Altcoins News
By James Thorp
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The Bancor Vortex and vBNT burner is LIVE. As of today, 5% of all swap fees on Bancor will be used to buy & burn vBNT. Burned $vBNT = $BNT locked in Bancor forever.
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As swap volume rises, burning accelerates, increasing TVL and reducing the circulating supply of BNT.
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For clarity, at a high level $vBNT burning is designed to: Increase TVL: with every swap, fees are permanently locked in the protocol.
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Bancor Vortex can be used to borrow against staked $BNT: “Provide BNT liquidity to a pool. Get $vBNT; Sell $vBNT for other tokens (BNT, ETH, LINK); Use tokens to provide…
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Bancor expressed that borrowing against staked $BNT is NOT without risk, when users sell their $vBNT, you're effectively betting that if/when you eventually buy back the $vBNT…
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The $vBNT/BNT rate reflects the borrowing risk at any given time the higher the $vBNT price relative to $BNT, the lower the borrowing risk $vBNT burning creates a continuous…
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Bancor were incredibly excited for the next phase of the Bancor Vortex to be unleashed. The $vBNT burn rate will become a critical part of the Bancor DAO's flexible…
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Some of them who were neutral about the whole thing stated, “it depends. If burning is bigger than elastic minting, tokenomics is sound. If not let’s find out.
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Meanwhile, Twitter handle Coin98 Analytics stated, trading volume on Bancor has increased by 6,000% since the release of Bancor v2.1.
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There were other users who stated, I’m so bullish on $BNT after seeing @Bancor release the new Vortex platform.
The Currency Analytics
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