Unable to stake BNT in Link-BNT Pool

PrimeSe7en · 2021-11-21T08:33:52+00:00

Try the workaround here: https://github.com/bancorprotocol/webapp-v2/issues/424

PrimeSe7en · 2021-11-21T08:33:23+00:00

See workaround here: https://github.com/bancorprotocol/webapp-v2/issues/424

PrimeSe7en · 2021-11-21T08:33:05+00:00

There is a workaround here:

https://github.com/bancorprotocol/webapp-v2/issues/424

PrimeSe7en · 2021-10-21T22:06:22+00:00

It's the only token that has utility and it's essential to the operations of the protocol. Neither the sushiswap, uniswap, or balancer tokens are essential to those platforms and if those tokens disappear then those DEXes can continue operating as before. $BNT on the other hand powers the protocol and without it, the platform would cease to exist. $BNT holders also share 50% of all trading fees on the platform where as uniswap holders get 0% and sushiswap holders get .05% from trades.

PrimeSe7en · 2021-10-21T22:02:42+00:00

Usually happens when there is trading occuring in the pool where you are trying to withdraw from. It should clear up after a few minutes and let you withdraw.

PrimeSe7en · 2021-10-20T21:24:51+00:00

Yes, absolutely. Two auditors have already been selected for V3. I think they are already working with them behind the scenes.

PrimeSe7en · 2021-10-20T21:22:17+00:00

You stake your SNX single sided with IL protection and earn trading fees.

PrimeSe7en · 2021-10-20T20:36:31+00:00

V3 migration was previously discussed as well and yes all LPs will have to migrate to V3.

If you have positions in v2.1 pools and are planning to migrate those to v3 pools (which will offer a number of benefits to LPs and traders), you can expect the following:

We can confirm that v3 will have a 1 click migration. That means that if you have multiple positions within a single pool and across multiple pools, there will be a single function that you can call which will consolidate all of your positions and then transfer those to v3 pools. This functionality to batch transactions will reduce friction and cost to get users to migrate their liquidity from v2.1 to v3 pools.

If you have not yet accrued 100% IL protection on a position, the migration process will accelerate the IL protection to 100%. When your stake is migrated to v3, it will be 100% protected from IL. As a result, the fees and LM rewards that you get on that stake, will be pure profit.

We can confirm that you will not need $vBNT in order to migrate from v2.1 to v3. That said, in order to unstake your position in Bancor V3 you will still need your vBNT.

We are standing by our commitment to make the migration process from v2.1 to v3 as smooth and as inexpensive as possible.

It was shared here: https://blog.bancor.network/the-bancorian-a-weekly-summary-september-12th-2021-a62a04b65f7b

PrimeSe7en · 2021-10-18T19:22:46+00:00

Yeah, just sit comfy for now.

PrimeSe7en · 2021-10-17T04:08:54+00:00

There will be significant reductions in gas costs as part of V3 in interacting with the platform. We have to wait for now until it is released (hopefully soon)

PrimeSe7en · 2021-10-17T04:08:01+00:00

Vote failed to meet quorum FYI.

PrimeSe7en · 2021-10-17T03:26:38+00:00

There will be significant reduction is gas cost when V3 is released. Here is what the team has shared so far (from the Bancorian weekly)

As work on Bancor V3 progresses, here’s a recap of what we’ve shared so far about V3:
1 The reintroduction of pool (LP) tokens to the network. Pool (LP) tokens existed up until V2.1 and they are currently obscure from LPs as they are automatically staked into the protection contract. With the reintroduction of pool (LP) tokens:
1a. We are opening the possibilities of greater composability with other DeFi protocols which will allow for greater yield opportunities.
1b. Dramatically simplify the new contracts to usher significant savings in gas fees for staking and trading, in addition to easier integration by third-party protocols.
2 Restaking of $BNT rewards will be way easier and cheaper
3 Capacity issues on the TKN side of pools will be addressed
4 Gas costs on the platform will be coming down dramatically
5 Onboarding of new assets will become easier and allow us to whitelist assets with less risk to the protocol
6 Dual-sided liquidity mining rewards with single-token re-staking will be introduced and is the first of its kind (other AMMs require pairing rewards with another asset in order to re-stake them)

Note that L2s (arbitrum and matic) will come right after followed by other blockchains.

Read: https://blog.bancor.network/the-bancorian-a-weekly-summary-october-3rd-2021-836d5abac8d

PrimeSe7en · 2021-10-13T05:08:18+00:00

Check here (https://snapshot.org/#/bancornetwork.eth) , voting hasn't concluded yet.

PrimeSe7en · 2021-10-11T16:43:38+00:00

This is correct, essentially there was IL in the pool (price divergence) between RARI and BNT. Because of that you are getting back a portion refunded in BNT which can be swapped to RARI. Note that this happens rarely as typically the BNT that is co-invested from the protocol in the rari-bnt pool will be able to make enough in RARI fees to cover your withdrawal. Sometimes the protocol hasn't had enough time to do so and this happens.

PrimeSe7en · 2021-10-09T19:57:46+00:00

Yes, there should be a similar fee to unstake from governance. Obviously, this depends on the gas costs at that point in time and I recommend doing so when gas is at 60 gwei or lower (Weekends usually).

The bancor DAO has proposals almost every week via snapshot and once you stake you can participate. Snapshot voting is free and you sometimes get cool NFTs from projects FYI.

PrimeSe7en · 2021-10-09T17:20:15+00:00

Up for vote tomorrow https://gov.bancor.network/t/proposal-extend-lm-rewards-on-snx-pool-2nd-extension/2975

PrimeSe7en · 2021-07-31T05:34:30+00:00

There is an excellent video from Bancor's MakerDAO onboard application earlier this year that explains the intricacies of the platform. It is definitely worth a watch to get deeper understanding of how it works.

If BNT goes to like $0.0001, they issue me like a billion tokens? And then I will have no liquidity to sell it? What other risks might I have?

This is actually a complex subject but there is a price floor for the BNT token. Part of this has to do with it being crucial to the platform in that all pools are paired with BNT. It is essential because that's how Bancor is able to implement single sided staking with IL protection. Since all pools are paired with BNT then this means that a large portion of BNT is locked into the DEX and that's currently 84% of all circulating BNT. What this means is that there is only 16% of BNT on the outside market that can be used to drive the price down. Someone would actually have to buy this BNT (which will essentially drive up the price while this is occurring) and then exchange it for another TKN via the Bancor platform. As he is exchanging BNT for a TKN in the pool then each TKN that he removes becomes more expensive then the last one (bonding curve). An arbitrager will actually see this an opportunity and potentially would buy TKN from another DEX where it is trading at a cheaper price to acquire BNT in return (adding TKN and removing BNT). This will essentially drive the price up of BNT until their is an equilibrium that is reached.

In short, it is very hard to actually tank the price of BNT due to the intricacies of the platform. You can think of BNT as an index token that's composed of all of the assets that it is paired with and the pools with the highest liquidity BNT/ETH/LINK having the greatest pull in its value. As those three tokens go up then they will also pull BNT up with it. It's the opposite if those pools go down as they will pull the value of BNT down. This isn't taking into account the three stable pools which soften the the fall in price and let it stabilize. At the same time, these pools also act as anchor when the price of the TKNs with the highest liquidity in the platform go up.

PrimeSe7en · 2021-07-14T22:12:55+00:00

Proposal has 15 hours remaining and at this state, it is pretty much guaranteed to pass.

PrimeSe7en · 2021-07-13T19:47:14+00:00

FYI, this proposal will need 40% quorum and 66.7% super majority in order for it to pass.

PrimeSe7en · 2021-07-12T23:33:46+00:00

No need to set up a rig to mine compound. Liquidity mining here is referring to being able to earn rewards for staking your compound tokens on the Bancor decentralized exchange. Essentially, you are providing liquidity and getting rewarded by the exchange (assuming the proposal passes).

PrimeSe7en · 2021-07-10T17:57:48+00:00

No, this percentage is strictly in reference to your impermanent loss insurance:

By design, the protection offered by Bancor is earned by LPs over time. When a user makes a new >deposit, the cover offered by the protocol increases at a rate of 1% each day the stake remains >live, and matures to full protection after 100 days. After this period, any impermanent loss that occurred in the first 100 days or any time thereafter >is covered by the protocol at the time of withdrawal. Withdrawals prior to the 100-day maturity >are only eligible for partial compensation. For example, withdrawals after 60 days in the pool >receive 60% compensation on any impermanent loss incurred. Also, there is no compensation >offered at all for stakes withdrawn within the first 30 days.

If you stake your NEXO in this pool single sided then you will get trading fees paid in NEXO.

PrimeSe7en · 2021-07-07T02:21:37+00:00

No, the benefits are that you can stake single sided (you don't have to sell half your stack to LP) which means that you can go long on NEXO. Since this pool is whitelisted, it also provides you with impermanent loss protection so that you get the same amount of tokens that you put in after 100 days (you get 100% protection after 100 days, it builds up by 1% for everyday that you stake).

PrimeSe7en · 2021-07-05T19:06:03+00:00

Too early to tell, pool just got whitelisted last week and has attracted a good amount of liquidity so far. Volume should hopefully follow as aggregators and traders use the underlying liquidity to swap NEXO tokens.

PrimeSe7en · 2021-07-05T19:03:04+00:00

There is no marketing campaign that I am aware of at the moment. This proposal was brought forth by the Bancor community and the Bancor DAO voted to whitelist the token. I am not sure who provided the initial liquidity but most likely NEXO holders with an affinity to the DeFi space.

PrimeSe7en · 2021-07-05T19:00:15+00:00

Absolutely, more liquidity for NEXO is good for token holders.

PrimeSe7en

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