Announcing BancorX, the First Cross-Blockchain Decentralized Liquidity Network
We are thrilled to announce the expansion of the Bancor Protocol to EOS. Bancor has ported its public code to EOS in preparation for the launch of its decentralized cross-blockchain liquidity network supporting Ethereum and EOS Main Nets — BancorX.
Having initially built Bancor on the Ethereum blockchain, Bancor is now evolving into a cross-chain liquidity protocol starting with added support for EOS. Bancor will allow users to perform instant EOS-based token conversions against its automated smart contracts, also known as Relays. Relays give users an easy way to convert tokens without having to deposit funds on an exchange and without the need for order-matching between buyers and sellers. Anyone can create a Relay on EOS and connect it to Bancor’s liquidity network by staking tokens in a smart contract which they own and manage. The EOS-based tokens listed on Bancor will soon be instantly convertible to any Ethereum-based token through the Bancor Protocol.
For now, Bancor has released its open-source smart contracts on EOS as well as an embeddable user interface that processes EOS-based token conversions on the Test Net using Scatter, the most popular EOS web wallet. We have launched these tools in partnership with Bancor’s block producer team, LiquidEOS.
The releases give users a glimpse into the benefits of Bancor on EOS, including:
- 1-second transactions (as opposed to > 10 seconds on Ethereum)
- No transaction fees (as opposed to gas on Ethereum which can reach upwards of $50)
- No front-running risk (EOS transactions are not prioritized by gas fees as they are on Ethereum)
As the first and largest decentralized liquidity network, the Bancor Network has processed over $1.5 billion in token conversions since launching on Ethereum. Bancor has facilitated affordable and accessible liquidity for over 120 Ethereum-based token projects, who join the network with no listing fees. As some of the most promising blockchain projects launch on EOS to deliver speed and scalability to their users, we are excited to announce the first EOS-based tokens that will go live on BancorX:
- Everipedia (IQ) — blockchain-based encyclopedia
- MEET.ONE (MEET) — EOS Wallet and EOS Sidechain
- HireVibe (HVT) — jobs dApp powered by crowdsourcing
- Lumeos (LUME) — decentralized social platform
- MyCryptoBank (MCB) — crypto-fiat online bank
- Chaince (CET) — blockchain asset trading platform
- COART (COAT) — specialized EOS platform for the art market
- Prospectors Gold (PGL) — multiplayer online economic strategy game
- HorusPay (HORUS) — decentralized global payroll portal
- DEOS (DEOS) — decentralized EOS-based games
- KARMA (KARMA) — decentralized social network that incentivizes users to do good
Another way to get involved with Bancor on EOS is through our newly launched EOS bounty program. We encourage the community to take a deep dive into our code and uncover any issues in Bancor’s EOS smart contracts. Over 500,000 BNT is up for grabs for developers who improve the contracts or user interface.
Stay tuned for further details in the coming weeks on how BancorX functions. We cannot wait to unleash the power of Bancor’s automated cross-chain liquidity on the EOS and Ethereum ecosystems, bridging two enormously powerful shared global infrastructures towards a growing and interoperable blockchain industry.
Get involved with Bancor
- Add your token to the Bancor Network
- Suggest a token to join the Bancor Network.
- Checkout Github, jump in and contribute code.
- Become a Bounty Hunter and get rewarded in crypto.
- Build a dApp with the Bancor APIs.
- Support us on social media.
- Join our team. We have new positions posting all the time.
Bancor is the world’s largest decentralized liquidity network. Bancor functions similar to a decentralized exchange, with a key difference: orders are processed against automated smart contracts on the blockchain, instead of matching two parties in a trade. Any project can easily integrate their token by creating a Relay on the Bancor Network to automate fair and efficient token conversions for users, directly from their wallets. Tokens on Bancor are instantly convertible for one another, with 8000+ trading pairs across ETH, DAI, BNB & more. Bancor technologies impact organizations and people across the globe, from blockchain teams to token holders to real-world communities in Africa, Asia and beyond. Visit the Bancor Web App to convert tokens instantly, list your token on the Bancor Network or join the Bancor Telegram group for more information.