Decentralized platform Bancor is ready for an upgrade with Instant Impermanent Loss Protection 2

Bancor is planning to upgrade the Bancor with new features like Instant Impermanent Loss Protection.

Bancor is a decentralized crypto platform. This is the first-ever Defi crypto project based on the Decentralized automated market maker (AMM) concept and it was launched in 2017. This is popularly known for its facility of Ethereum based exchange and liquidity pools. 

Through a blog post, on 30th November, Bancor announced that they are introducing Bancor 3. With the Bancor 3 upgrade, many new features will be added to the platform including the Omnipool, Infinity pools, and “Instant Impermanent Loss Protection upgrades. 

According to Bancor, this upgrade is going to be the most important in their platform network and after the upgrade, users will be able to use the services at a cheap cost to earn favourite tokens. 

After the shift of Bancor from V2.1 to V3, there will be a single pool for the ETH and DAI with the BNT pair, So Omnipool will merge different pools into single. 

“The Omnipool allows for all trades on the network to occur in a single transaction. In Bancor’s previous versions, trades required transfers via BNT, creating an extra transaction and added gas costs compared with competing DEXs.”

On the other hand, Infinity Pools will give open options for the users to deposit in the liquidity pool instead of waiting for the space open to deposit. 

Bancor is backed by the DAO and currently working on the cross-chain interoperability initiative in between the Defi platforms to the EOSIO blockchain.

At present, this project team is ready to introduce new features for their users but the upgrades in the platform will take place in different phases. And the first rollout of the upgrades will start in Q1 2022. 

Read also: Federal Reserve Bank of New York partners with BIS to support digital assets innovation

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