Bancor Community Call | July 11, 2021

Bancor introduced summary of community call with ecosystem and development updates.

🔹Administrative Items (2:32)

  • They are again hosting this call on a Sunday. Over the past two weeks, they experimented with the call on weekdays and now they are experimenting with a later time on weekends.
  • They‘d like to try out hosting this call on Twitter Spaces but due to a technical issue with the Bancor official Twitter account, they were not able to. If you are a Twitter Spaces guru, reach out to help them troubleshoot so we can host the next meeting there.
  • They will be at the Ethereum Community Conference next week in Paris. Nate, Steven, and some of developers are going.
  • If you will be there, or if you know anyone there we should meet, please reach out to @NateHindman or @FoxSteven on Telegram.
  • As always, if you have a token project that could be whitelisted on Bancor, reach out to Steven @FoxSteven.
  • They are making awesome progress on go-to-market strategy for Bancor V3. If you’re interested in helping them out with marketing and growth, content creation or user onboarding, please message Nate.

🔹Developer Update (6:14)

  • Bancor V3 is progressing. The contracts are in progress and things are going well.
  • For the first time, we will give a glimpse of the V3 rollout:
  • It’s likely that they will roll out three distinct phrases. Each phase will have a distinct set of features and we will announce these features about 1 month before each deployment.
  • The liquidity mining rewards will persist into V3 but the program is being completely redesigned to address core principles and integrate what we’ve learned in V2.1.
  • A key feature will be joint liquidity mining rewards, meaning that liquidity providers may receive BNT rewards, swap fees, and third party token rewards.
  • They’ve received a lot of common requests during the development of V3. For example, they’ve heard people call out that there is no space in certain pools or that there is friction when re-staking rewards. They are aware of this and they are addressing these concerns directly with Bancor V3.
  • As a final dev note, they are continuing to expand language support. If you click the gear icon in the top right corner of the app, you’ll find more languages being added to, the latest being Spanish and Chinese.

🔹Ecosystem Update (9:57)

  • BNT was recently included in the Bitwise DeFi Index. Bitwise creates financial products designed for Wall Street to allow investment firms to get exposure to crypto. It’s a big deal and acknowledgement for Bancor to be included. It should continue to help us get institutional buy-in.
  • They’ve seen a large amount of whitelistings in the past few weeks. They could use your help to ensure these whitelistings are successful. Let people know they can get yield on these tokens with our unique features, and let people know that trading on Bancor offers low slippage trades and trading fees accrue to fellow holders instead of professional market makers.
  • If you hold any of the following tokens or know people who do, do what you can to fill up these pools and support Bancor.
  • RUNE has reached over 2.1m in liquidity. PERP has under 20k in liquidity. NEXO has around 1m in liquidity. ANKR has around 130k in liquidity.
  • BAL, COMP, ZRX, UMA, CRO, CRV, and CREAM tokens have been whitelisted in the past but only recently gained enough liquidity to activate their IL insurance.
  • New whitelisted tokens are IDLE, TRU, and wstETH from Lido. Each of the pools currently sit under $100K in liquidity.
  • In terms of upcoming liquidity mining rewards, we have proposals to extend LM on the SNX, BAT, and AAVE pools. These pools have performed well so keep an eye on those votes.
  • Other tokens are performing well recently: ENJ has reached 24m in liquidity and 10% APR yesterday. SNX, WOO, AMP, ROOK, and BONDare all highly performant. AXS has gone on a huge price run and the liquidity of that pool has increased, with APRs above 25%. Remember, everyone LP’ing AXS outside of Bancor is suffering from impermanent loss.

Governance Update (16:58)

  • There has been a new proposal to add targeted liquidity mining for Harvest Finance’s FARM token.
  • The FARM team has said that if the Bancor pool exceeds the Uniswap liquidity for FARM, they would integrate it into the FARM buy-back mechanism on their platform, which could drive a ton of traffic to Bancor.
  • Community member Glenn: “My only concern was that once the LM program ends from our side that LPs would go back to the Uni pool and we will lose the FARM tokens.”
  • Mark: “It’s no secret that Bancor V3 will have the capacity to support external liquidity mining. I want to talk to the FARM team to make sure that they can and want to actually move the incentives over to Bancor if the liquidity is deep enough. It makes sense for their holders since we protect against impermanent loss and offer single-sided staking.”
  • Mark: “Liquidity mining incentives, including third party liquidity mining, will be part of Bancor’s V3 phase 1 release.”
  • Steven: “Speaking specifically on FARM, they are aware of this proposal and they know that the proposal is feasible. Their concern is that if they change the rewards to Bancor but then the liquidity leaves, they’ll have to switch it back to Uniswap. I suggest we delay the proposal on-chain by a week so they can start to engage with governance to discuss this.”
  • They have a liquidity mining rewards proposal for the COMP pool.
  • Glenn: “Essentially we’ve had LM rewards for large token communities like AAVE, SNX, MKR, and LINK. There’s only a few of these large communities that haven’t had LM rewards on their token. I think we can pull a large number of users into Bancor if we offer LM for COMP and introduce them to single-sided staking and IL insurance.”
  • Glenn: “The yield for COMP outside of Bancor is kind of low since you can only lend it on COMP and CREAM, which is around 1–3%. It can also be put in the Sushi pool by pairing it with ETH, and the yield is less than 10% with impermanent loss. There aren’t many places to earn yield on COMP.”
  • Glenn: “After our success getting BNT accepted as collateral on CREAM, we are looking at getting BNT listed on AAVE, and then we will try COMP afterwards. We can try for other lending platforms like Unit Protocol or MIM (Magic Internet Money) down the road.”
  • Lastly, they have whitelist proposals coming up this week for PLR, QNT, and WXT. Please vote on these proposals, whether you are for or against.

What is Bancor?

Bancor is an on-chain liquidity protocol that enables automated, decentralized exchange on Ethereum and across blockchains.


Bancor Community Call | July 11, 2021
Market Stats:
BTC Dominance: 41.76%(+0.17%/24h)
ETH Dominance: 19.58%(-0.13%/24h)
Defi Market Cap: $138.29B(-27.38%/24h)
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Total Trading Volume 24h: $111.03B(-32.38%/24h)
ETH Market Cap: $479.65B
Defi to ETH Ratio: 28.83%
Defi Dominance: 5.36%
Altcoin Market Cap: $1429.91B
Altcoin Volume 24h: $80.42B
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