When people choose to sell their vBNT for another token, theyre simply trading it at their own peril. The vortex simply just sells bnt for vbnt and that all comes from the vbnt pool and its LPs. Even if the vortex is buying vBNT for cheaper, its still targeting users who didnt plan on applying sell pressure to the BNT token ( long term bancor users ) so yes more bang for your buck, but IMO its better to remove the current circulating supply of BNT today rather than target the long term users BNT in the late future. Bancor needs to solve our problem now, not later when the vBNT lps try to pull out. And today, given the IL on the vBNT pool, these users will NOT pull out until the deficit is fixed. So why bother continuing to hammer these guys when bancor can simply remove circulating supply instead?
BNT didn’t do poorly, however when BTC rallies, providing bnt/btc is flat, the $ will still increase. I feel that with the right implementations to the bnt token, BNT can do MUCH better with the aid of organic growth. There is no drawbacks to greater organic growth / buying of BNT from investors. A sustained rally in the BNT token will attract the eyes of investors, will bring in new users and new LPS , more TVL, more demand for the BNT token. Its a win win win. But as BNT stands now, there really is no reason for anyone other than the protocol to buy it. Simply not worth the risk because there is no reward.