According to the report Bumper, the DeFi protocol which protects the price of crypto assets, recently announced the close of a highly successful BUMP token presale which saw them raise over $3.75million throughout a week long duration, it claimed that with the first day alone seeing over 5,500 visitors to the presale site.
Commenting on the presale, Bumper’s CEO Jonathan De Carteret stated: “the success we saw throughout the presale process is reflective of the incredibly strong demand we’ve seen for BUMP throughout every stage of our fundraise; the DeFi space is crying out for a solution to the perennial problem of volatility, and with Bumper they need look no further. We can’t wait to build on the phenomenal momentum which has been established so far and take BUMP to the next level!”
The report documented that the presale marked the last opportunity for investors to purchase the BUMP token at a discounted price to the IDO and public sale which will be taking place later this year. Members of the crypto community who aren’t yet holding BUMP will now need to participate in the IDO in order to receive the bullet-proof price protection which the token facilitates.
In accordance with the report the Bumper protocol definitively solves the long-standing issue of crypto volatility by protecting assets against market dips while ensuring users maintain full upside exposure. It allows investors to set a “floor” price: a protected level at which they can trade their assets for a stable coin should they wish to redeem. The important bit to note here is the protocol doesn’t close the investor’s position, which means the user is still exposed to the upside.
It claimed that to take out protection when the Bumper protocol goes live, users will need to be holding BUMP tokens. The token is woven into every facet of the platform and is the first entry point to the Bumper ecosystem – since both price protection “takers” who wish to participate by protecting their assets from price shocks will need to deposit BUMP tokens for the duration of their protection position.
As stated by Bumper once users have protected their crypto, these Bumpered assets will then be able to be used across other protocols within the DeFi ecosystem, such as Collateralized Debt Positions (CDPs); a user could, for example, stake Bumpered Eth into a MakerDAO pool in order to receive DAI stablecoin, and could do so safe in the knowledge that they’re protected from black swan events which could trigger a liquidation of their assets.
In addition, as per the report to earn from the protocol liquidity provision “makers” will also need to be holding BUMP; when the protocol goes live, they will be required to deposit BUMP tokens while contributing stablecoin to the liquidity pool. Utility of the BUMP token also comes in the form of governance rights which are conferred onto holders, and which allows them to play a role in the future of Bumper as it moves towards a Decentralised Autonomous Organisation (DAO). Further along Bumper’s roadmap, the project has plans
Commenting on the utility of the BUMP token, Bumper’s COO Gareth Ward stated: “BUMP is the fuel behind the fire of the Bumper protocol; we’ve baked the utility token right into the very heart of Bumper’s ecosystem, in order for us to drive more value for token holders as the project expands. We’ve always regarded community as the most decisive factor in the success of the project, so we fundamentally believe in offering significant rewards and incentives to each and every Bumper community member and BUMP token holder. With them by our side we’ve no doubt that Bumper and BUMP will go on to achieve great things!”
