On April 19, Bancor Network developers announced the launch of Bancor 3 Beta, an upgraded version of the network that aims to increase liquidity, reduce gas fees, and improve platform efficiency. The latest updates have welcomed a new wave of investors, capital and innovation to Bancor, elevating the decentralized finance (DeFi) ecosystem. Below, we take a look at the explosive adoption rates of the Bancor 3 beta, network enhancements, and the long-awaited launch of the mainnet version of Bancor 3.
The explosive adoption of Bancor 3 Beta
As the first decentralized trading protocol using Automated Market Makers (AMM), the Bancor community has been at the forefront of bringing innovation to the DeFi space. This led the development team to launch several upgrades and updates to ensure that users maximize the utility of the protocol, trade, bet, earn and provide liquidity efficiently.
The launch of Bancor 3 brings several improvements to staking pools, protecting users against impermanent losses (IL) and increasing rewards for LP. As such, the platform has attracted investors from all over the world. The Bancor 3 beta, launched in April, has restrictions on its deposit limits as the community watches contracts run for the first time. As the caps are raised, deposits immediately poured in and filled the available space with TLV now at $8 million.
Once the beta goes live in full, which is scheduled for May 11, the platform will host over 150 tokens and over 30 DAOs have said they will commit to running rewards programs. liquidity mining on Bancor 3 including Paraswap, Polygon and WOO Network among others.
Image: Dune analysis
According to reports from the Bancor community, the mainnet will launch ahead of schedule, following the success of the Bancor 3 Beta testnet. On BIP 19’s proposal, BancorDAO offered to end the test period early to accommodate the live version of Bancor 3. The testnet is scheduled to end on May 11, a week early, according to a Tweeter by Nate Hindman, a Bancor contributor.
Onboard new partners
Apart from the explosive growth in innovation and adoption, Bancor 3 is also attracting the attention of other crypto projects in the DeFi space. So far, more than 30 DeFi projects have committed to join the Bancor 3 Community Liquidity Mining Program. The protocols will add liquidity to the Bancor 3 platform and offer incentives to liquidity providers on Bancor. This will be possible through Bancor’s “dual token rewards system,” which will see partner crypto tokens being distributed to participating liquidity providers. Notably, the rewards given to liquidity providers will be self-compounding and will not require gas-guzzling transaction fees, so users can earn self-compounding rewards on their staked liquidity without having to take any action.
Participating Bancor 3 launch partner Paraswap has committed to add $1 million PSP tokens and Airswap will add $20,000AST with the BancorDAO to match liquidity promises with BNT rewards value.
In this way, Bancor aims to be the easiest and safest way for DAOs and token holders to produce a farm with single token exposure and full protection against impermanent losses. The community has called the new version of Bancor the “high-yield savings account for DeFi” that could trigger a wave of on-chain liquidity and exchanges in hundreds of token projects.
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