Bancor, a popular decentralized exchange (DEX) protocol on the Ethereum blockchain announced in September that they’d build a bridge to the EOS network. The new ...
Bancor, a popular decentralized exchange (DEX) protocol on the Ethereum blockchain announced in September that they’d build a bridge to the EOS network. The new platform, called BancorX, is now live.
BancorX enables token conversions between 110+ Ethereum and EOS-based assets. Projects launching on the platform include Everipedia, eosBLACK, BetDice, MEET.ONE, KARMA, Prochain, and Chaince.
BancorX was built in partnership with EOS block producer LiquidEOS. It makes use of Bancor’s own token, BNT, to make the transactions happen. BNT now works on both Ethereum and EOS blockchains. It serves as a bridge between these two blockchain platforms, enabling cross-chain conversions. When an Ethereum token is converted to an EOS token, it is first converted to BNT. Then, this BNT is sent to the EOS blockchain to be converted to the EOS token. All of this happens on the background, and BancorX takes care of the liquidity.
Theodor Forselius, CEO and co-founder of Everipedia, said:
“The Bancor Protocol is the leading project in the crypto space that is bringing cross-chain liquidity and decentralized conversion functionality to EOS and Ethereum. We’re very excited to have the Everipedia IQ token listed on BancorX.”
Additionally, Bancor has announced that its Bprotocol Foundation would transfer $10 million worth of BNT currently held on Ethereum into a secure account on the EOS blockchain to bring in the initial liquidity. Bancor claims that the money will also encourage EOS development and serve as a symbol of faith in the security and promise of the EOS blockchain.
BancorX is an open source cross-chain liquidity protocol that can be accessed by other exchanges, decentralized applications, and services at no cost. Also, Bancor has announced a 500,000 BNT bounty program for developers to improve Bancor’s EOS contracts and user interface.
Funded through an initial coin offering (ICO) that raised a then-record $153 million in 2017, Bancor has perhaps been slow to meet contributors’ lofty expectations. It is the 13th most popular dApp in the last 24 hours, with just 156 users. Other single-blockchain DEX platforms like IDEX and ForkDelta have overtaken Bancor with significant volume. However, the launch of BancorX may finally turn this around in Bancor’s favor.
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