Jack Lu, 23, was struck by the idea for his new DeFi platform Bounce while working on his thesis on game theory and cryptocurrency at Reed College in California.
“It took me quite a long time to think of it,” Lu explains about his game theory influenced auction platform. “Everyone was talking about lending and borrowing, and doing Uniswap and providing liquidity. When I looked at this financial channel I think there’s one missing piece, which is auctions.”
Lu — who counts Andre Cronje from Yearn.Finance, Kain Warwick from Synthetix and Calvin Liu from Compound as peers — describes Bounce as a decentralized version of eBay, Sotheby’s or Christies. Users can set up pools to auction off tokens, and play around with parameters like the number to be swapped, the time limit and different ways of accepting bids.
He co-founded it with Ankr CEO Chandler Song and the bare bones, black and white platform went live on August 4. “I partnered with some friends and we made it,” Lu says. “The platform has been live for two months and it’s ranked nine on ETH gas station.”
So far more than 2,700 pools have been created, and more than 500,000 Ether ($179M) has changed hands on the Ethereum version of the platform. Bounce was also one of the first five projects announced for the interoperable Binance Smart Chain — which is essentially an Ethereum clone with lower gas fees and avoid congestion — and 700,000 BNB ($18.5M)has been swapped on that version