Bancor v3 voting was announced yesterday. They tried to sneak in a few changes which were strikingly absent from any of the v3 announcement videos or articles up until this point.
>Exit Fees >As a final circumspection against bad behavior, exit fees are introduced into the Bancor ecosystem for the first time. The exit fee is designed to temper the profit motive of the imagined exploit vector. Fortuitously, the severity of the speculative attack is fairly minor, and a 0.25% exit fee is sufficient to render it void. The exit fee is treated as a relief mechanism, and allows the pools from which a withdrawal is processed to retain a small amount of residual value, which alleviates the insurance burden by the same amount. It also serves a financial purpose in defining a geometric surface, beneath which users can withdraw their stake entirely in its own denomination, regardless of the relative surplus or deficit state of the network. This point is discussed in detail while addressing the behavior of the withdrawal algorithm.
>Committing to the Cooldown >As described above, users commit to a 7-day cooldown period before their withdrawal is processed. Importantly, the value of the pool token is frozen at the commencement of the cooldown period. Therefore, any value appreciation on the pool token during the cooldown period is forfeited. However, the user may elect to cancel their withdrawal at any time, at which point the forfeited value is returned.
honestly, who really gives a shit about impermanent loss anyway?
Isaac Davis
>Jews >using circumspection They can’t get foreskins out of their mind. WHY WHY DO YOU MUTILATE THE BABY BOYS KIKES WHY
Liam Thompson
So happy I sold for ADA. Nothing is coming from bnt..
Easton Nguyen
>glad I sold for another useless underperforming shitcoin Lmao >tfw selled 30k@ 8$ bnt for 4$ Luna Best financial decision in my life
Eli Martin
So if I deposit $100k worth of BNT or TKN, I have to pay $250 on withdrawal. Okay, let's see how long it takes to pay off the fee with different APRs (I have no idea what the actual yield will be and what kind of a liquidity mining program there will be, if any)
5% - 18,25 days 10% - 9,125 days 15% - 6,08 days
So, instead of having to wait 100 days until 100% impermanent loss protection you basically pay 6-19 days worth of fees to get it immediately.
>7-day cooldown period before their withdrawal is processed fuck this sounds really fucking bad. maybe the time has come to unstake and sell, who the fuck is gonna use it anymore after that?
Evan Roberts
So yeah, it is a trade off. In my opinion a good one but still the 7-day cooldown fucking sucks
Chase Gomez
It does sound bad, but I can’t fucking unstake unless they let me consolidate my positions in V3. I have like 10 different staking positions rn in V2 because I am super fucking retarded and poor. It would cost me over $2k in gas to unstake. I might as well suck my own dick and just sell my vbnt for a huge loss. Bancor is going to make me kms.
Cooper Peterson
>bought bnt at .60 >sold $6.00 Kek u know nothing
Jason Rivera
link? Doesn't sound good
Oliver Bell
>5% - 18,25 days >10% - 9,125 days >15% - 6,08 days FUCKING SCAMCOR 1825 days to recoup!@ YEARS >kek
>1825 days to recoup!@ YEARS Pretty sure you are the tard
Chase Edwards
you're the reason link is the price it is. im glad you are getting fucked you stupid faggot
Adam Adams
the much bigger issue that no one is recognizing yet is that bancor will literally steal your tokens appreciated value after the 7 day cool down starts because it "freezes" the value of your withdraw the moment you request it. any appreciated value is kept by bancor and you receive LESS tokens.
if the value drops BELOW the frozen value, they don't do a single thing to make up for it.
it's a total fucking robbery and no one is even talking about it
bruh this is the only good thread up right now and i want people to talk about it. bancor are run by kikes and something like this is was bound to happen. they always do the same trick. They build up a platform with really good incentives and then change it when at the last second when its the most inconvenient for its users so they have to take it
Wyatt Jackson
>nd bad, but I can’t fucking unstake unless they let me consolidate my positions in V3. I have like 10 different staking positions rn in V2 because I am super fucking retarded and poor. It would cost me over $2k in gas to unstake. I might as well suck my own dick and just sell my vbnt for a huge loss. Bancor is going to make me kms.
> bancor are run by kikes and something like this is was bound to happen. they always do the same trick.
Now their mods are in discord running damage control saying that the previous announcements weren't about details, but about general "overview of developments".
All of this shit was buried in the new vote. At no point have they brought this up themselves during any of the multiple announcement events where they went over a TON of fucking details.
Owen Allen
I'm in the same boat. Was too tempting when gas was like $20-$30 to deposit.
Gonna start pulling out my bigger positions now and hopefully consolidate my smaller positions in a few weeks hopefully before it blows up.
Hudson Young
>I have like 10 different staking positions rn in V2 because I am super fucking retarded and poor. bro, same. I consolidation like positions a few months ago, it was like 2200 in gas. At my peak I had 18 stakes, down to 12 right now. I'm seriously stressing now about what to do, pull out and park in usdc and wait or just ride it into v3. the whole 7 day lock up thing does suck ass, 24 hours was bad enough but seemed tolerable.
Ian Lewis
this is bad desu, waiting for a reply from shills to counter...
Migration The transition from v2.1 to Bancor 3 is specifically supported, and can be performed via a “one click” process. Users with many unique stakes on a single pool will benefit from batch transfers of these positions. Gas costs are dependent on the number of unique pools a user has staked to. With the full deployment of Bancor 3 contracts, the rewards programs on v2.1 will be stopped; it no longer makes sense to incentivise liquidity there after Bancor 3 is available. An alternative rewards program will be created on Bancor 3, and serves to further incentivise users to migrate.
I think you retards are freaking out over the 7day period for nothing. It's just to incentivize people to not pull out. You can cancel and keep the appreciation. The 7day period and withdraw fee can be changed with a vote.
