💻DevelopmentWe are going to be announcing Bancor 3 Phase I on November 29th via a live stream on YouTube. The live stream will feature core Bancor contributors, community members, as well as ChainLinkGod, DeFi Dad, and Arthur from DeFiance Capital.We launched a new Bancor 3 landing page that details the features of Phase I (A.K.A Dawn) as well as a roadmap. Dawn will include dual rewards, composable pool tokens, liquidity direction, third-party IL protection, and revised tokenomics. Dawn will be followed by Bancor 3 Phase 2 (Sunrise) and Phase 3 (Daylight).We have launched a new UI for the Bancor web 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 Bancor 3 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 page 🤿A new tokens page💰A new portfolio page📒A new voting interface🗳A new safe staking landing page✅A new impermanent loss landing page ✅A new Bancor 3 landing page 3️⃣🌐Ecosystem🌀Bancor Vortex🔥For this week, we saw roughly ~94K in $vBNT that was burned by the vortex. At current $BNT prices (~$3.50) this equates to ~$329K worth of $BNT locked forever.🔒+—————–+————–+| time | burnedamount |+—————–+————–+| 11/21/2021 0:00 | 12882.97026 || 11/22/2021 0:00 | 4869.082772 || 11/23/2021 0:00 | 11190.24577 || 11/24/2021 0:00 | 10739.33307 || 11/25/2021 0:00 | 24354.91888 || 11/26/2021 0:00 | 15344.46377 || 11/27/2021 0:00 | 14307.86323 || Sum | 93688.87776 |+—————–+————–+The cumulative burned amount increased from ~1.654m on 11/20 to ~1.747m on 11/27.📊Key Metrics7-day total cumulative fee revenue: ~1.3m30-day total cumulative fee revenue: ~$5.46mSource: token terminal📈 The average daily revenue for different time periods:7 days ~$185.7K30 days ~$182KThe 30-day annualized daily revenue equates to ~$66.4m in annual trading fees paid to LPs. For the past 30 days, trading fee revenue is up (~$1.3m) as compared to the previous 30 days.💰 In terms of protocol revenue, Bancor earned around ~$2.73m in monthly revenue for $BNT holders.🔌Integrations and UpdatesBancor is going to be at DCentral in Miami unveiling Bancor 3 Phase I (Dawn) and also presenting the Uniswap V3 IL study. The unveiling will be pre-recorded for the community and uploaded to YouTube for later viewing. We will be hosting a series of Twitter Spaces in the next few days for any questions that the community might have regarding Bancor 3.💪Social Channels💸Uniswap V3 LPs REKTThe spotlight for this week was the paper on Impermenanet Loss in Uniswap V3. This caught the DeFi community by surprise as no one had undertaken such a study before until Bancor in conjunction with outside consulting decided to analyze this dataset. Many discoveries were made including the following findings:We found that for the 17 pools we analyzed, covering 43% of TVL and chosen by size, composite tokens and data availability, total fees earned since inception until the cut-off date was $199.3m. We also found that the total IL suffered by LPs during this period was USD 260.1m, meaning that in aggregate those LPs would have been better off by USD 60.8m had they simply HODLd.Our friend Oscar D Torson broke this down for us in a Twitter thread to explain the findings and conclusions. So what are some of the key findings that caught my attention? 👇In short, the user who decides to not provide liquidity can expect to grow the value of their portfolio at a faster rate than one who is actively managing a liquidity position on Uniswap v3.Why would anyone choose to be a masochist for pain and provide liquidity to Uniswap V3 knowing that there are better options out there? If you are looking to get passive yields without actively managing your positons then you shouldn’t have to look further than Bancor. Note that even the supposition of active management was brought to question:“Within a reasonable margin of error, the performance of both groups is indistinguishable.”When looking at active and inactive LPs. Something tells me that with Bancor 3 Phase I on the horizon, that LPs will be more profitable than ever before. 💰 — @odtorsonFor a condensed version of the findings in an easy-to-follow format, The Defiant wrote an excellent article 👀👇 — @BancorLastly, the DeFi Yoda (korpi) wrote a good thread that’s easier to consume by the greater DeFi crowd. Korpi is always writing good threads on Twitter about DeFi projects, so make sure to give him a follow if you don’t already. — @korpi87🎲Random MusingsOut friends at Digitalax who have previously designed some cool Bancor hoodies and shirts recently released a Pool n Chill tee 👕 to commemorate the release of Lil Bubble’s Pool & Chill song.Only Bancorians know how to pool n’ chill. And, with Drip, now you can stay comfy, stay liquid, in style.https://medium.com/media/87a2d4207c28bf6686af016f1850c517/hrefIf you are looking to REP some Bancor DRIP IRL, check out the full collection here. If you did get a tee 👕 on me, I would love to see some IRL pics of Bancorians REPing their DRIP 🤝 — @BancorThe Defiant who covers decentralized finance, had their attention piqued by the Uniswap V3 IL study and some of the articles that have been released to date (including the one from rekt.news). — @BancorThey decided to explore Bancor V2.1 after learning the hard truths of IL and released a video walkthrough of the protocol. — @BancorThey also featured Bancor on a segment about DeFi 2.0 and mentioned the Vortex Burner with regards to protocol-owned liquidity. — @BancorThe ongoing il.wtf campaign has caught many LPs by surprise. Some of these losses are quite painful to stomach and are a solemn reminder of how much money one can lose due to impermanent loss (A.K.A divergence loss). Remember, make sure to practicesafedex…we are here when you are ready. — @BancorThe Uniswap V3 IL study has led to multiple threads from the DeFi community that explain impermanent loss (A.K.A divergence loss). It is an elusive concept for folks to grasp until you have personally experienced it firsthand. Many in the Bancor community have been burned by IL on other AMMs and can attest to how painful it is. If you ever need a reminder, just ask in Discord or Telegram. — @NoBullInvest — @kagami_nftWhat happens when liquidity provision becomes only profitable for professional market makers? 👀👇“If staking in liquidity pools is only profitable for the most advanced users, liquidity is likely to become concentrated in the hands of far fewer actors, reducing DeFi’s resistance to censorship and manipulation”Nope, let’s keep DeFi open and accessible to everyone. Do we truly want to revert back to a system where capital is concentrated in the hands of a few? After all, decentralization is one of the core tenants of blockchain technology and that also applies to capital and governance. — @BancorSome tweets from the official Bancor account in case you missed them — @Bancor — @Bancor🎩Bancorians in the Wild — @Bancor — @alphavalion — @NateHindman — @Bancor — @Banclord — @NateHindman — @cryptowncrier — @PrimalGlenn — @NateHindman — @Bancor — @mrcoin972 — @AlfredodeCandi1 — @CryptoDavid_ — @ConsensHaus☑Governance👈Previous ProposalsThis past week (11/21/21), we had two proposals on Snapshot:Proposal: Increase Co-investment Limit to 200k on the RNB-BNT poolProposal: Whitelist ParaSwap (PSP) + 100K BNT Co-InvestBoth of these proposals met quorum and supermajority requirements.👉Current ProposalsFor this week (11/28/21), we have two proposals on Snapshot for voting:Proposal: eRSDL LM extension proposalProposal: Increase TRAC-BNT fee to 0.5% from 0.2%Head 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.Bancor at DCentral MiamiBancor core contributors are in Miami this week for the unveiling of Bancor 3 Dawn Phase I at DCentral Conference. The last time Bancor made an announcement this big was in April 2020 for V2, right before DeFi summer.Mark will be presenting a livestream with core contributors for a first look at Bancor 3 Phase I on Monday 30 November at 20:30, and will present two keynotes at DCentral on Tuesday 1st and Wednesday 2nd. The first will discuss Bancor 3 Phase I in more detail, the second will explore the findings of the Uniswap V3 Data Study.There will be a total of 3 Phases in Bancor 3; this week we’re unveiling the first phase. There’ll be a lot of questions, and we’ll be on hand to answer them. The community’s help in familiarising newcomers with the updates are much appreciated!On Wednesday night we’ll be co-hosting a large party at Palapa Miami with APY Vision and Polygon. Elderbrook will be playing live music, and we’ll have dancers performing too.In the coming weeks, we’ll be on Spaces to take a deeper dive into Phase I of Bancor 3, and will have Q&A sessions for DeFi veterans. Right now in Miami, our focus is on a much wider audience.Q&AWill Bancor 3 deploy on Arbitrum? Will it make use of CCIP?We’re deploying on Ethereum L1 first, following which there’ll be a governance process to determine which other chains and sidechains we migrate to. Right now, we know that the community is keen for Arbitrum, as well as Avalanche and Polygon, so they’re all potential destinations.When we do need a crosschain operability protocol in the future, it’s almost certain that Chainlink will be the go-to solution.What do we know about Bancor 3 so far?We’ve confirmed that it’ll address the known pressure points in V2.1. It’ll make DeFi and passive yield as cheap and easy as possible as contracts are simplified. There’ll also be an end to current issues with capped pools.How will third-party liquidity mining help Bancor?It’ll undoubtedly be a positive thing if other projects have their own agency in determining rewards on an AMM without impermanent loss risk.We will also have the tools to reduce the protocol’s engagement with a specific token if it is ceases to be worthwhile, so the DAO’s leverage will increase in Bancor 3.Is there a roadmap for increasing novices’ awareness of Bancor?We’re in a good position to do that by leaning into the messaging regarding safety and security of LPing on Bancor. We’re overhauling our branding, landing page and messaging, and this will soon be integrated into the front-end. Once we conquer the DeFi market, the natural progression is for us to focus our efforts on targeting ‘normie’ crowds.🤝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 28th, 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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