Digital Assets: Over 100 Tokens Go Live on Bancor 3

After the launch of Bancor 3, over 100 pools are currently live on Bancor 3 including AAVE, BAT, ENJ, MATIC, SNX, USDC, wNXM, WOO and YFI.

This is in addition to the 4 tokens “initially launched, ETH, DAI, LINK, BNT.”

You may check out the complete list on bancor.network.

Users are now able to offer liquidity to more than 100 digital tokens on Bancor 3 “with no deposit limits and earn single-sided yield with zero risk of Impermanent Loss.”

Each token pool “requires a minimum 10K BNT in value on the TKN side in order to become active for trading and to start generating LP earnings from trading fees.”

Users may migrate or deposit on Bancor 3 “to activate trading in your favorite tokens now.”

As outlined in the BIP detailing token migration to Bancor 3, existing whitelisted tokens in Bancor V2.1 “have undergone a security review to ensure they meet the Bancor DAO’s security guidelines.”

The DAO has previously “approved the full whitelist of v2.1 to eventually go live in Bancor 3.”

The results of this security review “are provided to allow the DAO to separately consider 9 tokens from the approved v2.1 whitelist.”

The tokens proposed “for additional deliberation are: USDT, OCEAN, SAO, JRT, BAND, BUSD, sBTC, SRM, sUSD.”

  • OCEAN — The contract admin can “self-destruct” the token contract.
  • JRT — The contract admin is not verified on etherscan.
  • All others — Tokens can be “burned in any address by the admin, including the token vault contract of Bancor 3.”

Bancor said they’re speaking with some of these teams as in many cases “there are ways to address the risk.”

If the risks can be ameliorated for any of these tokens, they will be “treated the same as the others and absorbed into the Bancor 3 whitelist without requiring any further action by the Bancor DAO.”

Otherwise, a simple process will be used “to determine their whitelist status in Bancor 3.”

Each of these 9 tokens “will be submitted, separately, for a decision via the existing governance processes.”

Each proposal will “provide the relevant code sample, state clearly its meaning, and ask the DAO if the decision to honor the whitelisting status should remain in effect.”

The Bancor devs hope this will “begin new conversations and increased awareness within the DAO about token smart contract risk and its management within the Bancor 3 ecosystem.”

The launch of Bancor 3 launch “comes amid a period of reckoning for the DeFi industry.”

Token holders have “grown wary of the high-risk, high-frequency strategies that fueled growth in DeFi but have often led to heavy user losses.”

Users are increasingly “turning to safer venues to park their assets, where yields are driven by real user activity rather than short-term inflationary incentives.”

Bancor helps token projects “build sustainable on-chain liquidity without the need for costly incentives by giving token holders the ability to deposit in decentralized liquidity pools and earn with single-asset exposure, auto-compounding gains and 100% protection against Impermanent Loss.”

Token holders “are encouraged to stay in pools long-term, since they’re able to provide liquidity with less risk and near-zero maintenance.”

Users can now “earn DeFi yields with Unlimited Single-Sided Liquidity and Instant Impermanent Loss Protection on 100+ tokens on Bancor 3.”

Dual Rewards and Auto-Compounding Rewards “are in the final stages of testing and auditing, and will be available soon, to further support competitive, protected yields across the network.”

Once Dual Rewards are released, “more than 30 DAOs plan to offer incentives on their Bancor 3 pools.”

You may visit the brand new bancor.network “to try out trading and providing liquidity on the new Bancor 3 protocol.”


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