$BNT - DeFi Gem Update!
$BNT has seen explosive price action over the past two weeks following the successful release of the. After finding support at $1.30 $BNT made a major move up, increasing over 100% and hitting $2.80 last week. $BNT has since retraced to the $2.25 range and looks to be recoiling before testing new yearly highs. The current price consolidation presents an immediate opportunity to scale in to $BNT before a major run-up. Extremely bullish AAX technical analysis (https://blog.aax.com/en/2020/08/10/aax-intelligence-bitcoin-bancor-cardano/) indicates $BNT's current price target is $3.15 and from there $4.20 is the next target.
Bancor's v2, which has been praised by major tech VCs Mike Novogratz (https://twitter.com/Utoday_en/status/1288072976416616450?s=20) and Tim Draper (https://twitter.com/TimDraper/status/1269706719149477888), has been on a winning streak since launching its first beta liquidity pool, LINK/BNT (https://twitter.com/Bancor/status/1289218888853409793), at the end of July. The Chainlink pool hit its $500K liquidity cap within 25 minutes of launching and facilitated over $1 (https://cryptocomes.com/news/bancorv2-bnt-defi-chainlink-link-pool-surpasses-1000000-in-24-hour-trading-volume) million (https://cryptocomes.com/news/bancorv2-bnt-defi-chainlink-link-pool-surpasses-1000000-in-24-hour-trading-volume) in 24 hour trade (https://cryptocomes.com/news/bancorv2-bnt-defi-chainlink-link-pool-surpasses-1000000-in-24-hour-trading-volume) volume in its 3rd day on main net, beating all DEX competitors including Uniswap for DeFi trades and generating massive APR (https://twitter.com/Bancor/status/1289556629868834817?s=20) for liquidity providers. These milestones were achieved with only $500K in liquidity using Bancor v2's 20x liquidity amplification mechanism (https://blog.bancor.network/amplified-liquidity-designing-capital-efficient-automated-market-makers-in-bancor-v2-3cec8891c3a1).
Bancor has since raised the liquidity cap on the Chainlink pool to $1 million and launched a second liquidity pool, REN/BNT (https://twitter.com/renprotocol/status/1291814144216367106?s=20) on its v2. It is anticipated that liquidity caps on Bancor v2 pools will soon be lifted and that additional pools including ETH, LEND (https://twitter.com/AaveAave/status/1290578756931854336?s=20), ENJ (https://blog.bancor.network/announcing-enj-as-a-bancor-v2-launch-pool-9bed52ad7cb1), SNX and YFI will be added to Bancor v2 within the coming weeks. This will trigger a surge of liquidity into Bancor's v2 pools and drive additional positive price action around $BNT.
According to TokenTerminal (http://beta.tokenterminal.com/), Bancor is generating the highest revenue (https://twitter.com/tokenterminal/status/1293074199142191104?s=20) and volume multiples based on market cap, making $BNT the most undervalued DeFi asset (https://twitter.com/NateHindman/status/1293116699823222784?s=20) even after a massive 1,000% price increase over 90 days. $BNT's fundamentals and value driving model (https://tokentuesdays.substack.com/p/the-case-for-bnt-in-bancor-v2) are extremely strong and the token is being considered for listing on Coinbase (https://blog.coinbase.com/coinbase-continues-to-explore-support-for-new-digital-assets-2c5b84813fcf).