Wednesday, October 5, 2022

Bancor Onboards Over 100 Tokens on its Bancor 3 DeFi Platform

The foremost decentralized trading and liquidity protocol, Bancor 3, has announced the addition of over 100 new tokens to its platform.

As of mid-May when the protocol unveiled its version 3, the only supported tokens were ETH, DAI, BNT, and LINK. However, with this recent news, users of the platform can now earn yields when they provide liquidity for tokens such as USDT, USDC, AAVE, BAT, ENJ, WOO, YFI, and several others.

Since its launch last month, about 2000 unique users have deposited about $300 million in the form of liquidity. This huge liquidity value in about 30 days can be attributed to the platform’s risk-limiting features. Some of these features include the possibility of earning yields by providing liquidity for just a single token and the elimination of impermanent loss.

A spokesperson at the firm said that the provision of dual rewards and auto-compounding of rewards would be available soon. “Both dual rewards and Auto-compounding of rewards are currently being tested and audited, and they will be going live in a short while,” the spokesperson said.

With the onboarding of these new tokens and the platform’s growth, Bancor is no doubt positioning itself as the preferred DeFi destination. Speaking on this development, Bancor’s Chief Product Officer (CPO), Mark Richardson stated that the network is excited about the latest token addition. 

“Seeing that Bancor 3 is risk-averse, we look forward to seeing more investors take interest in DeFi in the coming days. Our incentive model and protection against loss of investment also guarantees the sustainability of our protocol” said Richardson.

Bolstering DeFi’s Growth

Although there is still a high level of uncertainty amongst crypto investors when it comes to DeFi, one which is due to rug pull projects and insipid eventualities like that of Terra’ Luna and UST tokens, the DeFi space has, however, continued to advance amid these uncertainties.

Cryptomarketsbeat.com had earlier explained decentralized finance (DeFi) as a permissionless infrastructure that allows people and businesses to conduct transactions directly with each other without the need for financial institutions to act as intermediaries. 

To resound the reach of this innovation, leading crypto exchange, Binance recently announced the kick-off of the PancakeSwap Mini Program on the Binance mobile app. According to Binance, this program is aimed at bringing DeFi closer to the everyday crypto trader.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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