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Bancor Protocol

Bancor Protocol Announces Features of Its Long-Awaited V3

Bancor Protocol, a decentralized staking platform that allows investors to earn with single-token exposure and full protection from impermanent loss, has released snippets of its highly-anticipated third version.

In an official press release shared with CryptoPotato, the project noted that the new version, dubbed “Bancor 3,” will introduce several new features geared toward increasing trading volumes and allowing users to earn their favorite tokens seamlessly.

Features of Bancor 3

Some of the new features that will be introduced in Bancor 3 include an Omnipool that will allow all trades on the network to be carried out in one transaction, reducing gas fees and increasing efficiency.

Additionally, the Infinity Pool will remove deposit limits on Bancor liquidity pools, along with the introduction of trading liquidity, which is used for market-making, and superfluid liquidity, which is used in both internal and external fee-earning strategies.

With Bancor 3, users will gain access to full impermanent loss protection from day one of staking their tokens, as opposed to v2.1, which offers impermanent loss protection after 100 days.

Other exciting features that Bancor 3 will employ include multichain and layer 2 support, third-party impermanent loss protection, integration of Chainlink Keepers to promote efficient token burning, and many more.

Speaking on the development, Bancor’s Head of Growth, Nate Hindman, said:

“Across the industry, the issue of impermanent loss threatens to undermine the core tenets of DeFi by making liquidity pools unusable by ordinary users, and accessible to only the most sophisticated and wealthy users.

We must prevent DeFi from becoming a playground for the rich and connected to extract value from protocols and dump on everyone else — and this starts with fixing liquidity pools. 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.”

Bancor 3 Coming in Three Phases

The staking platform revealed that it will be launching Bancor 3 in three distinct phases dubbed Dawn, Sunrise, and Daylight. These features will go live as soon as the first phase, Dawn, is deployed.

The project noted that the code for Dawn will be open-sourced in the coming weeks via a public bug bounty and activated based on a vote by the BancorDAO.

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