Bancor, the decentralized liquidity network announced on its upcoming airdrop.
On Nov. 27 Bancor announced that the launch of the airdrop will commence on New Year’s Eve. The decentralized exchange platform also said that it will give away its ETHBNT liquidity pool tokens to 60,000 people.
🎊 Bancor's #airdrop begins on New Year’s Eve! 📸 Hold $BNT in a non-custodial wallet or @Binance on 1/1/2020 at 12 AM EST to be in the snapshot. You'll then: 🛫 Receive the $ETHBNT airdrop 💰 Earn fees on every $ETH-based trade on Bancor More: https://t.co/rkuLtkHU91 #DeFi — Bancor (@Bancor) November 27, 2019
Liquidity pools allow members to add liquidity to a decentralized exchange (DEX) and receive a portion of the exchange’s trading fees in return. DEXs are made more liquid so that it can compete with the centralized exchanges.
Users will be able to either hold the token and start receiving fees from each Ether based trade on Bancor, or they can trade it for any other token on Bancor, including ETH, EOS, and Dai (DAI).
Bancor's #Airdrop is coming! 60K+ $BNT #holders will become liquidity providers & automatically start earning fees on all ETH-based trades on Bancor. Here's what you need to do: 1. Hold BNT in December 2. Receive the $ETHBNT airdrop 3. Earn fees More: https://t.co/zE5lCGryYn pic.twitter.com/BdTXPwKXbv — Bancor (@Bancor) November 23, 2019
A spokesperson of Bancor said that the purpose of the airdrop is to improve liquidity while expanding on the use of decentralized finance (DeFi) applications.
Bancor claims that airdrop would increase the number of DeFi app users by 500%:
“There are probably about ~10K total users of DeFi products today. Bancor’s airdrop will instantly create 60K+ DeFi users, without these users having to take any action. So overnight, as the ball drops, we will 6X the number of DeFi users.”
Source: Bancor | Cointelegraph