Introduction and context
It’s been 2.5 years of R&D since Bumper launched as a project with a radical idea — to re-imagine risk management for cryptocurrency users and develop a novel new DeFi hedging solution.
From the beginning, our mission brief was to provide users with a method to protect the value of their crypto assets and remove the downside volatility of your Bitcoin or ETH.
But that’s only the start. Our vision is much bigger than that, and this is why we’ve had our top people wargaming the possibilities of what Bumper can do.
To achieve all this, our goal is to deploy a protocol that’s simple to use, transparent and price efficient, that uses a completely different architecture and cost structure to existing options products, improving on the 50-year-old Black-Scholes model for calculating premia and resultant yields.
This has been no small feat, as the protocol is both highly complex under the hood and has no predecessors upon which to draw wisdom from. This could only be achieved thanks to the support from our partners, collaborators, and early token holders.
What this has meant practically is that part of the process involved trying to figure out not just what, but HOW the protocol needed to be developed. For example, at many points along the way, we sometimes realised that a piece of work we had spent some time on relied on certain dependencies which we had not originally factored in, and there was a need to step back, unravel and rebuild. Wax on… wax off!
The conundrum we have faced in R&D is to solve the ‘trilemma’:
- Provide price efficient protection
- Ensure sustainable and attractive yields
- Remain totally solvent in virtually any market conditions.
We have now solved for this and are ready for the final countdown.
So strap in — this is what you’ve been waiting for.
Mainnet Launch
Now that we have worked through all the various dependencies, and gained clear proof that the protocol does indeed perform as intended, we are finally able to reveal the actual date for Bumper’s launch.
Drumroll, please…
Bumper version 1.0 “Auryn” will launch on 1 August 2023 on the Ethereum blockchain.
Technical Roadmap to Launch
There are a few modules which still require completion, and it was impractical to begin working on them until the completion of our simulation testing.
However, the sprints required to get it across the finish line are now clear, and the Gantt chart below shows the remaining scope of work and timescales to completion for each of our engineering streams:
In order to ensure the security of user funds, a final smart contract audit with a top-tier contract auditor will be conducted over the space of a few weeks beginning on June 14, alongside thorough internal testing, which will run to around mid-July.
The audit report is expected to be finalised and released publicly on or around launch.
We’ll keep you regularly updated as we progress with all of the various sprints.
Key roadmap dates
Following are the key milestones for various deliverables in the Bumper ecosystem, which will occur in the run-up to the mainnet release of the protocol.
DAO Launch
The governance of Bumper through a DAO has been a major goal since day 1. We are pleased to announce that we will be releasing v1.0 of the Bumper DAO on May 18.
Staking
From May 11, the legacy staking contract rewards will be wound down and will no longer emit any further token rewards.
We will create a global unlock of the legacy staking contract, and users who have funds locked in it are encouraged to claim their rewards, withdraw, and stake their tokens into the Bumper DAO instead.
Simulation Report
Bumper’s simulation has been arguably the single most important piece of work we absolutely had to complete before being able to move forward to release.
Its purpose was to simulate the economic performance of the protocol using real, historical market data over many years, benchmarked against multiple models (including Black Scholes) and competing products that already exist in the market.
Furthermore, simulation results were absolutely critical in tuning the protocol’s more than 100 different inputs.
This major piece of work is now undergoing review by external third parties and the full technical Bumper simulation report will be released on May 31, along with smaller abridged and one-page versions for ease of reference.
Liquidity Mining
Our current liquidity mining program, which rewards users for providing BUMP-USDC liquidity to the Uniswap v2 DEX, is slated to end on May 31 but the program will now be extended until launch. There will be an adjustment to the BUMP rewards, however, so stay tuned for the latest deets on this.
New Brand Launch
For some time, we’ve been working on rebranding Bumper and from May 31 we will begin updating all our socials and documentation in line with the new ‘look and feel’ of the protocol.
Gitbook Documentation
Gitbook will be the main source of information relating to the Bumper protocol, and starting from June we will populate it with the latest information and guides, with completion before the launch of the mainnet.
CEX Listing
From late July, BUMP tokens will be available on a centralised exchange. We’ll announce which one as we get closer to the time.
Playground — Artax
Bumper’s playground (previously referred to as our ‘Beta’), codename: ‘Artax’, will be deployed on a testnet on July 15, allowing users to familiarise themselves with Bumper protocol using zero-risk test tokens.
Post Launch Focus
Of course, the August 1 2023 launch date of Auryn is just the beginning.
Beyond this, our focus is on user acquisition and growth, and adding more value to the protocol in terms of:
- TVL and user growth
- Preliminary usage
- Bumpered asset usage
- Adding other chains and tokens
- Growth marketing & onboarding new partners
Conclusion
For the last 50 years, risk markets and products which allow users to benefit from volatility haven’t really changed too much — until now!
It’s been a long, and sometimes unpredictably wild adventure to develop a completely radical solution which challenges the incumbents, and we are acutely aware that the delays which have occurred along the journey may have led some to doubt whether Bumper would ever launch.
With that said, we’re grateful to our community for their support and patience throughout this process and we look forward to you joining us in shaping the future of risk management in the cryptocurrency space via Bumper’s DAO.
So, if you aren’t already, make sure you’re connected and benefit from being among the first to be informed of the latest developments:
- Follow us on Twitter
- Join our Discord
- Bookmark our Blog
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