2021-4-6 16:49 |
The Bancor Vortex vBNT burner is now live, announced by the team on Monday as the Bancor Vortex Burner gets deployed on the Ethereum mainnet.
Under this new feature, the burner will collect 5% of swap fee revenue and uses it to buy and burn vBNT. The team will be making the burn rate a critical part of BancorDAO’s flexible monetary policy and may even push it to 15%. The team says,
“vBNT will now be burned with every swap — locking BNT in the protocol forever and putting deflationary pressure on the circulating supply of BNT.”
This obviously means good things for the prices for the $1.30 billion market cap BNT, which is currently trading at $7.50, up 476% YTD.
The decentralized exchange (DEX) currently manages about half a million dollars worth of volume in a week and accounts for 3.5% of the market share, as per Dune Analytics.
Through continued buyback and burning, vBNT burning increases locked liquidity, reduces the circulating supply of BNT, and increases lending capacity. The team states,
“The full powers of the Bancor Vortex can now be accessed to perform key actions on the network that drive increased value to traders, LPs and the protocol’s owners, BNT holders.”
These actions include swapping, staking, and borrowing. Using the liquidating pools means generating fees, and in turn, the amount of vBNT bought and burned which means, as the volume rises, the burning of vBNT accelerates.
As for borrowing against staked BNT, it will allow one to earn additional yield by providing more liquidity.
“When you sell your vBNT, you’re effectively betting that if/when you eventually buy back the vBNT needed to retrieve your full BNT stake, the revenue you’ve earned with your borrowed tokens is of greater value than the amount of vBNT you originally sold.”
Bancor/USD BNTUSD 7.6597 $0.13 1.69% Volume 90.44 m Change $0.13 Open$7.6597 Circulating 174.19 m Market Cap 1.33 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BNT&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BNT~USD"); The post Bancor Now Burns BNT with Every Swap With The Vortex Burner (vBNT) Launch first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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