Bancor today announced its first NFT collection, “DEXLoverz” Condom NFTs, to highlight Impermanent Loss Protection on Valentine’s Day.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220214005054/en/
Bancor NFT Condom Drop (Graphic: Business Wire)
Minted on Polygon, the collection features 1,500 Condom NFTs with varying levels of rare attributes. Recipients of DEXLoverz include active users in Bancor's DAO, as well as users who suffered extreme cases of Impermanent Loss on popular AMMs like Uniswap, Sushiswap, Balancer. The condom NFTs, designed by DIGITALAX, will be airdropped on Valentine’s Day as a reminder to urge DeFi liquidity providers to protect the tokens they love and practice Safe DEX.
Bancor has been developing innovative liquidity products since its launch: Bancor V1 introduced the first automated market maker (AMM) in 2017, while the current Bancor V2.1 addresses Impermanent Loss, a common issue in DeFi plaguing users who deposit their assets in AMM liquidity pools. When Impermanent Loss occurs, it can cause the cumulative value of the pooled tokens to be worth less than holding the assets in the user’s wallet. Roughly 50% of users suffer negative returns due to Impermanent Loss, a recent study found.
Bancor's "Safe Staking" solution offers single-sided liquidity and Impermanent Loss protection, allowing users to earn higher profits with lower risk. In 2021, LPs earned over $250 million on Bancor in tokens like ETH, WBTC, LINK, SNX and more, with APRs reaching 40-60%.
Nate Hindman, Bancor’s Head of Growth, said: "Staking in DeFi liquidity pools is not a passive income strategy. It is a risky trading strategy that can lead to heavy losses. Bancor is the only DEX offering token holders and DAOs real passive income through its Impermanent Loss protection model. The DEXLoverz collection aims to bring awareness of Impermanent Loss to DeFi users and remind them there’s a safe way to stake at Bancor.”
DEXLoverz holders will get access to exclusive benefits, events and utilities on Bancor in the future. Initially, holders can stake their DEXLoverz on DIGITALAX to earn rewards. To celebrate the drop, Bancor is giving away 10 DEXLoverz to 10 winners – visit Bancor’s blog for more details.
Bancor’s new proposed protocol update, Bancor 3, will make Impermanent Loss Protection even easier and cheaper to use, so users can earn more while doing less.
Practice Safe DEX now. Check your Impermanent Loss at IL.WTF and stake safely on Bancor.
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About Bancor
Bancor is the only decentralized staking protocol that allows you to earn on your favorite tokens with single-asset exposure and 100% protection from Impermanent Loss. Bancor generates millions in fees per month for depositors, offering up to 60% APR on tokens like ETH, WBTC, LINK & more.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220214005054/en/
Contacts
Nate Hindman
nate@bancor.network
