Defi Pioneer, Bancor, Under Fire for Pausing Impermanent Loss Protection Due to Hostile Market Conditions
Originally posted here.
By: Adewumi Victor
Overview
Bancor, a Decentralized Finance protocol often regarded as a pioneer in the DeFi ecosystem, has come under heavy scrutiny after it announced that it would pause its impermanent loss protection program. The DeFi platform cited extreme market conditions for stopping this program. However, Bancor has been criticized for pausing the program when liquidity providers need the protection program the most.
Bancor reiterated that the pause would only be temporary, stressing that it was done in a bid to protect the protocol and its users. The post stated, “The temporary measure to pause IL protection should give …
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