Bancor Rated the Safest DeFi Protocol: DeFiSafety
Bancor 3 has earned the highest safety score of any DeFi protocol, adding to safety features like Impermanent Loss Protection and Nexus Mutual smart contract insurance.
ZUG, Switzerland, June 17, 2022 (GLOBE NEWSWIRE) — Bancor 3 has received a 98% safety score from security ratings firm DeFiSafety, the highest score of any DeFi protocol, ranking Bancor as the safest DeFi protocol in the industry.
DeFiSafety analysts reviewed Bancor’s smart contract code, testing, technical documentation and existing audits from security firms like OpenZeppelin and Peckshield. The 98% rating placed Bancor 3 above leading DeFi products like Liquity, AAVE, Uniswap and Gnosis.
Bancor’s product design also reflects the protocol’s emphasis on safety. Impermanent Loss is a common risk faced by liquidity providers (LPs) in DeFi and Bancor provides its users with full protection from Impermanent Loss, allowing LPs to earn attractive DeFi yields with less risk.
Adding an additional layer of protection, decentralized insurance provider Nexus Mutual recently began offering insurance against smart contract and technical failure in Bancor 3. At the time of writing, Nexus is offering coverage of up to $4.7m in deposited value in any of the 140+ tokens supported on Bancor.
With these measures, Bancor aims to achieve the highest standard of security and safety. Having been live since 2017, and its Impermanent Loss protection model launching in late 2020, the protocol has been battle-tested through several bull and bear market cycles.
Bancor 3 soft launched in Mid-May introducing “The Ultimate DeFi Liquidity Solution” to drive healthy on-chain liquidity and sustainable yields for DAOs, token holders and the DeFi ecosystem as a whole. The protocol gives participants access to Single-Sided Liquidity with no risk of Impermanent Loss across 140+ tokens, as well as Auto-Compounding and Dual Rewards. By making liquidity provision into DeFi safer and simpler for everyday users, Bancor 3 puts on-chain liquidity back in the hands of DAOs and their token holders.
Since its launch, Bancor 3 has attracted over $200M in liquidity from over 2,200 liquidity providers, generating more than $500,000 in passive income for users who have deposited their favorite tokens on the network. Protocol contributors expect Auto-Compounding Rewards and Dual Rewards to go live in the coming weeks, to further support competitive, protected yields across the network.
About Bancor Protocol
Bancor is the only DeFi trading and staking protocol with Single-Sided Liquidity & 100% Impermanent Loss Protection. Overseen by the Bancor DAO, the protocol’s mission is to bring DeFi mainstream by providing the simplest and safest way to trade and earn passive income in DeFi.
Launched in 2017, Bancor was the first DeFi protocol. Today, it generates millions in fees per month for depositors, offering up to 30% APR on 70+ tokens like ETH, WBTC, LINK, MATIC, SNX & more. Bancor is the preferred treasury management solution of 30+ DAOs including Polygon, UMA, Nexus Mutual, KeeperDAO & WOO Network DAO.
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