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March 13, 2023

Mission: DeFi EP 91 - Can Bancor come back from a massive failure? - Mark Richardson explains Carbon & what it was like

There are a lot of failures in crypto and DeFi history. Exploits, hacks, and failure of models have all lead to billions in losses for average traders. Bancor, the original AMM, experienced such a failure in June of last year, just after launching their vaunted version 3 of their protocol. The destruction was indirectly caused by the very thing that drew so many people to it, Impermanent Loss Protection combined with liquidity mining. The difference between Bancor and many projects in DeFi is that the team never gave up. Despite death threats and the pain of watching so many people lose value on the platform, they've persevered. They took the massively difficult step of locking up ILP and seemingly locking in big losses for investors. Now they are readying to launch a new platform called Carbon that they believe has the potential to make investors whole while providing a powerful solution that doesn't exist in this space for frequent traders. 

It is a big gamble for everyone on the team and in this episode we get into what it was like, the mistakes that were made, and what Carbon is all about. 

Project Name: Bancor / Carbon
Guest: Mark Richardson

This is not financial advice. Nothing said on the show should be considered financial advice. This is just the opinions of Brad Nickel and our guests. None of us are financial advisors. Trading, participating, yield farming, liquidity pools, and all of DeFi and crypto is high risk and dangerous. If you decide to participate, do your own research. Never count on the research of others. We don't know what we are talking about and you can lose all your money. Never invest more than you can afford to lose, because you probably will lose it all.

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