Everyday ushers in a new day for DeFi with more innovations and use cases springing up daily. Visionary inventors are not only utilizing the opportunities that technology has to offer, but they are also proffering solutions that will further push cryptocurrency into a global phenomenon. One of which is staking.
Staking as we all know is a new gem that many investors and crypto enthusiasts alike are diving into. Bancor, the only decentralized staking product that allows its users to earn money with single-token exposure and full protection from impermanent loss, discloses the first details of its long-awaited third version, called “Bancor 3.”
As a platform that aims to ensure its users are given the best experience, the team behind Bancor designed an updated version of Bancor 2. The Bancor V3 will help increase trading volume as well as make it easier and cheaper for everyday users to earn on their favorite tokens. The protocol has already famed itself in the market as a true “set and forget” staking product for token holders seeking safe and reliable yields by removing impermanent loss risk for depositors in Bancor V2.1.
Bancor contributors say that sustaining level playing fields for everyday users is important to preserving decentralized liquidity markets. On that note, the Bancor 3 comes with the following features:
Additionally, Bancor 3 will integrate a number of other cutting-edge features including multichain and L2 support. Plus, the integration of Chainlink Keepers to facilitate more efficient token burning, a revamped front-end, single-click migration from Bancor V2.1, and other DeFi protocols and third-party impermanent loss protection.
The above-mentioned features will all go live with the deployment of Bancor 3’s first phase, code-named “Dawn”. Bancor 3 will be rolled out in three distinct phases and these include: 1) Dawn, 2) Sunrise, and 3) Daylight.
The code for Bancor 3’s Dawn phase will be open-sourced in the coming weeks with a public bug bounty and eventually activated pending a vote by the BancorDAO. A target release is planned for early 2022. Of note, Bancor contributors will unveil Bancor 3 on Tuesday, November 30 at the upcoming Dcentralcon Conference in Miami. Interestingly, community members will hand out custom “Safe DEX” Bancor condoms as a reminder to always use impermanent loss protection at the event. Bancor’s Head of Growth, Nate Hindman, states,
Hindman adds on, “Bancor 3 marks a new day for DeFi — one in which people and projects retake DeFi’s core building block to bring community-sourced liquidity to masses.”
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Source: Cryptocurrency - investing.com
