Bancor Version 3 Mainnet Released

Bancor, a prominent decentralized finance protocol, has announced the release of v3 called Bancor 3. The mainnet launch comes six months after the project first shared the details of its features.

Bancor 3 Live Starts

According to the official blog post, The latest version of Bancor is focused on encouraging broad and sustainable participation in on-chain liquidity markets by simplifying the provision of manual liquidity in Automated Market Maker (AMM) liquidity pools.

After development, Mark Richardson, Product Architect at Bancor, said:

“Bancor has created high-yield savings accounts for DeFi over the past few years. Deposit your assets, sit back and make money. Bancor 3 creates a strong and resilient on-chain liquidity market that drives a healthy token economy by enabling token projects and users to safely and simply leverage DeFi yields.”

Bancor first revealed details about version 3 last November. Phase 3 launch will include Dawn, the beginning of Bancor 3. This step aims to address the friction points of previous protocol versions. It will also set the stage for the next steps: sunrise and daylight.

Improvements and features

Bancor emphasized that the strategy used to create long-term liquidity in token projects has been ineffective so far. Many token holders are reluctant to offer their assets to liquidity pools due to the risks associated with negative returns from permanent losses, the blog argued.

As a result, a major chunk of the Liquid Mining Rewards program is “pool-to-pool moving mercenary harvests that fall into the hands of farmers and liquidate the earned rewards into their preferred assets,” leading to the token project being stranded.

Bancor said the main idea is to put DeFi liquidity back in the hands of DAOs and token holders. This improved version 3 introduces a new protocol architecture with Omnipool, unlimited single-sided staking as a means to generate returns and provide liquidity in a single token, automatic compounding returns through Chainlink Keepers integration, permanent loss protection mechanism and improved tokens. Introduce nomics. , among other key features.

According to the team, the V3 release has already attracted more than 30 token projects and DAOs such as Polygon (MATIC), Synthetix (SNX), Brave (BAT), Flexa (AMP), Yearn (YFI), Enjin (ENJ), WOO. . Network (WOO) and Nexus Mutual (wNXM). The protocol provides initial liquidity on the network or liquidity incentives with the help of Bancor’s new custom automated compound reward system.

Special Offer (Sponsorship)

Binance Free $100 (Exclusive): Register Using This Link and Get $100 Free & 10% Off Fee on Your First Month of Binance Futures (hatchet).

PrimeXBT Special Offer: Use this link to register and enter your POTATO50 code to receive a deposit of up to $7,000.

Leave a Comment