Bancor Protocol, the on-chain liquidity protocol facilitating decentralized exchange on Ethereum and blockchain networks has announced the launch of REN and renBTC liquidity pools in the forthcoming Bancor V2 version. The unveiling of the two new Bancor V2 pools on the network will enrich the REN and renBTC owners with a golden chance to earn a share of trading fees by offering liquidity while accessing complete control on either of the tokens.
The news was shared by REN protocol team through an official Twitter handle post which stated that:
According to the blog post, the REN and renBTC pools will be leveraging the price feed of leading oracle service provider, Chainlink. To enjoy access to the new and advanced attributes, the pools will infuse the expertise of Chainlink’s newly launched REN/ETH decentralized price feed along with the latter’s current BTC/ETH feed.
Presently, the Bancor V2 code is getting audited and stress-tested by the teams of Consensys Due Diligence and 1inch.exchange firms. The project is likely to go live in July 2020 after the successful testing results.
Bancor is set to organize an AMA in the REN Telegram Channel on July 13, Monday, at 10:00 AM EST as part of its preparation and promotion for the forthcoming launch. The session will address queries and answer questions related to the operations of the pools and the liquidity providing mechanisms to be followed. The team will share user guides highlighting the liquidity provisions near the launch time.
Where the currently operating automated market maker (AMM) platforms force liquidity providers to break their assets into multiple reserve assets, Bancor’s V2 adopts a different approach in this regard. It gives LPs an ability to:
- Offer 100% exposure to the base token
- Reduce impermanent loss
- Take edge from 20X liquidity amplification
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