Home / Altcoins / Bancor v2 Announce Kyber Network Crystal as Launch Pool – Business Partnerships

Bancor v2 Announce Kyber Network Crystal as Launch Pool – Business Partnerships

BancorV2 Announce Kyber Network Crystal (KNC) as Launch Pool

On 24 June, Bancor announced that Kyber Network’s Crystal (KNC) will serve as a Bancor v2 Launch Pool.

According to the tweet by Bancor, KNC holders will earn a share of swap fees on the Launch Pool.

Overview of Kyber Network

Kyber Network has an on-chain liquidity protocol that permits the integration of decentralized token swaps into any application. When this happens, all parties in the ecosystem will enjoy a flawless value exchange.

Developers can design the original flow of payments and applications by using this protocol. Such applications can include active token swap services such as the KyberSwap, financial dapps, and ERC20 payments. This would assist in building an ecosystem where any token can be used anywhere.

As the world’s most integrated protocol for decentralized finance (DeFi), Kyber has had transactions worth over US$1Billion since it was established. Therefore, Bancor has a lot to gain by making it a Bancor v2 launch pool.

Benefits of KNC as Launch Pool for Bancor v2

With the new V2 KNC Launch pool, KNC holders will be permitted to offer liquidity. Even as they maintain their long position on KNC, the holders stand a chance to earn part of the trading fees for the KNC pool.

Migration from the current Bancor v1 KNC pool to this new pool will be available to liquidity providers. The returns of their stacked KNC can be tracked by utilizing liquidity providers’ tools. Such tools include ZumZoom, xNation, and Zerion.

As opposed to other automated market makers (AMM) solutions on the trading zone, KNC holders who are liquidity providers are open to more features. Such features include, benefit from liquidity amplification, maintaining 100% exposure to KNC, avoidance of impermanent losses.

To achieve these new features, the new Bancor v2 KNC pool will make use of Chainlink’s KNC/ETH decentralized price oracle.

Currently, the code for Bancor V2 is going through audits and stress-testing. Consensys Due Diligence and 1inch.exchange team are both in charge of these audits. With all these ongoing, Bancor v2 is expected to be deployed to Mainnet in July.

Previously in May 2020, Bancor Protocol revealed a second version (Bancor v2) which comes with various new features to solve key issues that are obstacles to the widespread adoption of AMMs. The on-chain liquidity protocol came out with its standout features for the upgraded version.




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