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Bancor (cryptocurrency)

Bancor (cryptocurrency)

Bancor is a cryptocurrency from Bancor Networks.

Bancor is an on-chain liquidity protocol enabliing automated, decentralized exchange on Ethereum, EOS, and across blockchains.The protocol token utilized on the network is called the Bancor Network Token (BNT). It is an Ethereum token powering the Bancor protocol.

Platform

In 2020, the platform was overhauled, and another version, Bancor V2, was released. Bancor V2 offered improvements to traders and users locking up tokens on the platform. In order to automate its AMM service, the platform's objective is to incentivize its users to deposit assets into pools. The pools have two tokens and a reserve of BNT cryptocurrency. Whenever a user deposits some coins in a pool, they get another token in return, referred to as a pool token, which lets the user retrieve the amount they initially locked in the protocol.

Bancor protocol’s token lets traders provide liquidity for the available pools on the network. Anyone is allowed to contribute liquidity to its pools. Whenever liquidity providers do so, they are eligible to get fees for different trades that go through the pool. Liquidity providers can get pool tokens representing their share of liquidity, fees, plus Liquidity Mining rewards located in the pool. The Bancor Network Token has an elastic supply that is a result of the protocol's minting, including the burning of tokens in order to maintain trading liquidity levels in the pools. The platform's next version is called Bancor 3.

Timeline

July 2017
Bancor raises a $10,000 initial Coin Offering.
June 2017
Bancor raises a $152,300,000 initial Coin Offering from Alexis Berthoud, Blockchain Capital, ICONIZ, James Sowers and Tim Draper.

Funding Rounds

Products

Patents

Further Resources

Title
Author
Link
Type
Date

$1 Million Bancor 3 Bug Bounty & Code Release - Bancor

Bancor

Web

April 10, 2022

Bancor

Web

February 14, 2022

Bancor Community Call - April 3, 2022

Web

April 5, 2022

Bancor Network + The BNT Token: I Review The DeFi Exchange Platform With A+ Crypto Staking Rewards

Web

February 18, 2021

...

News

Title
Author
Date
Publisher
Description
Omar Faridi
May 17, 2021
Crowdfund Insider
Anchorage Digital will now be adding support for decentralized finance (DeFi) tokens 1inch, Bancor, Curve Finance, Ren, Sushiswap.
Lou Kerner
August 24, 2020
AlleyWatch
The Pulse of New York Tech
Omar Faridi
June 11, 2020
Crowdfund Insider
Coinbase might add Bancor, DigiByte, other assets, as 22,000 more BTC is reportedly leaving exchange per day than being deposited.

References

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