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It is a huge stress test for the protocol but if it survives then it will come out well proven as a top tier Defi platform and not just a place for shitcoin roulette like many of the other alternatives.
Tbh, I can't see a difference between Bancor and any of the other DeFi projects. They're still vulnerable to big sell offs with their protocol.
From a article on Bancor:
Bancor's foundational claim that its superior technology can prevent a run on any individual coin—even its own tokens—is questionable. As its airdrop of ETHBNT shows, the liquidity on its platform is funded, at least initially, by using fiat currency reserves. As "bitcoinchaser" argues, Bancor provides liquidity for less liquid coins, but in the event of a market panic, BNT itself may become illiquid.
If it survives it'll be because its less janky than the other DeFi projects but it is still vulnerable, flawed, and depending on market hopium rather than cryptographic proofs.
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Stonehedge
Yeh, Bancor is one of my bags and currently Link marines are trying to create a death spiral and kill it. This is on the back of Celsius failing which was one of the biggest stakers on Bancor, 3AC going insolvent who staked in Bancor and all while it transitions from v2 to v3. It is a huge stress test for the protocol but if it survives then it will come out well proven as a top tier Defi platform and not just a place for shitcoin roulette like many of the other alternatives. Fun times, price is being crushed currently but potentially good buying opportunities for the believers.