Bancor is a Decentralized Exchange protocol on Ethereum and the inventor of automated-market makers (AMMs) on the blockchain. Bancor launched in 2017 and is one of the oldest and more established DeFi platforms. Adding Bancor to the CREAM Finance platform would be a great addition as it has a large number of active DeFi users. As a DEX that offers single sided staking and impermanent loss protection, Bancor integrates with many other DeFi projects and communities.
Add Bancor Network Token (BNT) as a collateral asset with 60% Collateral Factor
Do not list Bancor Network Token (BNT) as a collateral asset
Bancor has a large active and vibrant community across multiple social media channels. The largest of these is twitter with 121.9K followers and followed by Telegram with 11.4K members. The Bancor community is very active in governance and has high engagement in weekly community calls.
As users learn about the features (Impermanent Loss Protection and Single Sided Staking) that Bancor provides, the number of unique protected wallets has been incrementing steadily:
Onboarding the Bancor Network Token (BNT) will expand the TVL of CREAM Finance lending platform and allow the Bancor Community to borrow against $BNT.
A collateral factor of 60% for $BNT will help drive liquidity and TVL to the protocol. This will allow BNT holders to lend through CREAM and drive up demand for borrowing assets. Ultimately, this will generate more revenue for CREAM as the demand for borrowing assets increases and a portion of interest that borrowers pay will be collected by the platform
Bancor has two key features that differentiates it from other DEXes:
- Single-Sided Exposure: LPs can provide liquidity to a pool with single-sided exposure, either in an ERC20 token (“TKN”) or in BNT.
- Impermanent Loss Insurance: Impermanent Loss Insurance accrues over time, by 1% each day, until 100% protection is achieved after 100 days in the pool. There is a 30-day cliff, which means that if a liquidity provider decides to withdraw their position before 30 days passes, they’d incur the same IL loss experienced in a normal, unprotected AMM. If an LP withdraws any time after 100 days, they receive 100% compensation for any loss that occurred in the first 100 days, or anytime thereafter.
The Bancor DAO recently whitelisted CREAM with overwhelming support (95% Majority Support with over 60% Quorum). This allows CREAM LPs to deposit single sided and be protected from any IL that they may experience.
Going forward, with the release of V3 on the horizon, Bancor is looking to once again reinvent AMMs and dramatically increase the capital efficiency of Bancor pools without sacrificing usability by passive liquidity providers. The Bancor community is looking forward to the CREAM community joining us in this journey.
Bancor is a decentralized exchange (DEX) built on the Ethereum and EOS blockchains. The Bancor protocol employs an automated market maker (AMM) smart contract to facilitate token trades against token liquidity pools without matching buyers and sellers. It has a built-in token called BNT that serves as the common price token to fulfill trades among other smart contract tokens. A portion of total trading fees are distributed to Liquidity Providers, or LPs, that deposit tokens into Liquidity Pools. Trading fees also protect user deposits from Impermanent Loss while minted and burned BNT supply maintains the constant market function for continuous token pricing. While Bancor already exists on Ethereum and EOS, it can be integrated into any smart contract-enabled blockchain to provide cross-chain liquidity.
BNT token contract address: 0x1f573d6fb3f13d689ff844b4ce37794d79a7ff1c
Twitter: 121.9K Followers
Telegram: 11.4K Members
Bancor Network Token (BNT) is listed on top centralized exchanges:
The Bancor DEX is the main source of BNT liquidity outside of Centralized Exchanges. As of the time of writing, the following is the liquidity depth of the top 20 tokens on Bancor:
|Name||Price USD||Liquidity Depth|
Uniswap V2 and V3 have two small BNT-ETH pools with 540K and 381K in TVL as of the time of writing.
52 Weeks Pricing Information:
52 Weeks Total Addresses with Balance:
Total Value Locked (TVL): $1,193,683,401
Market Cap: $755,469,731
Market Cap Rank: #94
All-Time High: $10.72 (Jan 09, 2018)
All-Time Low: $0.120935 (Mar 13, 2020)
Circulating Supply: 212,960,487 / 212,960,487
Fully Diluted Valuation: $755,469,731
BNT Liquidity Mining Audit by Peckshield here (February, 2021)
Bancor v2.1 audit by Peckshield here. (October, 2020)
Bancor v2.1 audits by Certik here (governance) and here (liquidity protection). (October, 2020)
Bancor v2 audit by Halborn here (August, 2020)
Bancor v2 audit by Consensys Due Diligence here. (July, 2020)
Bancor v1 audit can be found here. (May, 2017)
Bug Bounty Program: Immunefi
Thank you for your consideration.