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Bancor Network temporarily closes its IL Protection amid ‘hostile market conditions’
DeFi trading and staking protocol Bancor Network has announced that it is temporarily closing its Impermanent Loss (IL) Protection.
Bancor Network temporarily closes IL Protection
Bancor Network, which claims to be “the only DeFi trading and staking protocol with Single-Sided Liquidity and 100% Impermanent Loss Protection,” has closed its Impermanent Loss Protection, citing “hostile market conditions.”Per the official announcement, withdrawals performed during this “unstable period” would not be under the IL protection, and the users who remain to use the protocol would continue earning yields. Bancor Network stated that such users are “entitled to withdraw their fully-protected value when IL protection is reactivated.”
Notably, the decision will not affect the trading on all liquidity pools on the network. However, Bancor is not accepting deposits at the moment to “prevent confusion via direct contract interaction where the information on paused protection is not visible.”
Bancor Network believes that this temporary measure is necessary to protect the protocol and its users. It said the move should give the protocol “some room to breathe and recover.” It also cleared any clouds around the chances of an attack by stating that all the funds on the protocol are secure.
Consequences of crypto winter
The unfavorable market conditions have affected almost every crypto company. Several crypto exchanges are in a hurry to save themselves by downsizing their workforce. While on the one hand, Gemini laid off 10% of its staff, Coinbase Global Inc has also announced the retrenchment of around 18% of its global workforce.However, despite the ongoing meltdown, several companies have taken a positive approach to deal with it. Recently, crypto exchange Kraken announced its plans to hire over 500 new employees before the end of 2022.
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