Our @Bancor profile is updated with the latest on the platform and its native $BNT token
Bancor is a unique decentralized exchange (DEX) that uses $BNT as the common price token to fulfill pair trades among users and liquidity pools for hundreds of Ethereum + EOS tokens.
Consensus & Emission:
$BNT supply is elastic with Bancor V2.1. The protocol matches liquidity pool token deposits with minted $BNT and burns $BNT when tokens are withdrawn. Users’ $BNT deposits replace minted $BNT to control inflation.
$BNT launched on 6/12/17 in the largest ICO at the time - $153M
The initial 79.3M $BNT supply was allocated to:
50% - ICO Participants
20% - Project team, contributors, investors
20% - Bancor budget
10% - community development
Token Type: ERC-20
Bancor was the first automated market maker (AMM) DEX on Ethereum. The protocol matches $BNT with all pooled tokens to create trading pairs. Users can stake $BNT or any token without unintended asset exposure.
How the Bancor DEX works:
Bancor integrates a series of smart contracts to exchange Ethereum and EOS tokens in liquidity pools. $BNT is minted and connected to each token at a constant ratio so prices reflect supply & demand.
How $BNT/vBNT staking works:
Users supply tokens to liquidity pools for automated trading. $BNT stakers receive $BNT trading fees (and re-stake them for vBNT and 1x leverage) but all users get full coverage against Impermanent Loss after 30 days of staking.
Bancor Governance:
The BancorDAO approves all protocol changes. Decisions are vetted among the community before vBNT holders vote on-chain to enact the improvements.
1/ The crypto space's evolution has necessitated stronger server infrastructure to meet the increasing performance requirements of blockchains and their applications.
@Old_Samster dives into why advanced physical infrastructure is crucial.👇🧵
@Old_Samster @Filecoin @sphere_labs @akashnet_ 2/ Newer chains like @avax and @Solana demand significantly higher processing power compared to @Ethereum.
This has driven validators towards being hosted in data centers, given their increased demand for processing power, low latency, and high uptime.
3/ Decentralized storage networks (DSNs) and compute networks face similar challenges.
Ordinary people contributing idle storage space isn't enough for commercializing DSNs. Data centers become indispensable for low latency and exceptional uptime.
1/ Scalability is a key factor in the crypto space, with the modular approach gaining popularity. However, @Solana has taken a contrarian stance.
@kelxyz_ explains how @jump_firedancer, a validator client developed by @jump_ aims to enhance Solana's monolithic approach.🧵
2/ @jump_firedancer's first milestone, "fd_quic," demonstrated impressive transaction propagation throughput of 1M transactions per second (TPS) in initial performance tests.
But there's more work to be done to achieve the full potential of Firedancer.
3/ If successful, @jump_firedancer could unlock blue ocean markets for the @Solana ecosystem by offering unprecedented throughput, composability, and low costs.
However, challenges in execution, timing, and competition pose risks to its adoption and success.
+Dynamic Energy Model resulted in revenue up 65.5%
+Circulating Mcap of $TRX increased by 18.1%
+Prominent protocols #justlend & #juststables saw TVL increase at 26% and 21% respectively
1/ In a bear market, it's crucial to focus on long-term market developments and product announcements to understand what may support or drive new waves of app development.
2/ Aligned, a high-performance compute provider, predicts the zero-knowledge proofs (ZKPs) market to reach $10B by 2030.
ZKPs verify computations and ensure privacy in transactions. #Ethereum is expected to capture 66% of the market.
3/ @LensProtocol, a decentralized social graph protocol, introduced Momoka to decrease transaction costs and improve stability.
Lens has seen a 75% decrease in transaction costs, making consumer applications more viable. Momoka is a game-changer for building foundational layers.
2/ The crypto market rebounded in Q1'23, with the market cap of featured Layer-1 (L1) smart-contract platforms increasing by an average of 83% QoQ, but still down 58% YoY.
@ethereum had the highest market cap, over 2x the other networks combined.
2/ @ethereum generated the highest revenue in Q1, driven by its high usage and gas fees. Its revenue was $457M, almost 2.8x the combined revenue of all other featured L1s.
@hedera had the most significant revenue growth, with a 489% increase QoQ, driven by its Consensus Service.