Almanak Proposal
Almanak recently released a report on the current state of the Bancor v3 protocol, and will be activating a proposal for voting on Snapshot for Oct 9th. The proposal is focused on optimizing trading fees and actively managing liquidity in certain pools (ETH, wBTC, LINK, and DAI). In addition to the governance proposal, you can learn more about the proposal via the following Twitter threads 1 2.
Binance Connect Fiat Onramp Now Live
We are delighted to announce that the Binance Connect fiat onramp has been integrated into the Bancor frontend, further reducing barriers to entry for new DeFi users and becoming the 8th fiat onramp integration with Bancor.
“Binance Connect is Binance’s official fiat-to-crypto payments provider. It has been powering fiat-to-crypto on- and off-ramps, processing millions of transactions globally for Binance.com users. Binance Connect supports over 50 cryptocurrencies and major payment methods such as VISA, Mastercard, and more.”
Simulator Tutorial Session 7–9
Sessions 7–9 of the Bancor Simulator Tutorials have been completed in the past week. If you have missed them, check out the recordings on the Bancor Youtube channel where a playlist has been created for the tutorials.
Nine live tutorials were scheduled at 12PM EST Monday, Wednesday, Friday from the week of 12 September for 4 weeks, around the “Fundamentals of Bancor V3 Simulations” with Mark Richardson and Mike Casale, allowing everyone to learn how to use the simulator and create their own simulations.
vBNT Burning
This week, we celebrate the milestone of 5M vBNT being burnt since the Bancor Vortex was launched! In the final few days of September and first three days of October alone, over 200k vBNT was burned by the protocol from swap fees in Bancor v2.1. Additionally, the Bancor v3 protocol has bought over 1,064,191 BNT (as of time of writing) with 1,002,457 BNT burned on September 29th 2022. Currently, 61,733 market bought BNT is sitting in the v3 network wallet.
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 20th), while 100% of fees on Bancor v2.1 are being used to buy BNT and burn vBNT.
The chart below shows the amount of vBNT burnt per month from network fees collected in Bancor v2.1. Network fees collected in the destination token as part of a swap are used to buy BNT, swap BNT for vBNT, and burn vBNT. The figure below does not include the Bancor v3 vortex which is currently only collecting network fees and buying BNT (happens atomically as part of a trade on v3).
The cumulative amount of vBNT burnt year to date from network fees collected in Bancor v2.1:
The chart below shows the BNT that has been bought from network fees collected in Bancor v3. Since the Bancor v3 vortex is not yet implemented, this BNT is not utilized for swapping to vBNT and then burning the acquired vBNT. This BNT accumulates on the Bancor Network contract and can be read from the contract as the pendingNetworkFeeAmount. On September 29th, as part of a one-time BNT burn, 1,002,457 BNT were burnt from this address (transaction here). The graph below shows the total amount accumulated including the burn.
Protocol Analytics — Simulator Demo
Following the demonstration on August 18th, a follow up explainer is now available to provide more information on using the simulator.
If you want to learn how to participate, run your own simulations, and become a productive contributor to protocol-level decision making, you are encouraged to join the Bancor Discord and post your questions in the simulator channel.
