Gimmer is a blockchain-based platform for algorithmic cryptocurrency trading bots. The founders of Gimmer are looking to place the creation and deployment of automated trading systems into the hands of the broader trading population, including those without programming backgrounds.
An upcoming ICO for Gimmer seeks to raise up 70k ETH with the public sale starting in January 2018.
What is the Project?
Gimmer is creating a platform that allows users to create their own trading bots, exclusively for cryptocurrency. Users design bots according to two categories of information inputs: indicators and safeties. The indicators currently available on the Gimmer platform are the Moving Average Convergence Divergence (MACD), Exponential Moving Average (EMA), Relative Strength Index (RSI), and Ichimoku Clouds. Each of these are metrics used in technical analysis to measure different trends and patterns in the market. There are two available safeties: Stop Loss, which liquidates a position after losing a designated percentage of portfolio value, and Preserve Profits, which functions like a trailing stop to preserve gains. Users can experiment with different combinations of these parameters by backtesting trading performance against historical data in order to fine tune the strategies and performance characteristics of their bots. More complex bots can be designed to implement a single strategy for multiple currency pairs.
Bots can also be ‘rented’ from the Gimmer Bot Store by paying a small fee in the network token (GMR) to the bot owner. As a method of quality control, trading strategies must be approved by the Gimmer team before being displayed in the Bot Store. Users interact with the bots through a standalone application, and trades will be executed on existing exchanges using their APIs. Gimmer is not itself an exchange, and has no custodianship over users’ funds.
What is the Status of the Project?
One encouraging aspect of the Gimmer project is their working beta prototype, released in early 2017. According to Gimmer’s whitepaper, over 800 users created 7,170 trading bots during an initial trial period. The best performing bot achieved an 87% return above the increase in value of the underlying coin being traded. This demonstrates the potential of algorithmic trading processes in the crypto space, which are already used in traditional financial markets. There are existing options for crypto algorithmic trading, such as Algo and XChange, that require a programming background to implement. Gimmer’s accessible platform is designed to reduce this barrier to entry.
Gimmer has yet to integrate their trading platform with major exchanges. This will be a key milestone in adoption, as a major part of Gimmer’s value proposition is allowing trading automatically, without manual monitoring and control. Beyond the platform’s current capabilities, Gimmer also plans to launch automated crypto-lending and exchange-arbitrage bots in 2018. The whitepaper provides only a basic description of these features, and emphasizes that development will be conditional on ICO results.
Gimmer’s potential adoption raises several interesting questions. While creating accessible mechanisms for developing algorithmic trading bots, or renting bots developed by others, has an attractive element to it, it may not be particularly popular or useful within the trading community. The simplicity of inputs Gimmer’s bots use relative to the sophisticated bots employed by hedge funds and high frequency trading shops raises questions about the long-term potential for users to develop successful strategies on the network. Perhaps most of the profitability of algorithmic trading is already captured by more sophisticated players, leaving Gimmer’s target market at a distinct disadvantage. On the other hand, if traders can improve their performance even marginally, the Gimmer network may have significant value.
What is the Token Being Sold?
The Gimmer token (GMR) being offered in the ICO is a payment token to rent trading bots through the Gimmer Bot Store and to pay the platform a service fee for running the more complex bots. The standard bot is free, supporting one indicator and safety for a single currency pair. More complex bots range in cost from 30 GMR to 120 GMR, based on the number of indicators and safeties used, and are active for one month. These fees accrue directly to the Gimmer platform, and are used to fund operational costs. Bots listed on the Gimmer Bot Store for rental have a ‘strategy fee’ defined by their creator, in addition to the platform fee paid to Gimmer. Of this strategy fee, 70% accrues to the bot owner and 30% to the Gimmer platform. Thus, the Gimmer company generates revenue in two ways: payments to run bots and a ‘finders fee’ for matching users on the Bot Store. Presumably, tokens accrued by the platform are sold back to users through exchanges in order to pay for platform costs.
The Gimmer ICO seeks to raise up to 70,000 ETH to fund product development, with no minimum raise. A minimum of 50 million and a maximum of 100 million GMR tokens will be sold between the pre-sale and sale. If less than 50 million GMR are sold, the difference will be frozen until the full DApp is released in March 2018. The whitepaper does not define what will be done with these tokens at that point. If the minimum is met, the tokens remaining from the 100 million available will be burned. Other allocations for bounties, advisors, reserves, and the team will total 10% of the GMR sold in the ICO. Thus, the total token supply could range from 55 million to 110 million GMR, based on the results of the sale.
A sold out ICO would represent $32.2 million at $460 ETH, for a total valuation of $35.4 million. GMR tokens will be issued beginning January 3, 2018 and are tradeable beginning January 31.
The Gimmer Team
Gimmer is based in London and led by CEO Philipe Comini, a UI/UX designer with over a decade of experience with various technology companies. CTO Pérsio Flexa is a full-stack developer and entrepreneur. COO Paul Lindsell functions as the creative and strategic brand developer with more than a decade of experience in various management roles. Thus far, the project has been bootstrapped by the leadership team, and this appears to be their first major crypto-related project. Gimmer is advised by Alexander Kravets, the founder of the equity, forex, and cryptocurrency trading platform XTrade. The smart contract security advisor is Jitendra Chittoda, who is also an advisor to ETHLend.
|Team openness||Fully transparent|
|Blockchain Developer||CTO Pérsio Flexa|
|Technical White Paper||Yes|
|Available Project Code||Yes|
|Role of token||Payment|
|Token supply||55 – 110 Million|
|Distributed in ICO||50 – 100 Million|
|Emission rate||No new coins created|
|Consensus method||Proof of Work|
|Sale period||November 24, 2017 to January 2, 2018 (presale), January 3, 2018 – January 31, 2018 (sale)|
|First price||1 ETH = 1000 GMR|
|Investment Round||First public offering|
|Token distribution date||Beginning January 3, 2018|
|Min investment goal||None|
|Max investment cap||70K ETH|
|How are funds held||Smart contract|
|Minimal Viable Product||Available|
|Bonus schedule||During the presale, contributions of 300 ETH – 2,999 ETH will receive a 30% bonus. Contributions of 3,000 ETH and above will receive +40% Bonus GMR Tokens. The main sale has a 20% initial bonus, which will decrease by 5% each week until the sale ends or the max cap has been reached.|