Bancor Update — Week of August 8, 2022

This post was originally published here

All V3 pools to max trading liquidity

The proposal to increase trading liquidity to the maximum level for 18 whitelisted Bancor pools has passed this week, including BBS, BORING, CHZ, DAO, ENS, GTC, HOT, INST, LQTY, MFG, MKR, RARI, RLC, RPL, SHEESHA, STAKE, VITA AND WSTETH.

This update lets tokens that are sitting outside the bonding curve be matched with BNT to be made available for trading. This allows the protocol to generate more trading fees that can be used to buy BNT and burn vBNT. The burning of vBNT locks BNT in the protocol and is designed to help build token surpluses on the network.

2M $ACRE Airdrop

Arable Protocol has airdropped a total of 2M ACRE to bnBNT holders. Additionally, vBNT participants who voted “FOR” or “AGAINST” the proposal to whitelist the ACRE token with External Liquidity Protection also qualified as well.

A Twitter Spaces with Arable Protocol took place on Thursday to discuss Arable Protocol, synthetic cross-chain yield farming, and their new liquidity pool on Bancor. In case you missed it, you can listen here.

biswap

Trading of Crown ($CROWN) is now live

Following the whitelisting of Crown Capital, trading of CROWN is now live on Bancor with 200k BNT trading liquidity. Users can now trade and LP CROWN single-sided in Bancor. 256k of CROWN has been provided in external liquidity protection, which resides in the external liquidity protection vault.

Bancor’s single-sided liquidity is the key drawing factor for CROWN as it allows the Crown Capital DAO to provide CROWN-only liquidity and achieve the same level of liquidity at half the cost vs. other AMMs.

See more details in the post announcing the listing, the whitelisting proposal and liquidity increase proposal here.

BBS External Liquidity Protection Live

BBS Network has deposited 1,364,256 BBS for External Liquidity Protection. See the contract here.

InsurAce now offers coverage for Bancor V3

InsurAce now offers Smart Contract Vulnerability Coverage for Bancor V3​. The daily premium starts from 0.0105% and will cover up to 10,000 ETH.

vBNT Burning

vBNT Burn rate continues to accelerate, with close to 20k of vBNT burnt in the first 12 days of August, which is around 80% of what has been burnt in July (~25k).

To help rebalance token reserves on the protocol, the Bancor DAO previously increased the rate at which fees are used to buy $BNT and burn $vBNT. 90% of fees on Bancor V3 are being used to buy $BNT (as of July 23), while 100% of fees on Bancor v2.1 are being used to buy $BNT and burn $vBNT.

Protocol Analytics — Dashboard Explainer

A blog post has just been released explaining how to best navigate through the newly released dashboard.

Dev Updates

App — track on Github: https://github.com/bancorprotocol/webapp-V3/issues

App

  • Popup border forcing scroll fixed
  • Text update to the deposit popup. Indicating deposits are enabled on-chain.
  • Update visible tokens and pools to remove tokens with 0 liquidity
  • Update “how to vote” url
  • Update table behavior when navigation between pages
  • Update number formatting to better fit smaller screens and avoid overlapping other elements on the page
  • Update font style and color in dark mode
  • Update earn table filtering options

Contracts

  • Auto-compounding rewards manual tests for both flat distribution and exponential decay distribution
  • Created deployment scripts for the auto-compounding rewards
  • Minor fixes in the CI health check

Integrations

  • Paraswap (WIP)
  • Cowswap — started implementation of the server component (WIP)

Other Governance Proposals:

Posted on Bancor DAO Discourse

Passed:

Failed:

Level 1 Proposals Under Review:

Discussion:

Community

We recently had a community member submit his idea around what a future recovery for Bancor v3 could entail:

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