> ./bumper-comms.sh 001.txt_
Welcome to Sitrep #001 — a situation report of the Bumper project.
We’ve taken on board your feedback that you don’t want stale reflections from the previous month. You wanna know what’s going on now! What we’re working on, who we’re talking to, which vintage T-shirt is Gareth wearing today. So going forward, rather than a recap, these updates will fill you in on the situation right now.
❗ Bumper Numbers ❗
Total Liquidity Provided: $15,021,220
Current LP APR: 457%
Current Token Price: $0.72
Whitepaper v1.0? 🧾
It’s well over 200 pages.
Yeah… and there’s more to be added.
The last couple of weeks has seen the core internals of the protocol be reworked. In Sam’s words: “It could do with another pass at some point later in the year, but now we have a simpler and minimal set of basis ratios for the protocol to target. Too few or too many would make algorithmic solutions a lot more difficult. We now have 6. 6 is a good number. 1 + 2 + 3 = 1 x 2 x 3. Nifty huh?”
Right…
So Sam’s busy updating our master document and diagrams with the new innards and updating the bits that rely on them. This master doc will ultimately be broken up and used in several places, like the final “Whitepaper”, but also the Bumper Docsite, a functional specification, and probably also some blog posts too.
We’ve also refined the assumptions and motivation behind the protocol, which is super important for ensuring we can accurately articulate not just how Bumper is different, but why such a market design is desirable. It’s too easy to simply port an existing market design to blockchain; in order to get the most out of a decentralised application, it’s essential to use a different set of design principles that exploit blockchain’s unique features. “MARTY! You’re not thinking fourth-dimensionally!”
We are all very keen to share more, but we’re also conscious of releasing more of the design too early and providing a disadvantage to the Bumper project if others outpace us.
What do you think?
Protocol Development
Update on Design Phase
- We’re currently building out several interim releases alongside the full protocol. These upgrades will be needed to wrap up the LPP and lay the groundwork for future releases, and include things like adding extra functionality for withdrawal, vesting and state migration; the last of which is also an opportunity to add in “pre-release” code (e.g. contract architecture updates) to make the full release easier.
- We’ve also kicked off a round of upgrades to the protocol simulation with Agent-Based Modelling (ABM). Coding these in will be done over the next couple of weeks, and from there we will go through another round of parameter tuning under a range of volatility scenarios.
- Besides the ABM, Sam’s also working with his team to develop a parallel model using something called a “state-space method” in MATLABPython. Hokay…
Liquidity Provision Program 💥
We’re closing in on the halfway point of the LPP, with $15m in liquidity having been deposited. So, is this good or bad?
In reality, the answer is, perhaps rather boringly, neither. The purpose of the LPP is threefold:
- Get some tech built and released
- Get early supporters familiar with the general flow of depositing, and locking up, and,
- Get some tokens distributed and raise the profile of the project.
Even if no more deposits are made, the current TVL $15m already means the protocol will launch. From that perspective the LPP is already successful, but even without this, the protocol’s internal mechanisms always serve to balance the risk on both the ETH and USDC sides at all times.
Keep in mind too that we’re only half-way through, and as the timeframe for the remainder of the LPP gets shorter, the annualised return (the APR on the main page of the app) gets larger, meaning that it’ll slowly get more and more attractive to anyone waiting on the sidelines. But, again, if the rate of deposits starts to increase beyond a certain point, there’s a risk that those on the sidelines will miss their opportunity.
We’ve answered a bunch of questions in short form across Telegram and Discord and have expanded on these into a longer post which answers the burning LPP questions. You can read this on Medium.
If you’ve not already become an LP, tell us (via TG/Discord/Email) what stopped you from engaging. What makes a given project worthy of your attention?
If you’ve already deposited and you’re worried that the TVL is “too low”, rest assured there’s no minimum that’s needed for Bumper to launch. But if you want to improve your personal return, then you can do this by becoming engaged and helping others to understand why you chose to support Bumper.
LPP V2.0
Come October 14 if you’re an existing LPer, you’ll be able to withdraw your USDC. But your BUMP farming journey doesn’t need to end there: LPP V2.0 begins which bridges the gap between the end of the current LPP, and launch. We’re still working through the specifics but we want to hear from you. What would you like to see from 2.0? USDC Rewards? 80s Movie NFTs? We want your input on this so that it’s constructed from everyone’s voice.
Community Programs
DeFi projects are decentralised by name, and are best served decentralised by nature too. Strong community engagement is a clear sign of a healthy protocol, and so you, the token holder, (yes, you) are important in the project’s future.
We mentioned in the last update that we’re keen to explore options to get you more involved bringing Bumper to the masses. Since then, we’ve started building out our community incentive and Ambassador programs which will give you the opportunity to earn extra rewards for helping out. Look out for a separate post on these shortly with more details.
Press / News / Events 📅
Bumper “Office Hours” — Starting 9/9/21 the Bumper team will be live for a fortnightly update and Q&A. Details to follow.
[INTERVIEW] — Crypto Rain Interview with Jonathan DeCarteret
[PRESS] Coinspeaker — How Bumper is Planning to Reward Their Early Adopters
Team Building
We are interviewing a number of interesting people who might fill various roles, including technical ones, and as we all know, Solidity developers are very hard to get at the moment.
And in the midst of all the interviews, something very rare occurred: Sam took to Twitter to flex his meme skills…
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
