Poloniex, the popular cryptocurrency exchange, today announced the listing of ETHBNT. Holding ETHBNT is equivalent to staking on the Bancor Protocol. Users who hold ETHBNT are entitled to collect a portion of the fees generated by every ETH-based trade on Bancor.
“We’ve maintained a strong relationship with the Bancor team ever since we listed BNT in October 2018. We believe in what Bancor is doing to push DeFi forward and have committed to supporting their ETHBNT airdrop. We decided to put our new listing policy to the test and after a thorough review, we’re excited to also announce the listing of ETHBNT on Poloniex later today!”
– The Poloniex Team
Like all liquidity pools on the Bancor network, ETHBNT automatically collects fees from trades on Bancor. The ETHBNT liquidity pool is initially configured with a liquidity provider fee of 0.1% — meaning ETH-based trades, such as ETH <> DAI, generate a 0.2% fee for ETHBNT liquidity providers, since they require two hops (e.g., ETH <> ETHBNT <> DAI).