ok. lots of badmouthing in this thread, no chivalry so i have to put this on twitter otherwise i might get banned from the bancor discord.

let's talk about bancor.

BNT is the native governance token of bancor network AMM. you stake BNT in the liquidity pools for vBNT which lets u vote on proposals that go to the bancor DAO.

ok, so basically a worthless governance token? not quite. all the pools (that matter) on bancor network are BNT pairs. that means if you want to buy chainlink or whatever gayass coin, u have to have BNT. and if you want to change ur ETH for LINK, u need to do 2 separate txns.

most of the pool fees are like 0.1% or 0.2%, so the fees for 2 swaps are about the same as 1 swap on an ETH pool for Sushiswap or whatever (plus gas tho).

for LPs it works a bit differently. u supply single-sided liquidity to the pool and get yield in BNT. Additionally,

LPs are insured against IL (if coin go up, u end up with less coin) - basically, the protocol goes BRRR and prints money if u get cucked. the catch is that you have to pool for 30-100 days to (partially or fully) enjoy this IL protection meme -

probably to ensure that their liquidity sticks around instead of pulling out just before m00n or d00m. ur BNT yield payout also has a multiplier that goes up every week up to 4 weeks. if u do decide to pull out, u have to wait 24 hours before u can get ur BNT back.

so, cool, right? but obviously since IL is a meme, u can still get fucked by "permanent loss" (ur coin go down). and the platform is also insanely gas inefficient to use. LPs get fucked the most by this (though arguably LP whales don't care as much about gas since they're whales)

There are so many txns that you have to make. It's time-consuming, too. Swappers who don't want to hold BNT are also fucked a bit - you have to pay gas for 2 txns instead of 1.

also, the governance is centralized as fuck. seriously, look at this. https://twitter.com/Hardwood_/status/1358058073940656129

Sometimes proposals are only voted on by a handful of guys. Sometimes a single guy is enough to veto it altogether. You'd think they'd bother to sybil it with some more addresses, but nah. Maybe whales don't want to pay the gas either lol.

(Yeah, you actually have to pay gas to vote. Seriously, that's gay lol)

Also also, one of the main psyops of Ethereum is that you actually need to have ETH for liquidity pools. As hard as miners spam the txns, it's hard to make people pay that much for gas, so we have to psyop them into holding ETH by pumping everything along with ETH

if they don't want to HFSP. ETH is money (or hentai) because we need it to be money. @sassal0x lol

Bancor goes against that psyop with its own psyop - "BNT is money." Why? ...uh, well the governance is basically fucked because smaller voters don't matter. But it's a governance token. Shit. I guess we have to psyop them or else the whole dang opera falls apart.

It's a problem because these two psyops compete against each other and the ETH psyop is stronger imo.

Okay. so Bancor needs BNT to be money, but ETH is already trying to do that. What do?

Enter the Bancor vortex.
(tl;dr in video)

Bancor vortex basically boosts capital efficiency of liquidity providers on Bancor by letting them borrow against their staked BNT by selling their vBNT back to BNT which can be used for basically whatever the fuck u want wherever u want. whore it out on AAVE, jerk off to it,

open a short by changing it to USDT, donate it to hardwood, whatever. (MBR talks about some kind of necessary transformation to the vBNT/BNT pool to allow this, bc rn the pool is too small to be anything but cancer lol.

idk how to make such a transformation tho. slip me in the ass bro) The protocol offsets this selling by injecting "money" into this pool - collecting a small cut of platform fees and using it to pump the pair.

Maybe they'll go cross-chain at some point, since ETH is cancer without L2s, and ETH maxis might not like Bancor too much (competing psyops), and there's value elsewhere. That would be the way to do it imo.

When I asked about L2s in the Discord, a cute guy called Avi said something about Arbitrum.

I've suggested in the Bancor Discord that they work on the gas inefficiency problem as that's something that really affects noobs and smaller users. Why not something like http://lp.plexus.money  where you can provide or withdraw liquidity in a single transaction?

Really, they are good boys who do good work. You could get a room together. @Bancor @PlexusMoney

Ok, so: capital efficiency meme. money psyop. sticky liquidity, IL protection and yield farming. and governance i guess if you're still jerking off to that shit in 2021.

Unique? eh maybe not. But what is unique anyway? Is it even that important to be unique? I mean, I'm gay, that's pretty unique imo. But it doesn't affect my PnL (PenisLength).

I think whenever we buy a coin one of the main things we bet on is the team behind the coin. Remember when Sushiswap was a naked moneygrab fork? It's baller af now. How many people buy SRM, SOL, FTT, FIDA because of Sam? or BNB, because they have yellow fever?

On a really basic level, I think this affects most noob users. Most of us aren't able to read smart contracts, and we don't have cool insider tips to trade on either. All we can do is maybe draw some lines to see where other people are buying or selling, buy the coin,

and pray that Satoshi or SBF or Vitalik don't rug us before we can rug each other. Wololo.

So, bull case? The bull case is that you are attracted to cocky Israeli men who unfollow Hardwood, despite the last few times that they've failed to realize the Futur of France.

The bear case is that bears are gay. Maybe you prefer Russian men, or Asian men, or Frenchmen with dicks like elephant trunks. idk.

Man, I really made too many gay jokes. I think I'm becoming gay for real.