Bancor Progress Report — Q3 2019

The Bancor Airdrop

All BNT hodlers! Bancor’s upcoming airdrop on all BNT-holding wallets will create more than 60,000 new liquidity providers on the network. The airdrop will come in the form of “BNTETH” — a Relay Token entitling holders to fees from every ETH conversion on the Bancor Network. To receive the airdrop, users simply need to hold BNT in a non-custodial wallet at the time of the BNT holder snapshot this December.

Discussing the airdrop, Bancor Co-Founder Guy Benartzi told Camila Russo of The Defiant: “In DeFi you probably have a few thousand users. In terms of how many provide liquidity to pools — maybe a few hundred. Overnight it goes from a few hundred to tens of thousands of people. And we hope that through this action many, many more people will get exposed to this emerging world of decentralized finance.”

Learn more about Bancor’s upcoming Airdrop.

Open Liquidity Pools

While most end users are familiar with Bancor as a mechanism for seamlessly converting tokens, in Q3 we began discussing another action available to users: Staking tokens on the network and collecting fees from Bancor liquidity pools.

This quickly awoke a fast-growing segment of Bancor’s user-base: Liquidity providers. Liquidity providers are users who stake their idle assets in decentralized liquidity pools that generate fees from token conversions performed by other users. New features and interfaces make it way more seamless and intuitive for users to add and withdraw liquidity on Bancor.

As EOSWeekly recently said in a video explainer, “Community staking adds a new dimension of decentralization to Bancor liquidity pools”:

Interested in becoming a liquidity provider and receiving liquidity provider fees generated from conversions on the network? Learn more about adding and withdrawing liquidity in this user guide or ask for help in Bancor’s Telegram channel.

Bancor Product Roadmap

In September, we laid out Bancor’s proposed 6–12 month roadmap designed to create more liquidity, more developers building on Bancor and more community governance by BNT holders. Milestones include:

• Bancor Affiliate Program (live!) — Provide automated affiliate fees to developers who integrate Bancor’s automated token conversions into their application.
• Stable BNT (live!) — Supporting the creation and integration of stable liquidity pools on the Bancor Network (more on this below).
• BNT Inflationary Model — BNT will be upgraded to an inflationary token with an initial default setting of 0% inflation.
• BNT Voting — BNT holders will gain the ability to vote to determine key attributes of the Bancor Protocol including BNT inflation rate and recipients.
• Bancor Foundation Grants Program (live!) — Funding the collective optimization of the protocol with grants first deployed by the Bancor Foundation, and then voted on by BNT holders.