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.
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.
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