Bancor (BNT) announces impressive monthly result on Bancor Vortex

Bancor (BNT) announces impressive monthly result on Bancor Vortex
фото показано с : invezz.com

2021-2-16 13:03

On-chain liquidity protocol Bancor shared its monthly report, which showed an impressive performance for the protocol.

In the report, Bancor said liquidity providers are now taking advantage of Bancor’s impermanent loss protection and single-sided protection to buy Bancor (BNT) and hold a long position.

As a result, the token has had an impressive month, as TVL has increased by more than 2,000% since the Bancor v2.1 launch.

Higher earnings from swap fees

The users are utilizing the “HPDL + LP” strategy to earn higher returns from swap fees while liquidity providers are getting liquidity mining rewards.

Now, BNT holders are earning 25% of total swap fees. That is far higher than earnings from other AMM protocols.

For instance, UNI holders earn 0% of swap fees while SUSHI holders earn just 0.05% of swap fees

On January 28 when the BNT reward was launched, most of the liquidity providers decided to re-stake their rewards to circulate liquidity and earn higher rewards. This is because of the faith they have in the protocol. Since the launch of the network, Bancor has paid over $23 million worth of BNT to liquidity providers.

Addressing high Ethereum gas cost

Apart from presenting the progress report of the protocol, Bancor also announced the challenges, especially on the high gas cost of Ethereum. To address the issue, Bancor wants to optimize state updates on rewards. It also wants to work with the Off-chain Labs team in preparation for Arbitrum’s mainnet launch.

Also, Bancor expanded limits placed on the LINK and ETH pools, which has so far yielded positive results. Voting is now in progress for some pools such as LINK, ETH, SNX, AAVE, REN, WBTC, and renBTC.

Bancor is also in the final stage of launching a ‘top secret pool design.” The protocol says once it’s complete, it will minimize the complex nature of Bancor’s contract, which will also cut down on gas fees for users.

The post Bancor (BNT) announces impressive monthly result on Bancor Vortex appeared first on Invezz.

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Bancor (BNT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.7924
Капитализация $0 Rank 99999
Цена в час новости $ 3.6323 (-100%)

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