We founded Bounce in 2020 and introduced the world’s first decentralized auction platform. Our central philosophy is to provide permissionless tools for anyone in the ecosystem to create and participate in any auctions. There are many types of auctions for tokens and NFTs, including some that are industry firsts. As we have progressed, we have introduced additional products beyond decentralized auctions to meet market demand, including an NFT marketplace and freelancer platform. We believe that the market is rapidly evolving and that the needs of people in the ecosystem are also changing. We value community feedback and are always looking to learn about product needs in order to continue innovating in this space. We would be happy to take this opportunity to share our key value proposition and product roadmap for 2023 with you.
2023 Philosophy and Ideology
Hybrid Finance infrastructure (Hyfi)
The Luna and FTX events had a significant impact on the cryptocurrency community. Both companies, representing both centralized and decentralized finance, failed to deliver on their promises. There have been numerous analyses of how these companies failed and how we can improve to prevent such occurrences in the future. It is important to recognize that centralized and decentralized finance are not mutually exclusive and should be complimentary. Both offer unique advantages and serve different groups of people, providing different utilities. At Bounce, we value both centralized and decentralized finance and believe that a merger of the two can enhance financial stability and improve the user experience. In line with this belief, we will be introducing a hybrid infrastructure that combines a centralized account management system with a decentralized application and tool access system.
Information Based Defi (Infi)
Decentralized finance (DeFi) has brought significant financial efficiency and productivity to the cryptocurrency ecosystem. However, we have observed that DeFi is still often seen as a tool rather than a platform, and there is a lack of user-friendly experiences for using and participating in DeFi. This has led to many users falling victim to scams in DeFi. To address this issue, we are innovating the ideology of information-based DeFi to allow users to gain a deeper understanding of the tokens they are trading in DeFi. By incorporating an information layer into the DeFi experience, we aim to change DeFi user behavior and make information more important than the on-chain execution step. The information layer will also bring increased social interaction and useful data analytics to enhance the DeFi experience.
Independent Defi Unit
Traditional DeFi platforms often promote the aggregation of liquidity and pools of funds. This has led to the creation of terms such as “TVL” (total value locked) and “liquidity pools” within the DeFi community. While this collective effort ideology is popular, we believe there are issues of free riders and inefficiency in many DeFi protocols. To address these issues, Bounce is focusing on building independent DeFi units where each project or individual has their own set of swaps, lending and borrowing, and auctions. The DeFi components within each unit are interactive, but each unit is separated from others. This allows each individual unit to set its own rules for its DeFi environment without contributing to a large shared liquidity pool. The freedom and customization of independent units will bring more flexibility and efficiency to individuals and projects.
Auction Improvement and Innovation
During each market cycle, the cryptocurrency community experiments with different models of auctions and invents new mechanisms to improve the experience and meet new demand. The biggest lesson we have learned from Bounce V1 and V2 is that users sometimes rush into pools that they later regret investing in. To address this issue, we will be introducing a “regret” feature in our new auction mechanism. This will allow users to request a refund during the pool’s live time. Additionally, we are inventing new mechanisms to improve the fairness of auctions, such as orderbook auctions. Overall, these improvements will enhance the user experience and increase satisfaction with our auctions.
Multiplatform to One Platform
Initially, our strategy was to create a variety of products and services to meet market demand. The multi-platform ecosystem of Bounce attempted to capture demand from various dimensions, including DeFi, NFTs, and the labor market. The experience of building a multi-platform allowed us to now focus on building an aggregate platform that offers all of these services under one platform. We believe that this will greatly improve the user experience and help us gain user traction and adoption. Bounce V3, launching in 2023, will be this unified platform.
Bounce 2023 Roadmap
We have a number of major milestones to achieve, each with smaller milestones within them:
- Launch Bounce V3.1, which will include improved fixed swap functions, company profiles for crypto startups, institutional investors, and individual profiles, a platform for sharing startup ideas and fundraising, and more.
- Enhance company profiles and build network tools.
- Introduce a job market for cryptocurrency recruitment and a freelancing marketplace.
- Enable NFT launchpads for each profile.
- Improve sealed-bid auctions, English auctions, lottery auctions, Dutch auctions, and more.
Bounce V3 DeFi Innovation:
- Implement a merger and acquisition protocol.
- Introduce Bounce syndicate investment, which is a group investment feature built on top of our auction protocol.
- Innovate with additional auction types.
Bounce V3 Micro Independent DeFi Units:
- Launch individual swap, lending, and derivatives features.
We are excited to continue innovating within the realm of decentralized finance (DeFi) upon the launch of Bounce V3. Our hybrid finance infrastructure, information-based DeFi ideology, and independent DeFi units are designed to enhance financial stability, improve the user experience, and increase flexibility and efficiency for users. We are also committed to improving our auction mechanisms through the introduction of a regret feature and the innovation of new auction types. We look forward to continuing to push the boundaries of DeFi and providing valuable solutions to the cryptocurrency community. Bounce V3 is coming…
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