Bancor has announced the expansion of its network on the EOS blockchain. With it, Bancor will become the first cross-blockchain “decentralized liquidity network”. Bancor had been previously launched on the Ethereum network but now it is evolving as it launches on EOS. Users can now perform instant EOS-based token conversions against automated smart contracts.
More Benefits On EOS Than Ethereum?
For Bancor, the EOS protocol has proven to have some major beneficial features. According to the Bancor team, EOS will have no transactional fees (unlike Ethereum which requires gas), will be faster (transactions take 1 second against Ethereum’s 10 seconds), and it reduces front-running risk (EOS does not fast-track project depending on the gas fee).
The Bancor project claims that since its launch on Ethereum it has processed over $1.5 billion in token conversions. Additionally, the project has facilitated affordable and accessible liquidity for over 120 Ethereum-based token projects. These numbers are should at least double following the launch on EOS. EOS is termed as the “new Ethereum” as it aims at improving on all Ethereum’s shortcomings. It is without a doubt the reason why Bancor has decided to port its public code to EOS.
The Bancor project has promised to launch its decentralized cross-blockchain liquidity network (Bancor-X). Bancor-X will now support EOS and Ethereum making it the first cross-blockchain project. The team has gone ahead to list the first EOS-based tokens on Bancor-X. They include Everipedia (IQ), MEET.ONE (MEET), HireVibe (HVT), Lumeos (LUME), DEOS (DEOS) among others.
The Bancor project functions as a decentralized exchange. This with a few key differences like not having matching orders. The platform allows user’s orders to be processed against automated smart contracts on the blockchain. Projects using Relay can integrate their token to the project and the token can be traded with over 8000 trading pairs across ETH, DAI, BNB and more.
At the time of press, Bancor (BNT) is trading at $1.55 an increase by 12% in a day that has seen many cryptocurrencies jump to the green zone. If this coin has been able to land this price while only being supported by Ethereum, prices might double up soon following the new EOS move.
John is a finance and technology journalist with a growing interest in cryptocurrencies. Writing is his passion and when he’s not writing he’s listening to the Beatles.