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Take everything you think you know about crypto and poop it in the toilet. Shout between the stalls to your neighbor to show your support for their struggle. Light a match to cover up the Taco Bell token you bought earlier. Give a congratulatory hoot when you flush and finish. This is my anti-professional crypto channel. I‘m just a a barely sane dude who fell down the cryptocurrency rabbit hole. This channel is my fumbling attempt to communicate myself outside of my own head about my journey in the crypto space.
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Tuesday Jun 28, 2022
Tuesday Jun 28, 2022
Good morning! This morning I go through a CryptoSlate article that coevrs the current issue of Bancor freezing their impermanent loss protection service. This service, along with their tempting rewards are why many people jumped participating into Bancor's DEX LP's in the first place. Two of these participants are most likeley Celsius and 3AC who are going through a death spiral themselves. Their death spiral is possibly causing havoc on Bancor's liquidity along with an anonymous large shorter of the BNT token. Bancor is shutting off deposits and pausing impermanent loss protection while they strategize how to best resolve the situation. Is this all a shell game or an honest and ethical pause? You decide for yourself!
Sources:
https://cryptoslate.com/whats-going-on-with-bancor/
https://home.bancor.network/ https://blog.bancor.network/?gi=744b99dc45ce