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AMA RECAP : Decentralized Club + Bumper

On Thursday 17th June, Bumper held an AMA on Telegram with the crypto channel ‘Decentralized Club’. Celeb hosted, and was joined by CTO Sam Brooks and COO Gareth Ward. The AMA included:

  • The benefits of becoming an LP investor.
  • How Bumper can be used by both institutions and crypto novices.
  • How the protocol is able to handle any future market drops.
  • The incentives in place to prevent short-term dumping of BUMP.
  • The stringent security measures Bumper is taking to protect its users.

Celeb:

Good morning everyone

Welcome @SamuelBrooks

Sam:
hi

Celeb:
Group closed

Gareth:
Hi all!

Celeb:
We would be moving as fast as we can

Hope you enjoy the ride today with us

Before we go through the introductory segement twitter website and live preselected questions

Can you gives us a brief about your self and your position on the bumper finance team

@SamuelBrooks

Sam:
Sure

Sam:
I’m the CTO of Bumper.

Celeb:
Welcome @straightboomerang

Sam:
I’m an engineer at heart and have been solving problems in blockchains for about 7 years now. I was originally working for Havven, another Block8 venture, before I moved over to work on Bumper for the upcoming launch.

Celeb:
Great to know

Gareth:
I’m Gareth Ward, COO and co-founder of Bumper. I’ve worked primarily in creative industries before, but started INDX (our parent company) in 2018 with Jonathan DeCarteret. Since then I’ve been working in tech / crypto startups.

Celeb:
Wow

Let’s move to sgement 1

We have answered question 1 of sgement 1 already

2. Could you give us a simple explanation of what Bumper is?

Gareth:
Of course! Bumper is a very user-friendly DApp that allows you to invest in a certain amount of crypto assets and set a price floor that you can ensure the value will never drop below.

For example, you could invest $10,000 and Bumper 90% of it. If the value of your original investment ever dropped below $9000 you would be protected effectively in stable coin in the protocol. You can then redeem or wait to see.

This means you can essentially insure the majority of your investment from any drops in the market, but still have the opportunity to be back into that same asset if the price surges.

Celeb:
3. Aren’t there other types of crypto asset protection similar to Bumper?

Sam:
There are a few ways one could protect against downside risk for crypto assets. Most people are familiar with a stop-loss function on a centralised exchange — this is a sell order you put in ahead of time to sell your assets before the asset price falls too far. The trouble with this however is that it can’t easily re-buy and also provide access to upside if the price swings back up again.

An evolution of this is some form of trading algorithm, or bot, also on an exchange; these can be hard to use and accumulate ‘slippage’ from lots of little trades.

Then there are options desks which can be expensive and quite difficult to use, which is why they are normally preferred by professional traders.

Bumper, on the other hand, is simple-to-use, very flexible and efficient in tackling slippage. Fundamentally, there are no real alternatives that are similar to it

Celeb:
Great to note

Let’s move to preselected questions from website

Are you ready

Can you explain or provide a way to generate $BUMP tokens after the USDC deposit and where can we continue to get the latest information about Bumper Finance?
• Telegram Username: @guddu201912

Gareth:
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 the third quarter of this year.

Our token will have a very short and very limited yield farming opportunity. The only way to acquire Bumper network tokens after this will be to either purchase them via a third party DEX / CEX, or preferably, to participate in the network itself as a Taker or a Maker.

Here are our social links to stay on top of any updates we have:
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

Celeb:
I understand that your protocol can withstand certain slight market drops by providing liquidity, but can Bumper really withstand and withstand market drops as large as the one registered last month? or must they meet other requirements to protect them?
• Telegram Username: @guddu201912

Sam:
Yes. Bumper can be tuned to in fact withstand any kind of market drop.

There is a lot of modelling going on right now to get the settings right to ensure that the protocol is as cost-effective as possible.

There is only one theoretical kind of market drop that Bumper cannot withstand,

and that is if the price of ETH goes to 0 instantaneously and stays there for an infinite amount of time.

So as long as that doesn’t occur, then there are a set of parameters under which the protocol works.

Gareth:
Ha! Well, then crypto is over for all of us!

Celeb:
Definately

Nowdays the main problem of crypto market is high gas fees and scalability. How do you plan to overcome this issues? Will you focus on L2 solution?.
• Telegram Username: @Jemtran

Sam:
Yeah this is a good question too.

The protocol seeks to minimise fees to be as low as possible. The fees levied on Takers are a function of market risk; so as the market conditions degrade (i.e. with increased volatility or down-side risk markers), then the premium (fee) will adjust accordingly. This ensures that the fees only accumulate for the risk that the protected asset presents, meaning that they can be as low as possible.

The incentives balance in real time based on the internal state of the protocol and a measure of the external prices of the protected assets, including the fees for Takers and yields for Makers. With this approach we avoid the kinds of unsustainable incentives that we often see in other protocols.

We’ve also got a roadmap that details expansion of the system in terms of both the protected asset types and chain interop. This includes integrating Bumper with lending protocols which is interesting and then on to “Bumpering” more assets as they come on chain.

Celeb:
Can you give a pictorial roadmap to the community

Sam:
Working on a nice pic 😉

At the moment it’s in a schedule / backlog priority

Celeb:
Let’s move to the 0rwslecetex twitter Questions

Elsan 🇳🇬
@dens_club @bumperfinance What are your status regarding the audit of your project and security mechanisms to protect and assure the participants of the ecosystem? @mrozigi @21zigss

and can we use these twitter questions as well please

https://twitter.com/Ozigielsan/status/1404395061152997377

What are your status regarding the audit of your project and security mechanisms to protect and assure the participants of the ecosystem?

https://twitter.com/Radrika4/status/1403581948593807362

At the moment , where you are focusing right now ? building and developing product or getting customers and users, or partnerships ? Could you share it?

https://twitter.com/truongtran0305/status/1404015271027757058

Most solid projects with token utility and good infrastructure but perform poorly because investors dumped after listing on the first exchange. How do you prevent early investors from dumping your tokens?

These are 3 questions preselected

Take your time

Sam:
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. 😉

Celeb:
To answer each one

Sam:
@straightboomerang you want to tackle that second Q?

Gareth:
Yeah, thanks Sam. In terms of where we’re at right now we’re getting ready to launch the liquidity pool (LP) bootstrapping program for July. During this time we’ll 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 one month. This will allow yield farmers to deposit USDC and receive $BUMP. For more info you can see the near real-time build here: https://www.notion.so/6f6df7a584264f96bbaec17663df455c?v=7d174c9f32ca4985a8046215a71cdf84

Prevention of dumping question…

Our view is that all stakeholders are aligned towards the same goal. We’ve designed the protocol carefully and that includes the Bumpernomics and Protocol design. Tokenholders, Takers, Makers, Stakers and even the protocol itself all benefit from a robust and increasing token price. The utility of the BUMP token is closely aligned with the protocol performance and this means the economic value of the BUMP token will be aligned with the utility of the token, the user (the token holder) and, therefore, the trader.

This is why the protocol is designed to concentrate utility at every juncture. We also chose to have a vesting period of 18 months. All of these elements combined together make Bumper a suitable long-term investment, preventing early investors from simply dumping the token. This applies to all team and founders.

Celeb:
What user case does bumper token have

Hi

Sam:
The key use case is for a non-professional user to park crypto assets into the protocol and not have to worry about downside volatility risk.

We start with ETH, and then add whitelisted ERC20s as we go along if they meet certain criteria.

These criteria are designed to ensure good quality or otherwise countercyclical assets to improve diversification across the set of bumpered assets.

Use cases after that we covered earlier to a degree as the functionality of the protocol can be extended to other areas.

Celeb:
Let’s move to the live sgement

We would be opening the group for 1 minute

With a 10 second slow mode

Are you ready

No copy and paste

Group opened

I think. Am experiencing a telegram bug here

Group opened guys

Valentina Balistreri:
Until what corner of the world do you plan to arrive? that is, to what extent in the world do you think Bumper Finance will be solving people’s problems with their infrastructure?

Can you tell us a little more about the Bumper Finance ecosystem? I think this is important to the project.

Celeb:
Pheeew

Gareth:
All corners really. This can become a very retail product and attached to all kinds of apps.

Even trading houses have indicated to us that this could be an awesome tool for them to use.

Big and small players will find utility.

Sam:
Any other questions…? :)

Seems there’s a bug with TG

Celeb:
Having issues opening the group

Can you open

Celeb:
@harvey_bumper hello

Celeb:
Can’t get a hold of it
Please hang on a minute

[Channel opened for AMA questions from the community]

Celeb:
Group closed

Pheeew telegram

Can you select 3 more questions

Q1. Edward:

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?

Gareth:
Yeah, the LP program is structured to reward better the earlier you come in. It will reward really well throughout the programme but if you were to come in first, the potential APY is likely to be 200–300%. We’re finalising the figures now and full promotion will start in the next few days so make sure you jump in the Telegram group to keep track of it and have your liquidity deposit ready.

Here are our social links to stay on top of any updates we have:

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

Celeb:
2
2 more to go

Q2. Ayla Bertan:
May I know why token burning is not included on Bumper Fi?? And
What block chain do you plan on integrating to next??polkadot??

Sam:
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.

In terms of Polkadot, this is one chain we’re considering for future integration, but for now, Ethereum has the strongest DeFi network effects and it makes sense to start with Ethereum.

Q3. Adam

-Among the milestones” you have planned for according, to your roadmap is the Listing top CEX can you tell, us about it??”,
-Is Binance at the top of this list?
-This would give a big boost to the project.”

Gareth:
Yes. I think Binance is the top of the chain for every project, right? 😉 We are in the process of discussions with them and we’re also talking to Kucoin. We have others in mind and are having those conversations but there will also be decentralised opportunities that we’ll put in place so we can kickstart the liquidity. We’ll announce that in due course though.

Celeb:
3

Celeb:
4

Post your social media links and website

And any other thing you have for the community

Gareth:
@Calebkure I think we’ve answered the questions. Thanks for having us. Really good questions from the community so please do follow, share and like our stuff.

Here are our social links to stay on top of any updates we have:

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

We’ve got to dash into meetings now so thanks all!

Celeb:
Thank you for your time

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.

Join the conversation in…
Telegram:
https://t.me/bumperfinance
Discord:
https://discord.gg/YyzRws4Ujd

Check out the website: https://bumper.fi

Follow us over on Twitter: https://twitter.com/bumperfinance

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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.

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

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