- Bumper is a platform that will allow traders on decentralized exchanges to set a stop loss for their trades
- Bumper will also allow users to earn yields in USDC format
- Bumper has been designed by the team at INDX and was known internally as Jellyfish
One of the bugbears of traders on decentralized exchanges like Uniswap, 1inch, SushiSwap and the like is that it is impossible to set buy and sell orders – trades have to be executed there and then at the market price. However, a project that has gone through several guises is now looking to help traders out by allowing them to use a stop loss across all decentralized exchanges. Meet Bumper.
Bumper Helps You Stay Standing During a Rug Pull
Bumper promises a “radically innovative DeFi protocol” which allows traders to protect their DeFi holdings by setting a stop loss on their trades – a price at which the token will sell should the price drop. This ensures that if the price crashes (or the team rug pulls) while you’re asleep, your profits will be protected as your token sells at your protected price. This transactions is conducted through converting your protected funds to the Bumper version (bETH, bBTC etc) and then re-converting when you want to remove the protection.
Bumper also allows users to earn a yield in USDC by providing liquidity to the protocol, earning a percentage of the fees users pay for protection. Further, as the pool is covering unrealized liabilities only, a large percentage of the yield can be sent to other DeFi protocols to earn a secondary yield on top of the premiums received from those using Bumper.
Great First Step in DeFi Trading Security
While Bumper doesn’t allow for the ability to set selling points, the fact that users can protect their profits is a great first step, eliminating the concerns around a market crash or a token-specific black swan event.
The team behind Bumper is the same team that started out in 2018 with INDX, the masternode platform that was canned in favor of a DeFi solution. This was known in the interim as Jellyfish, but this has now been changed to Bumper. No launch date has yet been set for the new protocol, but for those who have invested in questionable projects, it can’t come soon enough!
