We recently took part in an AMA with BlockTalks, on June 8th at 10.30 AM UTC. Many of you might have participated or many of not. But we want to make sure no one misses out from the insights shared by Jonathan DeCarteret, CEO of Bumper. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of info for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce Bumper to our community in layman’s term?
Ans — Bumper has one objective to protect the price of your crypto assets. How we protect your assets price is the clever part. We built a near-zero slippage engine that is protects assets for around 3%p.a. Your asset will never drop below the price you’re protecting. But will go up if your asset surges.
Q2. What are the advantages of Bumper to other alternatives in the Blockchain field?
Ans — Indirect competitors are Options — which are clunky, complex and expensive. Or Stop-Loss which is a 1way ticket out, meaning you miss any upward surge. Bumper is a radically innovative DeFi solution to the volatility problem.
Q3. What are the major milestones Bumper achieved so far & what are in the future pipeline?
Ans — 2021 Q1: [Design & Raise — COMPLETE]
$10m+ Fundraise (over $e32m USD oversubscribed).
2021 Q2: [R1a Launch — IN PROGRESS]
Agent-based and game-theoretic modelling for proving cryptoeconomic design
Modelling of token economics (i.e. token liquidity and treasury forecasting)
Dual independent smart contract audit.
Mid June: (On-Track) Release 1a for Liquidity Providers (“Makers”)
Target TVL for initial release $100m
2021 Q3: [R1b Launch — IN PROGRESS]
Mid-August: (On-Track) Version 1.0 Bumper protocol launch
Retail go-live via Bumper DApp.
Secret partnership announcement and integration with major DeFi protocol.
Continued work on improved Bumper protocol capital efficiency via integrations with:
CDP lending sites (Aave/ Maker/ Compound)
Wallets (Metamask/ Coinbase)
Centralised exchanges (Binance)
Decentralised exchanges (Uniswap/ Sushi/ Balancer)
Synthetic assets (Synthetix/ Mirror)
Derivatives (Barnbridge/ Nexus/ Vesper)
2021 Q4: [R2 Launch — IN PROGRESS]
Expanded asset protection whitelist to include:
Major large-cap ERC-20 assets
bCOIN, e.g. (bTSLA/ bAPPLE/ bGOOG)
Expanded stablecoin compatibility (BUSD/ USDT/ DAI)
2022 Q2: [R3 Launch — ON ROADMAP]
Interchain interoperability (i.e. BSC/ ETH L2)
Questions Asked on Twitter For Bumper Team!
Q1. I want to know more about Bumper Finance, Can you give a brief overview for tokonomics and token supply? Will there be burning and repurchasing of any kind? What do you want to achieve for you and does that include any form of scarcity paths such as stake, save, or burn?
Ans — We are VERY careful designers of Bumpernomics and Protocol design. The protocol is designed to concentrate utility at every juncture.
Specifically, use BUMP to pay for protection premiums, Receive BUMP as yield, Staking Bump, Speculating on Bump, Daily distribution of BUMP to incentivise all actors and of course BUMP as a governance token.
Q2. I read that the next opportunity to hold the $ BUMP token will be to become a Liquidity Provider. what are the requirements I need to meet to become a Bumper LP? why has this become the only way to become a $ BUMP holder? will there be other ways in the future?
Ans — Bumper believes in rewarding long terms supports of the protocol. Liquidity providers who deposit USDC will farm BUMP tokens as a bonus and gain exclusive access to a LP Private sale. There is no minimum deposit. There will be further opportunity to buy BUMP at pre-sale and then public sale.
Q3. A partnership is essential for Adoption, so can you tell us which partners you have now and in the future?
Ans — Bit early for us to make meaningful partnerships until we launch. But we are circling lending sites first (because your Bumpered assets will never be liquidated). Aave, Compound, Maker etc. Then other DeFi protocols and vaults. Then wallets and exchanges like Metamask, Robinhood, Coinbase etc.
Q4. Blockchain technology and smart contracts are very common in the cryptocurrency market. Does BUMPFI have additional tools with which it can guarantee it’s participants the full recovery of what is owed?
Ans — Bumper works by balancing an unstable asset like ETH with a stable asset like USDC. Its takes the risk represented by the unstable asset and distributes it among pooled liquidty providers, surrounds them with first and second order mechanisms to rebalance, then uses cascading redundancy measures and a prudential capital reserve to backstop it.
Bumper can robustly deal with very distressed levels of volatility.
Q5. One of the services you have, BUMPER DApp, will it support any type of wallet? Are there any transaction fees and what interesting features does it have?
Ans — Will support Metamask/ ledger to commence with
Fees — premium costs and GAS fees
Interesting features — protection of tokenized equities like TSLA
Eventually protection of traditional equities and derivatives.
Questions Asked by our BlockTalks Community Members during live Session to Bumper Team!!
Q1. 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?
Ans — Short answer is yes. You’ll need to read the flashpaper, but the protocol is extremely efficient and robust and more than capable of dealing with BlackSwan events and the kind of drops recently witnessed.
Q2. One good thing about Bumper is we would not have a loss from our investments due to its Crypto Invulnerability. May I ask how can I protect my crypto with Bumper? What are the steps to access your services?
Ans — The Bumper DApp is super easy to use something we build to be extremely intuitive. It takes just 6 clicks to get protected and about 2 to exit your policy.
Q3. Is your aim, to become the number one (leader) in God-Mode for Crypto project and if so what will you say is your biggest strength to achieve it ? In your opinion, who is the biggest competitor in your project?
Ans — When you understand how Bumper works, you’ll realise that the higher the TVL and higher the token price of BUMP, then by design, the protocol becomes more efficient and robust. We are the first people to crack this and we see this as a land grab to become the default Defi brick to protect the price of your assets — thats why we’re running at light speed to deliver the protocol.
Q4. How bumper is earning in this process could users get benefit for holding your token and is there any threshold for locking crypto and locking period as i checked 2 weeks mentioned there.
Ans — Yes — we are finishing our modelling, but there will be a lock-up between 2–3 months but with an APY as high as 172%.
Q5. How important is the community to you? and how can we collaborate or help you for the development of the project?
Ans — Community is super important since Bumper will live or die depending on how much user engagement we can attract.
Q6. 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?
Ans — We will soon be publishing full instructions on our Liquidity Provision programme and expected APYs and also how your can swap your USDC to BUMP before the pre-sale opens — Watch This Space.
Here are some important links of Bumper👇
🌎 Website: www.bumper.fi
📱 Twitter: twitter.com/bumperfinance
📢 Telegram: t.me/bumperfinance
🎮 Discord: discord.gg/YyzRws4Ujd