The vortex requires a tribute, a tribute to continue fueling its hunger 😈. Its purpose is to consume all $vBNT out there and lock $BNT forever. 🌀 🔥
This week, we saw roughly ~42K in $vBNT that was burned by the vortex. At current BNT prices (~$3.50) this equates to ~$147K worth of $BNT locked forever. 🔒
| time | burnedamount |
| 9/19/2021 0:00 | 2330.529042 |
| 9/20/2021 0:00 | 8525.70978 |
| 9/21/2021 0:00 | 3230.374724 |
| 9/22/2021 0:00 | 6623.364597 |
| 9/23/2021 0:00 | 3454.890269 |
| 9/24/2021 0:00 | 10719.86922 |
| 9/25/2021 0:00 | 7146.58278 |
| Sum | 42031.32041 |
Overall, the cumulative burned amount increased from ~1.183m on 9/18 to ~1.225m on 9/25.
📊 Key Metrics
7-day total cumulative fee revenue: ~$985K
30-day total fee revenue: ~5.4m
Source: token terminal
📈 The average daily revenue for different time periods:
- 7 days ~141K
- 30 days ~180K
For the past 30-days, trading fee revenue has been flat with no net increase as compared to the previous 30 days. Annualized, that’s around ~$65.7m in annual trading fees paid to LPs.
💰In terms of protocol revenue, Bancor is the second largest DEX on Ethereum, with around $2.46m in monthly revenue earned by $BNT holders. It is ranked the 7th lowest by Price to Sales (P/S) ratio compared to other crypto projects
Source: token terminal
🔌Integrations and Updates
- The DeFi space is starting to trend upwards in the last few days. There are certain pools which have been performing well including — $REN, $ENJ, $MKR, and $MLN. Check their APRs over time here: https://dune.xyz/queries/30793/62118
- Proposals have slowed down this week (no proposals going live). We urge the community to continue sharing new tokens they want to see whitelisted, or pools that could benefit from increased BNT co-investments. You can write a whitelist or co-investment proposal on gov.bancor.network or ping/tag @FoxSteven on Telegram to share tokens you want to see whitelisted.
- We are looking at some events that core contributors might attend to continue spreading the gospel about Bancor and educating the market. If there are events on the horizon that you know where we should be speaking at or doing networking, please let us know (we are putting together a list of events to attend). Hopefully, some of these events will coincide with some of our releases coming up where we can drop this news. Please flag any events coming up.
🔢 “Volume for Volume’s sake is short-sighted”
So, how important is DEX volume if your LPs are actually losing money 💸? Depending on the situation, it can be a vanity metric. Preliminary data from the Uniswap V3 case study shows that concentrated liquidity strategies sell tokens at a discount and for a large number of cases cancel out any fees earned.
From previous experimentations with version 2.0 of the Bancor protocol, we learned that concentrated liquidity strategies can be extremely costly to LPs. Concentrated liquidity leads to concentrated divergence loss (AKA impermanent loss) and a strategy of HODLing will in a majority of scenarios be more profitable. 📈
Why take the risk to LP in other AMMs and expose yourself to IL when you can be comfy on Bancor? After all, we are passive liquidity maximalist and don’t require active management of positions. 😉
Wen L2? You have asked and I have delivered a thread that should provide an answer to this question. I know that the next obvious question is “wen V3?” 😒… don’t ask me 😆, I don’t know. Perhaps, you can join our weekly community call on Sundays at 3:00PM UTC and ask😏
R-E-S-P-E-C-T, I tend to agree with DeFi Dad here. 👷♂️
If you missed the investrly twitter space conversation with Mark Richardson, the recording is now available. 🎧
Some of our newly listed token communities showing us some ❤…🤝
🎩Bancorians in the Wild
A collection of weekly tweets from Bancorian Brainz🧠💪
This past week (9/19/21), we saw a proposal on snapshot that was able to meet quorum and supermajority requirements:
For this week (9/26/21), there are currently no proposals up for voting.
❗️ If you aren’t voting regularly make sure you unstake your vBNT from governance and delegate instead. Self-nominated delegates maintain a page on Discourse to inform other community members of their intended voting behavior. If you disagree with the way your delegate votes, you can always vote manually to override their decision on your behalf.❗️