xBNT is a set-and-forget staking solution that provides automated yield optimization on Bancor liquidity pools…
Bancor, an on-chain liquidity protocol that enables automated, decentralized exchange on Ethereum and across blockchains, today announced that xBNT is now live. xBNT a set-and-forget staking solution built by the xToken project that provides automated yield optimization on Bancor liquidity pools.
xBNT introduces a self-driving experience for BNT LPs. Users deposit BNT and xBNT finds the highest-yielding pools on Bancor and rebalances liquidity between pools to maximize profits for xBNT holders. xBNT automatically re-stakes BNT rewards without requiring users to pay gas.
“We are thrilled to see xToken pioneer a meta liquidity layer atop Bancor pools, making LP’ing cheaper and easier than ever. We invite readers to learn more about xBNT in the announcement post by xToken’s core devs, including details on xBNT composability and xToken participation in Bancor governance.”
Late last year, Bancor released the first-ever single-sided liquidity pools protected from impermanent loss. Since then, more than 20,000 users have started providing liquidity to Bancor pools, passively earning liquidity mining rewards on top of pool trading fees.
To offer single-sided exposure and IL protection, Bancor contracts must track each individual deposit separately, storing the data on-chain and requiring a great deal of computation in the process. As such, LP’ing on Bancor can be costly in terms of gas, including the manual re-staking of BNT rewards.
xBNT, built by the xToken project, addresses this issue head-on. By bundling BNT deposits together into a single contract, xBNT is able to minimize gas costs for LPs and re-stake BNT rewards autonomously to compound returns on behalf of its users.
There is no lock-up in xBNT — users can withdraw their full or partial stake at any time. There are two ways to exit the system:
Source : cryptoninjas
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