jason Suttie:
[ 😍 Sticker ]
Navi:
5: What are your aims in the next 2 years according to your roadmap? What if I ask you what the ultimate goals of Bumper finance are?
Gareth:
We’ve carefully crafted our roadmap, 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.
Jason Suttie:
Ultimately, in the words of our CTO, it’s a ‘Public, Open Source, Community, non-profit project’.
Jason Suttie:
As for timings we’ve got our Pre-Sale starting Oct 14
then next is our
Public Sale and IDO — late November/Dec
Jason Suttie:
done
Navi:
[In reply to Jason Suttie]
Excited about that! 🙌
Jason Suttie:
Oh yeah. Absolutely. In fact most exciting for us is getting the protocol live as that will have the biggest impact on the community.
Navi:
[In reply to Jason Suttie]
Yes!
Navi:
Next Segment!!
Navi:
Twitter Questions
Navi:
1-By depositing USDC we can farm bump tokens. Kindly explain the requirements and benefits of farming Bump?
Gareth:
Quite simply in order to benefit from the Liquidity Provision Program you just need to deposit USDC and for doing that you’ll be rewarded with BUMP tokens.
Gareth:
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 $0.74 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.
Gareth:
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.
Gareth:
Done.
Navi:
Very intact!
Jason Suttie:
Done
Navi:
Next Question
Navi:
2-How often do the rewards get updated?
If I deposit USDC from Day 1, do we get immediately BUMP token? And what about other people who deposit after 2 days? Do they get the same amount of APY?
Jason Suttie:
In the LP Program you will get your rewards when you deposit. However, the value of those rewards will increase as more people deposit liquidity. The token price at the moment is linked to the value of deposits. So as the deposits increase, so does the token price. It’s currently at $0.74.
Jason Suttie:
Regarding the APR (not APY as it’s not compounded), if you deposit later you will pay a higher price for the token.
Now, someone who deposits later will get a different APR, and this could be higher or lower. But they will always be paying more for the token so their ROI will be lower. At the moment the APR is about 783% and this is taking into account the fact that there are only 26 days left in the program. There is a nice little bit of game theory buried in the design. ;-)
Jason Suttie:
Done
Navi:
[In reply to Jason Suttie]
That’s really high APR!
Navi:
[ ❤️ Sticker ]
Navi:
Next Question
Navi:
3-Can you indicate a feature or feature that you like best about the platform so that it can compete with other competitors? What are you most confident about for your platform? Do you have plans to get users to choose your platform?
Jason Suttie:
For me, it’s the simplicity of how easy it’s going to be to protect your crypto. In the protocol walkthrough we created earlier in the year it was about 6 clicks to protect.
Check it out on YouTube
https://youtu.be/1CcJVYOJxyA
Jason Suttie:
In future we see this simplicity being a major bonus when we look to integrate with other systems. Imagine a Bumper button on your favourite wallet or exchange app where you could tap it and the asset you just bought would be protected from the outset.
Jason Suttie:
As for competitors, currently we don’t think there are competitors who have a product that will protect like Bumper. But there are alternatives. Stop Losses, Options Desks. These are really old tech. Bumper is next generation
Gareth:
We joke about no competitors but there really isn’t a similar product out there. There are options platforms and options aggregators but that’s just taking a TradFi solution that was invented in the 70s and translating it into DeFi. We actually utilise the pooling mechanisms that DeFi offers to lower the cost to entry and protect a user’s asset value with a more user-friendly approach.
Jason Suttie:
Bumper is a new way of thinking about downside risk and keeps you in play through the ups and the downs
Jason Suttie:
Done
Navi:
“Simplicity Attracts” and this implies to Crypto Space as well. Simple user friendly product will surely lead to more adoption and success!!
More power to you guys!!
Navi:
[ ☺️ Sticker ]
Jason Suttie:
For sure.
Navi:
Next Question
Navi:
4-What are the core values of Bumper?
Navi:
Simple one 😎
Gareth:
Innovation
Community
Disruption
Gareth:
Done
Navi:
[In reply to Gareth]
+1
Navi:
Very well answered! I liked that 💪
Navi:
Next Question
Navi:
5-May I ask what is the use case of the BUMP token inside the protocol? High yield gods mode bump token sale and farm may seem attractive
Gareth:
The BUMP token is an integral part of the Bumper ecosystem, and along with the near-zero slippage engine, reserve rebalancing system, and multiple layers of redundancy, BUMP tokens further assist in maintaining the resiliency of the protocol.
Gareth:
The token is woven into every facet of the platform and is the first entry point to the Bumper ecosystem — since both price protection “takers” and liquidity providing “makers” need to deposit BUMP tokens to begin interacting with the protocol.
Gareth:
We’ve written an article on our Medium which goes into much more detail on this:
https://medium.com/bumper-finance/the-bump-token-economic-incentives-and-network-effects-c435b67b742
Jason Suttie:
Done
Navi:
Better use-case I hope it’ll increase with more adoption!! 💪
Gareth:
Done
Navi:
LIVE Question/Answer SESSION
It’s time to open group for next 2 minutes for our telegram community to present their Questions.
After that you’ve to pick 5 Good Questions and answer them.
You ready? 😎
Jason Suttie:
Go for it!
Navi:
Times up!
Navi:
Now you can answer 5 Questions :)
Navi:
Times up!
Account:
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?
Jason Suttie:
[In reply to Account]
Yes, we’re really keen to make sure everyone has the opportunity to get into Bumper. We recently launched our ambassador program and are receiving applications from community members who can help us in other languages, communities and more.
Check it out here: https://medium.com/bumper-finance/introducing-the-bumper-ambassador-program-83e38d491d8a
Gareth:
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.
Jaffer Ejaz:
[In reply to Gareth]
Plz slide on the questions so that we can give rewards to winners
Dele Account: Hello Sir,
Do you have AUDIT certificates?
Or Are you working to AUDIT your project, to make it more secure and reliable?
Jason:
We certainly do. We’ve had an audit completed recently for the first part of the protocol by BlockHunters. There’s a link on our website here — https://www.bumper.fi/bumper
As you will know security is a major concern within the space so we will continue to undertake audits as the project develops ensuring that the code is safe and everyone is as protected as they can be. After all Bumper is all about protection.
Jack Wilson:
I seen that you have done many AMAs, my question is, what do you expect to get from so many AMAs and what are your goals with the community? Do you consider the community to be a fundamental role in the project?
Gareth:
Yeah, we’re ramping that up. Community is crucial for network effect and success of any project. We have really good loyal support from our community and we also want to extract the ideas and talent from them too. Again, aligning value for users, stakeholders and the protocol itself. All starts with community.
Jason:
Ooh, good question. And tricky to decide amongst these. I think that as the project will eventually head toward being a DAO community is super important, so Community Trust will take us a long way. With that will come some of the others like token price/value and expanding partnerships. So they’re all actually quite related.
Anonymous:
•Where can I buy it?
•also all the links to all your social media platforms if possible?
Gareth:
Participate in our LPP — https://bumper.fi/lpp
You can follow Jason here: https://twitter.com/CryptoPylot
And me — https://twitter.com/s_boomerang
Join the whole team for our Office Hours every other Thursday. The next one will be on the 23rd Sep at 10am UTC
Stay Connected to the Bumper Project:
Join our Telegram — https://t.me/bumperfinance
Follow us on Twitter — https://www.twitter.com/bumperfinance
Join our Discord — https://discord.gg/YyzRws4Ujd
On our latest updates you can check out our last Sitrep with the team — https://medium.com/bumper-finance/bumper-sitrep-002-cb75b0425ca3
Navi:
Thankyou @jasuttie @straightboomerang for your precious time.
It’s really awesome to introduce Bumper Finance to our community. I’ll recommend everyone to Join their telegram group 👇
https://t.me/bumperfinance
Jason Suttie:
Amazing. Thanks for your time and all the top questions.
Gareth:
[In reply to Jaffer Ejaz]
Thank you for having us! Really good questions so greatly appreciated.
About Bumper
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:
Join our Telegram — https://t.me/bumperfinance
Follow us on Twitter — https://www.twitter.com/bumperfinance
Join our Discord — https://discord.gg/YyzRws4Ujd
Visit our Website — https://bumper.fi
