Crypto Gator | The Best Cryptocurrency, Blockchain and Forex News Aggregator

Bancor Update — Week of Sept 5, 2022EcosystemIntegration of the 0x Protocol is LiveThe integration of the 0x Protocol is live in the Bancor.network app. With the integration, users on Bancor will be able to swap any Ethereum tokens supported by 0x API, enabling trading access to hundreds of non-whitelisted tokens on Bancor.network.0x is an open-source, decentralized exchange infrastructure that enables the exchange of tokenized assets on multiple blockchains.The integration is aimed at making Bancor.network a better destination for traders by expanding token availability.Read more details about the integration here.The Ethereum Merge UpdateTwo proposals regarding the Ethereum Merge have recently been voted on by the Bancor DAO:Proposal: Determine action in the event of a PoW Fork — FailedProposal: Pause Bancor during The Merge — FailedThe first proposal was seeking to determine what action to take on the Ethereum Proof of Work fork post the Ethereum merge. The Bancor DAO has voted to not take any action on the POW fork meaning that v2.1 and v3 will exist but won’t have any support from contributors. The second proposal is seeking to pause the protocol before the merge and resume it after to account for any unknowns as a precautionary measure. The Bancor DAO has voted to not do anything as no issues are expected. The Ethereum merge is set to take place around September 15, 2022.BNT Burn Proposal UpdateFollowing the proposal to evaluate the effect of directly burning BNT by burning the current collected balance in Bancor v3 (at the time of writing, >~753k BNT), further discussions and options have emerged:Option 1: Burn vBNT via the Vortex (requiring swapping BNT for vBNT)Option 2: Burn BNT directlyOption 3: Stake the BNT and use bnBNT for LMOption 4: Continue accruing BNT and keep it locked in the v3 fee wallet for some future utility (eg, token swap, DAO treasury etc), pending further discussion and legal researchThe next steps will be to continue the below before proceeding to Snapshot voting:Continue discussions on the above optionsContinue legal research on “Option 4” and report back with findingsSee the updates here and join the discussion.LPL Pool Fee Value Increased to 5%The proposal to set the LPL pool fee to 5% permanently on v2.1 and v3 has passed. The trading fees on the LPL pool will increase to 5% and additional data will be gathered over a longer period of time to confirm that a 5% fee outperforms 1% in terms of fee generation.Increase BNT Trading Liquidity on the ACRE/BNT Pool to 100KThe proposal to increase ACRE/BNT liquidity to 100K has passed, aiming to reduce slippage and increase trading volume. The funding limit has been increased accordingly.Defi Llama Tracking Bancor V2 on DEXs DashboardDefi Llama has added Bancor v2 to DEXs Dashboard. Check it out here.vBNT BurningThe vBNT burn continues with 12k of vBNT being burnt daily on average so far in September. Cumulatively, over 96k vBNT have been burnt already for September and over 2.6M vBNT for all of 2022. It is important to note that the protocol has bought ~753k 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.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 has yet to be utilized for swapping to vBNT and then burning the acquired vBNT.Bancor Simulator Tutorials: Fundamentals of Bancor V3 SimulationsIn addition to the release of the Simulator, Bancor is introducing a series of Simulator Tutorials next week.Nine live tutorials will be scheduled at 12PM EST Monday, Wednesday, Friday for the next 3 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.See the details here.DevelopmentWeb Apptrack on Github:Update pool deficit calculation to include external protection vault balanceAdded support for coinbase wallet (mobile) auto connectRemove IL protection icon from tokens tableGovernancePosted on Bancor DAO DiscoursePassed:Proposal: Increase Trading Fees on the LPL pool to 5%Failed:Proposal: Determine action in the event of a PoW ForkProposal: Pause Bancor during The MergeLevel 1 Proposals Under Review:Proposal: Trial One-Time BNT Burn from V3 Fee WalletProposal: Update Whitelisting RequirementsProposal: Update mandatory community review time requirements on proposals from a minimum of 2 days to 4 daysDiscussion:Proposal: Move v2.1 liquidity to v3Proposal: Create a development road map and timelineA Stronger BNT = A Major Component Towards Repairing BancorCommunityIntroducing Bancor DAO Discussions on DiscordBeginning next Wednesday, September 14th at 1PM EST, Jen Albert and Mark Richardson will be hosting Bancor DAO Discussions, a new weekly DAO/Community call, on Discord. Conversations will be focused on current proposals on the Bancor Governance and all members of the Bancor DAO/Community are encouraged to join and let their voices be heard.ContentVideo by Zeno — The last 28 days in BancorWeekly CallJoin the Bancor community call this Sunday September 11th at 3PM UTC on Telegram Voice for more community updates and discussion.Bancor Update — Week of Sept 5, 2022 was originally published in Bancor on Medium, where people are continuing the conversation by highlighting and responding to this story.

Read More