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Bancor Update — Week of August 15th, 2022Auto-Compounding Rewards LiveOne of the key features of Bancor v3, Auto-Compounding Rewards (ACR), has been enabled and can be used by any project wishing to participate. Projects may start distributing their rewards and providing their LPs with the benefits of participating in a gasless, Auto-Compounding rewards program.What’s unique about Auto-Compounding rewards on Bancor v3 is that they enter the TKN pools as trading liquidity from day one. This means that these rewards are there to support trading for a project’s token as opposed to sitting in a separate rewards contract. Auto-Compounding rewards on Bancor v3 also solve the issue of constant selling pressure that is seen with traditional liquidity mining programs where LPs will:Provide TKN and a base asset as liquidity and in return receive LP token(s).Stake their LP token(s) into a rewards contract.Collect their TKN rewards at a certain time interval.Sell half of their TKN rewards for the base asset (e.g. ETH).Provide TKN and a base asset as liquidity and in return receive LP token(s).Stake LP token(s) into a rewards contract.the above transactions end up costing gas for LPs but can also be quite damaging to projects as their token is experiencing constant selling pressure. Due to how Bancor v3 implements Auto-Compounding rewards, this selling pressure is alleviated as any TKN rewards are transferred gaslessly from the project to LPs. From an LPs perspective, the bnTKN pool token that they hold will over time unlock more TKN as rewards are transferred to them.Another unique feature of Bancor v3 ACR is that a project has the option to choose between a linear distribution:and an exponential decay distribution:for their rewards. A linear distribution will distribute a set amount of token rewards per block until they run out (i.e. expire). On the other hand, an exponential decay distribution will decay slowly over time and could potentially take years (depending on the decay factor) before rewards being distributed are dust amounts. One can think of an exponential decay distribution as similar to the bitcoin reward schedule where every four years there is a halving event. The difference is that an exponential decay distribution has a smooth decay as compared to an abrupt step wise decrease.Once deposits on the Bancor.network App are resumed, the simplicity of this feature will be even clearer and the distributed rewards particularly easy to track.Deposits on Bancor App open for BNT, CROWN, and ACREFollowing the re-enabling of on-chain deposits after the Bancor DAO approved this proposal, deposits on the Bancor.network App are now open for BNT, ACRE, and CROWN. Arable Protocol and Crown Capital DAO have both deposited funds for Bancor’s External Liquidity Protection, which protects LPs against vault deficits.ETH fee rate on Bancor V3 decreased to 0.1%The proposal to decrease the ETH pool fee rate on Bancor v3 to 0.1% has passed. The goal is to capture additional trades through direct traffic on the Bancor.network app and our 3rd party integrations with trade aggregators. The ETH pool is considered a primary pool in the Bancor protocol and a gateway to other tokens on Bancor. In theory, an increase in the volume of the Bancor v3 ETH pool should produce an increase in fee revenue. ETH is speculated to become highly traded as the PoS merge approaches, and this is viewed as an attractive opportunity to boost the amount of fees earned.See the proposal here.JUNO PayJUNO Pay is now live on the Bancor.network App, providing another fiat gateway supporting on and off-ramp fiat to crypto support instantly via Cards, CashApp, and Venmo. This is in addition to existing fiat gateway providers Moonpay, Banxa, Simplex, Ramp Network, Mercuryo, and Transak in the Bancor.network App allowing users to buy and sell crypto with fiat easily.vBNT BurningThe vBNT burn continues with close to 16k of vBNT being burnt daily on average in the first 19 days of August. To date, the Bancor protocol has burnt ~300k vBNT so far in August and there are 12 days remaining before the month concludes. It is important to note that the protocol has bought ~556k worth of BNT in v3 that has not yet been swapped for vBNT to be burnt.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.Protocol Analytics — Simulator DemoA live demonstration of the simulator took place on Discord using one of our popular discourse discussions. If you have missed it, you can find the recording here.The Bancor Simulator is an open-source python package developed by Bancor Research. It aims to assist the design, testing, and validation of Bancor v3 tokenomics.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.Foundation Update to the Bancor CommunityA statement from the BProtocol Foundation has been released.Dev UpdatesApp — track on Github: https://github.com/bancorprotocol/webapp-V3/issuesIntegrationsParaswap (WIP)Cowswap — testing phase (WIP)Adding new fiat providersImprove mobile styling and behaviorUpdate data display and show 0 when data is not availableImprove wallet connect flowOther Governance Proposals:Posted on Bancor DAO DiscoursePassed:Proposal: Decrease the ETH fee rate on v3 to 0.1% aligning with v2.1Failed:Proposal: only DAO can receive vortex rewardsLevel 1 Proposals Under Review:N/ADiscussion:Proposal: Create a development road map and timelineProposal: Move v2.1 liquidity to v3Proposal: Tokenize the DeficitFuture vBNT LP reimbursementProposal: m-m-m-multi curveA Stronger BNT = A Major Component Towards Repairing BancorProposal: Bancor Repatriation ActDiscussion: A (less painful) way of solving the deficit for goodProposal: Limit on-curve liquidity to max(520 x 7 day fees, 100k BNT)Feedback Request: Potential Direction for RecoveryProposal: Let LPs have the option to withdraw with ILP at a 1% rate per weekDiscussion: Stop Burning vBNT — burn BNTFeedback Request: V3 Vortex — Burn The Collected BNT or WaitCommunityVideo by Zeno Bancor 3 — Features and IntegrationsVideo by Zeno Foundation Update to the Bancor Community — SummaryCommunity CallJoin the Bancor community call this Sunday at 3PM UTC on Telegram voice chat for more community updates and discussion.Bancor Update — Week of August 15th, 2022 was originally published in Bancor on Medium, where people are continuing the conversation by highlighting and responding to this story.

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