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BancorX’s decentralized inter-chain exchange (DEX), which serves as a token converter between Ethereum and the EOS blockchain, is now live.
BancorX was developed in cooperation with one of the largest producers of EOS blocks, LiquidEOS, which previously announced the Bancor protocol as a candidate producer of EOS blocks.
BNT at the center of the system
The new DEX relies on Bancor’s BNT token to operate on both blockchains, bridge the gap between them, and enable cross-chain transactions of over a hundred Ethereum and EOS-based cryptocurrencies.
Similar to Ripple’s xRapid protocol, where the XRP token is used for cross-border payments in different currencies, BancorX leverages its native BNT token. The system first converts the first currency, say an ETH token to BNT, and then sends the BNT tokens to the EOS blockchain where they are converted to EOS based tokens.
ETH Token → Bnt → EOS token
Simply put, as long as the user has an EOS account, they can trade tokens from Ethereum to the EOS blockchain freely, with no transaction fees, no deposit or order matching.
Liquidity is the focal point of every exchange, and the BNT token is going to provide what is needed, as the foundation behind Bancor, Bprotocol, will be locking $ 10 million worth of BNT in a secure account on the EOS blockchain to provide the first liquidity. and act as a market maker.
By placing their native token as the hub of the exchange, Bancor could achieve high volume and liquidity for BNT if the platform gains traction and is adopted more widely.
Some of the projects listed are:
- Everipedia
- eosNOIR
- Bets
- MEET A
- KARMA
- Next
- Chain
Big ICO – slow start
During the widespread ICO mania of 2017, Bancor was one of the most publicized projects on the market. However, its record-breaking $ 153 million fundraising campaign may have rocked the development team as the community thins while waiting for the product’s delayed release.
However, now that BancorX has seen the light of day, the development team has announced a BNT 500,000 bonus program for developers to improve EOS contracts and the Bancor user interface, which could once again attract lost members of the community.
At $ 1.30, BNT is far from its all-time high of $ 10, currently the 70th largest cryptocurrency on XBT.net by market cap. The recent price stagnation has seen its daily trading volume fluctuate between $ 1-4 million for some time.
Until now, the main source of volume has been from trading on the Bancor network instead of the main expected exchanges, such as Binance, where BNT is also listed. Beyond speculation, this can be seen as a positive trend from which Bancor is autonomous.
Inter-chain interoperability
Inter-chain interoperabilityBancorX is not the first platform to bridge the gap between two blockchain worlds that we have had the privilege of discovering this year.
Last month, XBT.net reported that the EOS-focused development team under the shEOS name developed a cross-chain anchor named EOS21 Protocol, which enabled a one-way migration of ERC-20 tokens to the EOS blockchain.
The two-way trading solution provided by Bancor is another step forward in cross-chain interoperability between two smart contract platforms.
Obviously, the interoperability between Ethereum and EOS, as competing ecosystems, captivates the imaginations of EOS-centric developers. By building bridges between these chains, they hope to promote the EOS ecosystem and finally push it towards its predetermined title of Ethereum Killer.
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