Bancor 3, the highly-anticipated novel expression of  the Bancor Protocol, will launch next week Wednesday, adding to the latest developments in the decentralized finance (DeFi) space.

After the launching of the Protocol’s beta version two weeks ago, the latest-released version has reportedly accrued active followership worldwide. Thus, the stage appears prepared for the mainnet version.

Within the past few weeks, the liquidity strength of the platform was reportedly maximized as its market capitalization hit $8 million. Additionally, the protocol has reportedly added more than 30 digital token series that would provide liquidity and reward players for minting liquidity.

After the positive performances of the platform’s Version 2.1, major stakeholders declared their intention to update the existing version as of November 2021. The updates, the stakeholders say, would maximize gas prices and offer the highest earnings. 

The organization behind the protocol is showing intentions to stop the already successful pilot on the beta expression next week’s Wednesday. After stopping the pilot, the full protocol’s version will go live.

During the launch of the Bancor 3 protocol, it owned approximately $500k in trading volume over three digital assets. About fourteen days later, the protocol’s market cap multiplied by approximately 14 times to hold about $8 million in trading volume over four digital assets.

Benefits of the Latest Bancor 3 Updates to Decentralized Finance 

The latest update of the Bancor 3 and the accompanying massive growth depicts the high level of consumer demands for the protocol, which would reflect in the mainnet. Here are some of the benefits of the most recent updates to Bancor 3.

The latest updates allow users to stake a singular digital asset towards earning rewards from the whole network. That would simplify the means of winning rewards on the network. 

Additionally, the most recent Bancor 3 update brings in other utilities that can improve the quality of its pools in the network. The update also helps to protect depositors from impermanent losses by allowing them to withdraw a minimum of the tokens’ amount they deposited. 

Moreover, users can gain protected earnings via trading costs and liquidity minting earning. Bancor 3 also doesn’t place any limits on how much they could deposit.  

Apart from the protected earnings, the update also allows users to compound earnings. The protocol has an automated program that computes users’ earnings, leading to an increased possibility for them to multiply their earnings, while adding liquidity to the system.

Lastly, all earnings on the protocol don’t suffer from the liability of impermanent losses, which reduces the fees involved in executing rewards programs for external platforms. The risk shield has reportedly drawn over thirty decentralized finance projects to become part of Bancor 3. The decentralized finance projects are reportedly agreeing to execute minting programs and earnings, towards building liquidity.

Some of the third-party DeFi offerings that have declared their intention to participate in Bancor 3’s program include AirSwap and Shiba Girlfriend. Approximately 70% of the users on Shiba Girlfriend reportedly chose to move to the updated version of Bancor 3.