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💻DevelopmentThe current development of V3 is coming along and we are getting closer to completion. We will be announcing the Bancor V3 phase one features on 11/29. The audits are going well and we would like to thank the community. We do not take your patience for granted and we appreciate the continuing support.We launched a new UI for the Bancor application which is powered by our new APIs. Expect the new UI to be modern, faster, and better than the previous version. The application will continue to evolve as V3 rolls out and new screens, as well as user flows, will be made available in the future. We welcome any feedback from the community as well as any bug reports.New UI screens are now live on the redesigned interface. This includes:A new pools🤿A new tokens page💰A new portfolio page📒A new voting interface🗳A new safe staking landing page✅A new impermanent loss landing page ✅🌐Ecosystem🌀Bancor Vortex🔥For this week, we saw roughly ~60K in $vBNT that was burned by the vortex. At current $BNT prices (~$4.00) this equates to ~$240K worth of $BNT locked forever.🔒+—————–+————–+| time | burnedamount |+—————–+————–+| 11/14/2021 0:00 | 10129.41574 || 11/15/2021 0:00 | 5391.243051 || 11/16/2021 0:00 | 10530.00096 || 11/17/2021 0:00 | 9779.715434 || 11/18/2021 0:00 | 5810.69124 || 11/19/2021 0:00 | 5757.731619 || 11/20/2021 0:00 | 12883.4921 |+—————–+————–+The cumulative burned amount increased from ~1.593m on 11/13 to ~1.654m on 11/20.📊Key Metrics7-day total cumulative fee revenue: ~887K30-day total cumulative fee revenue: ~$5.23mSource: token terminal📈 The average daily revenue for different time periods:7 days ~$126.7K30 days ~$174.3KThe 30 day annualized daily revenue equates to ~$63.1m in annual trading fees paid to LPs. For the past 30 days, trading fee revenue is up (~$1.1m) as compared to the previous 30 days.💰 In terms of protocol revenue, Bancor earned around ~$2.6m in monthly revenue for $BNT holders.🔌Integrations and UpdatesOver the past few months, we took a deep look at Uniswap V3 to study the impact that IL has on LP profits. As part of our study, we published a research paper on Impermanent Loss in Uniswap V3. The current understanding of IL across the industry is lacking and a lot of users aren’t aware that they are losing money. In a lot of situations, most users are better off holding their assets as opposed to providing liquidity.💪Social Channels😎🏖 Pool & Chill“Do you even DeFi bro? Impermanent loss sucks. I’d rather pool & chill”It’s official, we now have an anthem for the Bancor community and it is quite the banger 🎧. Lil Bubble was able to capture the Bancorains ethos in this melody that’s nothing but extraordinary. Dropping fire 🔥🔥 with lines such as:“You want me to lend you my coins for liquidity and get less back? Get out of here!”“How could I take a hit? I remember they said in fact that the loss is impermanent then tell me when do i get it back”“why would Isell my bag on a pump and get back less when i’m done?”Give it a listen on YouTube and less us know what you think. — @TheCryptoBubble🎲Random MusingsDavid does a good at recapping all the Bancor V3 phase one features and puts together a diagram to share with the Bancor community. Like him and many others, we are all excited for the announcement on 11/29 when these features and much more will be revealed. 💪💪In the meantime, make sure to give this a read and show him some ♥. — @CryptoDavid_We have received a lot of positive feedback and attention from the Uniswap V3 IL study. It has definitely started to pay off when you have outlets such as Yahoo Finance , Cointelegraph, Copper, and even Nasdaq paying close attention to the results and reporting on these findings.Even some of the more niche crypto publications, REKT got in on the action. If one of the goals was to shine a light on IL then I think we are on the right track. — @Bancor — @mbrichardson87 — @rekthq — @NateHindman — @BancorA fellow Bancorian did a great writeup with some napkin math on retiring via passive income from Bancor. I love seeing these threads from Bancor community members and will always promote them (might even get some freebies from on me 😉). — @lesigh3100There is always some alfalfa 🐐 out there if you are willing to look for it 😂🤣. What could this mean?🤔 — @NateHindman — @NateHindman — @MBRichardson87Some tweets from the official Bancor account in case you missed them — @Bancor — @Bancor — @Bancor — @Bancor — @Bancor — @Bancor🎩Bancorians in the Wild — @Bancor — @Bancor — @Bancor — @NateHindman — @banclords — @Bancor — @banclords — @PrimalGlenn — @CryptoDavid_ — @PrimalGlenn — @JohnMilanSebik — @alphavalion☑Governance👈Previous ProposalsThis past week (11/14/21), we had multiple proposals on Snapshot:Proposal: Increase MKR-BNT Fees to 0.2% (from .1%)Proposal: Increase Co-investment Limit to 2.1M BNT on the ROOK-BNT poolProposal: Increase Co-investment Limit to 700K BNT on MPH (88MPH) PoolProposal: Increase Co-investment Limit to 1M BNT on REQ (Request Network) PoolProposal: Increase Co-investment Limit to 1M BNT on Quant (QNT) PoolProposal: Increase Co-investment Limit to 1M BNT on RPL (RocketPool) Pool and set pool fees at .2%Proposal: Increase Co-investment Limit to 1M BNT on MANA (decentraland) Pool and set pool fees at .2%Proposal: Increase Co-investment Limit to 500K BNT on TRAC (OriginTrail) PoolProposal: Whitelist RAILGUN (RAIL) with 75k Co-InvestmentProposal: Whitelist ENS with 50k BNT co-investmentProposal: Extend Liquidity Mining Rewards for WBTC, LINK and ETH poolsAdditionally, we also had two proposals which failed to meet quorum or supermajority requirements:Proposal: Increase Bancor’s Bug Bounty Payout on ImmunefiProposal: Whitelist Sator Token (SAO)👉Current ProposalsFor this week (11/21/21), we had two proposals on Snapshot for voting:Proposal: Increase Co-investment Limit to 200k on the RNB-BNT poolProposal: Whitelist ParaSwap (PSP) + 100K BNT Co-InvestHead over to Snapshot to cast your votes on current proposals.❗If you aren’t voting regularly make sure you unstake your vBNT from governance and delegate instead. Self-nominated delegates maintain a page on Discourse to inform other community members of their intended voting behavior. If you disagree with the way your delegate votes, you can always vote manually to override their decision on your behalf.❗☎Bancor Weekly CallIn this week’s Community Call recording, Bancor shared the development updates above and featured the Sator team and Stefan Loesch from Topaze Blue to discuss the Uniswap V3 IL Study.Topaze Blue discuss the Uniswap V3 IL StudyThe study covered the pools comprising 80% of the TVL on Uniswap V3, and the results were unsurprising. Impermanent loss is significant, and in around 50% of cases, outweighs fees earned by LPs on Uniswap V3. Concentrated, leveraged liquidity actually increases your exposure to IL, rendering higher fees earned null in many cases.In all but 2 pools studied, impermanent loss outweighed fees earned by LPs, with a handful of active, professional market makers being profitable against the trend.This is the first time an empirical study has investigated the performance of active LPs with regards to impermanent loss, supporting Bancor’s long-standing warnings to LPs that they are making themselves worse off by not using protection while providing liquidity.Sator.io discuss their whitelisting proposal“The Sator platform aligns content ecosystem participants in an open economy that increases value creation and distribution. Socialize and compete in the content metaverse you design. Hop between realms, play head-to-head trivia, chat with fellow fans, earn SAO, and show off your NFTs. Beyond collecting, many NFTs on Sator are embedded with rights, aka “utility,” in the content being watched.”The proposal requests a 100k BNT co-investment limit, and Sator are keen for volume and IL protection. Sator would like their Bancor pool to be the deepest pool, and will direct their community’s attention to it once whitelisted.Q&AWhat helps a pool avoid impermanent loss?Hoping that your pool doesn’t occur IL means hoping your token doesn’t perform ETH. Impermanent loss is a silly name, because it’s effectively permanent.Where does the data on the IL study come from?The data is from Dune Analytics and directly on-chain. There is an appendix in the paper referencing the source of each data set.Are the IL data study and il.wtf related?No, they’re separate projects. Il.wtf allows you to insert your wallet address to see how much impermanent loss you’ve ever incurred while LPing on Uniswap V2, Sushiswap, Balancer, 1inch and Kyber. We’re running a campaign called #BancorBailouts which will pay $1,000 to five randomly selected LPs per week for sharing their results on il.wtf.To participate, visit il.wtf and enter your wallet address, then tweet your results using the Share button within the website, ensuring that the #BancorBailouts hashtag is showing.Will V3 lower gas fees?Yes, stay tuned for the discussion on 29th November. Staking your rewards will get easier and cheaper, ensuring that your profits are optimized without you having to take much action. We are aware of the gas fee issue on Ethereum L1 and we’re working on it.What will Bancor do to promote awareness of Bancor as a trading platform as well as a liquidity protocol?We have a new, full-time creative director, Sruly, who’s started doing great work on building our brand image. You’ll start to see more of this revamp in the coming weeks.We are also working hard to optimize the user experience on Bancor, and on the trader side we are looking to remove barriers to whitelisting in V3. Currently, tokens typically list first on Uniswap, before their DAOs request a Bancor pool after they mature. In V3, we will be able to host newly launched tokens from the very beginning.Thirdly, there are new features (TBC) in Phases 2 and 3 of Bancor V3 that will also boost trading volume on the platform.Finally, our upcoming gas optimizations will drive more organic trading volume as well as aggregator-routed volume.Why can’t Bancor whitelist pools automatically without a vote?Automatically whitelisting tokens increases the risk of exploits and other vulnerabilities; our vetting process in governance serves to prevent this.In V3, we’ll be able to whitelist tokens much earlier in their life cycle, so that if they moon, it wouldn’t be nearly as costly in terms of IL insurance, as it would be on V2.1.Is there an upcoming fix for recent issues connecting hardware wallets to Bancor?We’re aware of the issue and we’re fixing it.🤝Connect Projects with Steven, Bancor Business Development Lead:Are there tokens you’re holding that we should whitelist on Bancor? DM @FoxSteven about it or connect us with any community leaders/core contributors on the project. Steven leads all our BD efforts and will connect with the team and work with them to get whitelisted or build a deeper pool.📔Bancor Grants:We have content grants active at all times. Any users that want to create videos or guides, please reach out to Nate Hindman (@NateHindman on Twitter or telegram).We have analytics grants. If you want to work on Bancor data projects or if you are good with working on blockchain data and APIs, we can always use your help!As always, we have rolling developer grants for those who want to build and innovate on Bancor’s infrastructure.📓Bancor Resources:Bancor Staking GuideResources & FAQsBancor DocsVideo: How to stake in Bancor PoolsVideo: How to Earn Fat Yields on BancorVideo: Say ADIOS to Impermanent Loss with Bancor V2Research: Bancor — The World TokenResearch: Impermanent Loss in Uniswap v3Analytics: il.wtfAnalytics: Bancor Dune AnalyticsThe Bancorian | A Weekly Summary-November 21st, 2021 was originally published in Bancor on Medium, where people are continuing the conversation by highlighting and responding to this story.

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