Bancor Network Introduced Its New “Dawn” Update

Bancor Network, an on-chain liquidity protocol based on Ethereum and EOS, has introduced its long-awaited update, Bancor 3. The newest release will bring instant impermanent loss protection for users, new pools for traders, and liquidity providers, lesser fees and multichain-portability to the protocol.

One of the key features of the new update is Omnipool which allows users to stake their BNT, Bancor’s native tokens, in a single pool and earn yield from the entire network. Omnipool also allows for all trades on the network to occur in a single transaction, thus enabling users to pay less for gas.

Another notable part of the upcoming upgrade are Infinity Pools that follow the concept of “Superfluid Liquidity” allowing users to deposit unlimited amounts of assets. The Liquidity mining rewards will be auto-compounding and no longer require gas-intensive manual re-staking. The Bancor developers also promise to add multichain and L2 support to the protocol.

According to the roadmap, the launch of the Bancor 3 is divided into three stages: Dawn, Sunrise, and Daylight. Though it is yet unclear when exactly the first Bancor 3.0 “Dawn” update will go live, there is a waitlist on the Bancor’s website.

In 2017, the Bancor Network was the first protocol to introduce automated market maker (AMM) to the blockchain. According to DeFiLlama, the project now holds $1.57 billion in total value locked on Ethereum. BNT token is currently trading above $4, as per CoinGecko.

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