Following the whitelisting in Dec 2021, BBS Network has deposited 1,364,256 BBS for external liquidity protection to give liquidity providers of BBS liquidity protection, in case of protocol deficits. See contract here.
What is BBS Network ($BBS)?
BBS Network is a blockchain network of Bulletin Board Systems where users can create forum to post, comment, and share ideas while generating revenue from their content. The network itself is the collection of all the BBS boards, wherever they are. Anyone can create a BBS, on any subject, and run it on their own domain. Every post is actually an NFT that users can create, buy, sell and collect revenue from the ad space on posts they own.
The BBS token is the standard payment method accepted by all BBSes in the network for NFT and ad buys, ensuring financial interoperability between the nodes and a shared incentive system.
What is a whitelisted pool?
Whitelisting is a process that the Bancor DAO goes through in order to list a token in the protocol.
The Bancor DAO needs to evaluate the project and its token by following the relevant technical guidelines to ensure the token meets the required security standards. A proposal needs to be created and voted upon by the Bancor DAO before the token is approved for deposits and trades in the protocol.
Why do projects whitelist on Bancor?
Bancor’s mission is to reduce barriers to entry, allowing the long tail of user-generated currencies to emerge.
- Build healthy decentralized liquidity in their native token
- Provide the token community with a platform for long term LP-ing
- Single-sided liquidity: Generate Protocol-Owned Liquidity without selling tokens
- Provide the same level of liquidity at half the cost
- Coming in Bancor 3: Enable auto-compounding rewards that deepen token liquidity from day one
BBS Network ($BBS) now provides External Liquidity Protection on Bancor was originally published in Bancor on Medium, where people are continuing the conversation by highlighting and responding to this story.