DeFi Insight — Bancor V3 released

Figure 1: Bancor Defilama entry (source: https://defillama.com/protocol/bancor)

How Impermanent Loss Protection works

The implemented Impermanent Loss Protection (ILP) features imposes a cost on the protocol, similar to the insurance cost incurred by an insurance company. This cost is offset in two ways.

Figure 2: Bancor V3 changes (source: shorturl.at/pIS24)

More perks for Bancor 3 users

Other incentives for Bancor 3 users include a single-sided auto-compounding model and unlimited single-sided staking. Single-sided auto-compounding stands in contrast to traditional yield farming programs where rewards must be staked in a separate rewards contract and manually re-staked by a third-party auto-compounder or by the individual LP. Meanwhile, single-sided staking means that users can provide liquidity and earn yield in a single token, without the need to pair 50/50 or buy another asset.

The classification of Bancor (BNT) according to the ITC

Figure 3: The BNT Tokenbase entry (Source: https://itin.itsa.global/YZF5C6M89)

The International Token Standardization Association (ITSA) e.V.

The International Token Standardization Association (ITSA) e.V. is a not-for-profit association of German law that aims at promoting the development and implementation of comprehensive market standards for the identification, classification, and analysis of DLT- and blockchain-based cryptographic tokens. As an independent industry membership body, ITSA unites over 100 international associated founding members from various interest groups. In order to increase transparency and safety on global token markets, ITSA currently develops and implements the International Token Identification Number (ITIN) as a market standard for the identification of cryptographic tokens, the International Token Classification (ITC) as a standard framework for the classification of cryptographic tokens according to their inherent characteristics. ITSA then adds the identified and classified token to the world’s largest register for tokens in our Tokenbase.

  • The International Token Identification Number (ITIN) is a 9-digit alphanumeric technical identifier for both fungible and non-fungible DLT-based tokens. Thanks to its underlying Uniform Token Locator (UTL), ITIN presents a unique and fork-resilient identification of tokens. The ITIN also allows for the connecting and matching of other media and data to the token, such as legal contracts or price data, and increases safety and operational transparency when handling these tokens.
  • The International Token Classification (ITC) is a multi-dimensional, expandable framework for the classification of tokens. Current dimensions include technological, economic, legal, and regulatory dimensions with multiple sub-dimensions. By mid-2021, there will be at least two new dimensions added, including a tax dimension. So far, our classification framework has been applied to 99% of the token market according to market capitalization of classified tokens.
  • ITSA’s Tokenbase currently holds data on over 21000 tokens. Tokenbase is a holistic database for the analysis of tokens and combines our identification and classification data with market and blockchain data from external providers. Third-party data of several partners is already integrated, and API access is also in development.

Remarks

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International Token Standardization Association

International Token Standardization Association

The International Token Standardization Association (ITSA) is a not for profit organization working on holistic market standards for the global token economy.