Bancor V2 is preparing to launch a startup publishes the code of its smart contracts, and launches bounty program to identify bugs for researchers.
The Bancor V2 launch approaching, the team invites the community to review the code and report any vulnerabilities that they can detect writes Cointelegraph.
On Friday, a project released code for smart contracts Bancor V2, which contains a variety of enhancements that help both users and suppliers of liquidity to the Protocol.
At the same time, Bancor has also launched a bounty program for bug fixes to stimulate the community to find bugs before launch.
Despite the fact that there is also an ongoing audit, the bounty will ensure that the maximum number of people reviewed the code to find vulnerabilities. Until July 30, the remuneration is increased by 20% up to a maximum payout of $54 000. Bounty will continue for two weeks, but the maximum fee will drop to $45 000.
This is a bounty reward for specification V2 corresponds to the same programs that run at different times after the initial release of Bancor in 2017. Unlike previous iterations, the bounty will not be limited by time and resources.
Troubleshooting intermittent loss
Permanent losses happen to the liquidity providers for any existing automated money markets or AMM, when asset prices can fluctuate wildly between them. This includes such markets as Uniswap or Balancer, while stable markets for assets such as Curve, almost invincible.
When prices change significantly, liquidity providers often find that the value of their stock less than they invested at first. The damage is “temporary” because the price could theoretically go back to the previous values and balance loss, but in practice this may not always be so.
Bancor V2 solves this by using an Oracle to read the current market price. When it detects a change, it automatically sets a target balance to account for changing the value of each side of the pool. Instead of always striving to return to the 50-50 balance, he may instead temporarily focus on the balance of 52-48, as an example. This eliminates the possibility of “bad arbitration, produces value,” as explained by the head of growth Bancor, Nate Hindman (Hindman, Nate).
But the balance still needs to remain at 50-50, in order to ensure that suppliers of liquidity can withdraw the same amount they invested. Several incentives will ensure that this will happen, although liquidity providers may need to wait until the system will restore the balance sheets to back their assets in full.
In addition, V2 splits the token pool liquidity in the two analogue, allows you to collect commissions, with only the price impact on one asset.
Finally, users Bancor will also benefit from the improved “curve” binding, which reduces the slippage of prices per unit of liquidity. The combination of these features can provide Bancor V2 a significant advantage over similar services.
Hindman said that the update is scheduled to release in late July or early August.
On the website CoiNews we wrote that a decentralized market Bancor has released a smart contract with a critical vulnerability, and decided to break themselves, to protect assets from the bad players.
The portal CoiNews reported that on July 15 dozens of Twitter accounts since kryptomere to powerful individuals, technology companies, politicians and celebrities, were hacked.
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