Hey everyone,
Just giving a quick update on the Epoch rewards. Good news and bad news but we want to bring full transparency to this issue as many people are concerned. Firstly, you WILL get your rewards. Trust us. We have, quite frankly, been inundated with development and everyone has been stretched thinly of late. We understand your frustrations and make no excuses. Here is what has happened and what our plans moving forward are:
- At the end of Epoch #01, capturing the data completed as planned.
- Analysing the data to extract the eligible LPs completed as planned.
- Calculations appeared to have gone well but we had some anomalies during cross-checks which took a little while to work out. We have resolved that and we’re happy now. Doing a final check in the morning.
- The airdrop was moving forward when we realised it would be easier to simply write a smart contract to do it for us, making the whole process easier to manage for future Epochs. This has delayed us for a few days.
- The new contract was written and went well but we hadn’t anticipated the number of eligible participants which meant the estimated gas cost was far too high (imagine spending $50 to pay someone $1…).
- The consideration to pass those gas costs on to the LPs meant there would be little, if any, USDC rewards, due to the high cost. Same problem, just in reverse — still not good enough for the team.
- Considerations of distributing to LPs who had more than an ‘x’ amount of USDC (so, pay $X in gas to distribute $X in rewards) was also not ideal and something we were loath to do. There may still be a minimum USDC value but it will be quite low and we hope the community will understand.
- Considerations of accruing those lower figures (e.g. several USDC worth) until there was enough to distribute and the gas costs could be justified (still a question mark on that one) would have reduced the Epoch distribution costs but not solved for future Epochs. This also becomes a data management issue and a drain on resources when we need to be building the protocol.
- We looked into creating a contract on Optimism to minimise costs but it’s massively complicated and the user experience is still so nascent. Might take too long as well but the idea is still in the mix.
- Creating a claim function so the users can claim when they want to. This is still expensive for the user on Ethereum but this doesn’t lower costs for the update to the contract for each Epoch anyway. Besides the added complications we felt the costs wouldn’t be mitigated and both Bumper and LPs would suffer. We may come back to this but think we have a better possible solution.
- Utilising Binance Smart Chain to reduce costs is an option but there are complications with needing to lock the tokens but still allow a transfer back to the bridge contract address (closer to IDO). This adds more work to an already ‘at capacity’ dev team but maybe the best answer and one that could be utilised for future use cases.
Where does this land us?
Well, we’re trying to find a feasible solution given the challenges presented above but we don’t have a clear answer at the moment. The BSC option is the most likely candidate and that could feed into future things we may use that chain for so it wouldn’t be a redundant exercise. In the meantime, we’ve made an update to the dApp so all users with eligible addresses can see their rewards for Epoch #01. To see this, login to the dApp, connect your wallet and view your rewards under the Deposits section.
Epoch #01 Results
After all that, we do have the results for the first Epoch and we think they’re pretty good!
* Eligible Net Deposits were determined from the users’ minimum USDC deposit that remained in the protocol for the entire Epoch. We have not included Bumper-owned funds from Private Sale or Pre Sale and have not distributed any BUMP allocation to the Bumper-owned address.
Learnings
Ethereum is in a unique situation at the moment with rising Ether price, popularity, and functionality, making committing transactions very expensive and making small value transactions uneconomical. We’re in the same boat as everyone on this, and it’s become a key focus for the dev team so that we can find solutions now and in the future.. We are now working to solve the gas cost issue for both Public Sale and staking. We’ve kicked off R&D on both BSC and Optimism as solutions. Worth noting this is a lot of work and we are doing our best to manage both gas and user experience for this phase, as we keep our eye on the main event and try and reduce negative impact on building the Bumper community’s protocol
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:
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