In this article we'll provide information explaining the withdrawal process in Bancor.
Exclusive to Bancor, users are able to deposit their favorite token single sided with instant impermanent loss protection. To provide these features and make sure the protocol remains secure by looking at possible attack vectors, withdrawals are subject to a 7-day cooldown period and a 0.25% withdrawal fee (determined by the Bancor DAO). The withdrawal fee goes to the protocol.
If you wish to withdraw your position, you will need to "notify" the protocol at least 7 days in advance of your desired withdrawal date. Once 7 days have passed since your request, you will be able to withdraw your liquidity back into your wallet at any time you choose. Keep in mind that if the request was made and the withdrawal itself was not initiated, the deposit will remain "stuck" - and won't earn any fees or rewards at that time. However, if you have changed your mind and wish to keep your position on Bancor, you may override the withdrawal request and keep any fees you earned during the 7-day cooldown period.
Quick How-To Guide:
1. Make sure you are connected to the correct Web3 wallet that holds the deposited funds on Bancor. The option to connect is available at the top right side. We provide several options such as MetaMask, Ledger, Trezor, Coinbase Wallet, Wallet Connect and more.
2. On your portfolio page, you can see all of your deposits. Clicking on the corresponding menu will prompt you to a withdrawal window.
Holdings section under the Portfolio tab
3. In the newly withdrawal window opened, click on "Withdraw".
4.Now we should specify how many tokens we would like to withdraw, and initiate the 7-day cooldown period.
by clicking on "Start Cooldown"
5.After approving the wallet to interact with the tokens / pool tokens, the countdown started - and you may withdraw them once 7 days pass. You can see how much time is remaining at your Portfolio page, at the top right side under "Pending withdrawals".