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BNT Token Soared 22% When ...

BNT token skyrocketed 22% when Bancor announced liquidity mining in
CONTENT

  • Bancor Developers Introduce Their Own Uniswap Liquidity Mining Analog

  • The volume of pledged funds in the protocol increased by 46%

  • The protocol is expected to raise up to $ 66 million in the first stage of liquidity mining

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Bancor DeFi Protocol Announces Its Own BNT Liquidity Mining Program as an Alternative to Uniswap

Cryptocurrency project Bancor announced the launch of a liquidity mining program using native tokens of the BNT project. The team announced this in their official blog. Thus, Bancor developers want to attract additional liquidity to pools for the long-term operation of the project. Farming of BNT tokens is carried out through the updated model of the Bancor v2.1 project.

BNT Token Soared 22% When ...

“With more liquidity, Bancor can get more conversions in the marketplace, which will lead to higher commissions for liquidity providers, higher annual interest rates, and better protocol,” wrote the developers.

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It is noteworthy that the announcement of a new Bancor initiative, which is similar in concept to liquidity mining in Uniswap, is taking place against the backdrop of the end of UNI token farming. The end of liquidity support at Uniswap has already led to an outflow of 46% of pledged capital.

Source: defipulse.com

At the same time, the amount of capital in Bancor soared by 46%, surpassed in growth only by the SushiSwap decentralized cryptocurrency exchange protocol (+ 63% growth).

According to the official description, BNT will be mined in eight pools, one of which will have six high-cap tokens and the other two medium-cap tokens:

  • Large tokens: ETH, WBTC, USDT, USDC, DAI, LINK
  • Medium Tokens: OCEAN and renBTC
  • BNT Token Soared 22% When ...

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Bancor will distribute BNT to liquidity providers in each pool on a weekly basis: pools with large cap tokens will receive 100,000-200,000 BNT per week, and average tokens 10,000-20,000 BNT over the same period. The developers plan to expand support for tokens with two tokens in pools every two weeks.

Source: coinmarketcap.com

With the announcement of a new token program As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More BNT jumped 22% to $ 0.9. Liquidity providers who keep their mined tokens in the protocol will receive new assets at a doubled rate. Bancor developers plan to raise $ 50-60 million in pools with large tokens and $ 5-6 million with medium.

How not to go bankrupt in the decentralized finance market (DeFiDecentralized finance (DeFi) is financial services built on the basis of blockchain technology that offer users access to an open, efficient and … More) with a choice of token – read the special material BeInCrypto.

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