BancorX is Live: Automated Conversions Between Ethereum & EOS Tokens

News & Progress Updates November 5, 2018
BancorX is Live: Automated Conversions Between Ethereum & EOS Tokens

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BancorX is Live: Automated Conversions Between Ethereum & EOS Tokens

Today Bancor officially pushed BancorX live— enabling automated token conversions between 110+ Ethereum and EOS-based assets. Users can now convert across blockchains without having to deposit funds on an exchange, and without having to find a matching order from a buyer or seller.

The ability to easily convert assets cross-chain points to a future in which users and token projects are empowered to seamlessly interact with any blockchain that best suits their needs.

More than a dozen EOS tokens are launching live on BancorX — creating instant on-chain liquidity to and from 100+ ERC20 tokens in the Bancor Network and across a growing list of promising projects in the EOS ecosystem. Anyone can integrate an EOS or ERC20 token with BancorX by staking an amount of those tokens in a smart contract which they own and manage. Token projects launching on BancorX include: EveripediaeosBLACKBetDiceMEET.ONE, KARMAProchain&Chaince.

Behind the scenes, BancorX is based on the ability to move BNT — the Bancor Network Token — between blockchains. BNT is now designed to function concurrently on both EOS and Ethereum in order to enable cross-chain conversions without affecting the circulating supply of BNT. This cross-chain functionality increases the utility of BNT as an inter-network token, connecting the EOS and Ethereum ecosystems today, and vastly more blockchains in the future. BancorX was built in partnership with Bancor’s block producer team, LiquidEOS.

Theodor Forselius, CEO & 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.”

The Bprotocol Foundation is also announcing it will transfer $10 million worth of BNT currently held on Ethereum into a secure account on the EOS blockchain. The funds will be used to encourage EOS development and token liquidity, in addition to serving as a symbol of faith in the security and promise of the EOS blockchain.

Read more about how BancorX works.

BancorX is fully open source — so its cross-chain liquidity can be accessed programmatically by other exchanges, decentralized applications and services at no cost. With real blockchain interoperability, the possibilities for token-powered applications proliferate dramatically, and we can’t wait to see what you build with BancorX.

We are thrilled to see the first BNTs flow from ETH to EOS and back again. Looking forward, Bancor will aim to remove friction, unify the user experience and ensure the system’s continued decentralization and utility. Join us on Telegram with your thoughts and questions. We look forward to learning with and from the community as we all forge ahead into possibility and production.

To interoperability and beyond,

The Bancor Team

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