Bancor (BNT), a cross-chain decentralized liquidity protocol that has recently deployed its V2 version, continues to expand the range of its pools. Now, Ren Protocol (REN) is supported on Bancor and the REN/BNT pool is up and running.
REN, New Pool for Bancor DeFi
It was recently announced that the native asset of the Ren Protocol (REN) was added to the liquidity pool of BancorV2 instruments. The REN/BNT pool supports all design novelties that were released in the second iteration of Bancor's decentralized liquidity protocol.
It provides users of the liquidity pool with exposure of their REN tokens to the whole process of their interaction with BancorV2. The patented 20x liquidity amplification by Bancor also significantly advances the experience of 'yield farming'. The impermanent loss mitigation mechanism preserves users from losing their liquidity.
The Ren Protocol, originally known as the Republic Protocol, is a veteran of the decentralized financial segment. Like its partner Bancor, REN ICO managed to raise $34M in February 2018 on the sunset of the ICO euphoria. In 2019, it underwent a major rebranding.
On May 27, 2020, it released the mainnet of its RenVM decentralized financial instrument. Among other things, it powers renBTC, a tokenized Bitcoin-pegged asset.
More Assets, More Liquidity
The BancorV2 protocol went live on July 31, 2020. Prior to its release, the team had announced some of popular assets from the DeFi segment, which would create launch pools, e.g. Aave Protocol (LEND) and Chainlink (LINK).
As previously covered by CryptoComes, some of the launch pools witnessed the insane influx of liquidity in the first hours after its launch. For instance, the LINK/BNT pool has surpassed $1,000,000 USD as a daily transactional volume on the third day after starting operations.
That impressive milestone was achieved with only $500K in liquidity in this pool and strengthened the status of Bancor as one of the headliners of the DeFi segment.