Bancor (BNT), an autonomous liquidity protocol for ERC-20 tokens, announced this week that it will be expanding to launch BancorX, a decentralized cross-blockchain liquidity network supporting both the Ethereum (ETH) and EOS (EOS) mainnets.
— Bancor (@Bancor) September 20, 2018
According to the announcement, Bancor will soon allow users to perform instant EOS-based token conversions through its system of automated smart contracts, called Relays. When live, EOS-based tokens listed that are listed on Bancor will be instantly convertible between any other EOS-based token, as well as any Ethereum-based token.
Bancor states that some of the benefits of the new protocol for EOS include 1-second transactions, zero transaction fees and no front-running risk.
Bancor has already processed over $1.5 billion in token conversions since launching on Ethereum and currently supports over 120 tokens. The project notes that BancorX will launch with 10 different EOS tokens.
The BancorX testnet is now live and Bancor is offering 500,000 BNT in total bounties for developers who improve the contracts or user interface.
BNT currently has a market cap of $77.5 million, making it the 71st largest coin in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, and 7th in the AltDex Exchange Token Index (ALTEXC), where it constitutes 2.95% of the index.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.