Quick Guide about Bancor Decentralized Exchange and Its Native Token $BNT
Bancor is a DeFi trading and staking protocol with Single-Sided Liquidity. Overseen by the Bancor DAO, the protocol’s mission is to bring DeFi mainstream by providing a way to trade and earn passive income in DeFi.
What makes Bancor unique
Bancor was founded in June 2017. The project is a DEX (Decentralized Exchange) platform built on the Ethereum and EOS blockchain with its most notable feature being its Single-Sided Liquidity for staking. The project is overseen by the Bancor DAO (Decentralized Autonomous Organization), the organization’s objective is to deliver DeFi (Decentralized Finance) products to the mainstream in a secure format.
Automated Market Maker (AMM)
Following its launch, Bancor invented the first automated market maker (AMM) and liquidity pool (LP) in 2017. This event cemented Bancor as the first DeFi protocol, which inarguably paved the way for the DeFi boom and the many projects that followed.
Despite being the first out of the block for DeFi, Bancor has tackled core issues that almost all other liquidity providers still have intrinsically emended in their whitepapers. First would be voluntary token exposure, which exposes liquidity providers to the price volatility of two or more tokens, as well as Impermanent Loss which subjects LPs to value loss when prices of pool assets diverge, causing them to under-perform a basic buy-and-hold strategy.
Liquidity Pools and Staking
Bancor’s Liquidity Pools offer passive income for Bancor holders through its staking mechanism, around half of the total Bancor in circulation is staked directly on the platform, and its Single-Sided Liquidity Pools collectively represent over £100 million in total liquidity.
Bancor remains one of the most audited crypto projects to date. Enduring audits from Certiks, Peck Shield, and Halborn have resulted in its acclaimed security receiving the highest safety scores from DeFi Safety. Many DAOs have nominated Bancor as their preferred treasury solution, including Polygon (MATIC), Synthetix (SNX), BarnBridge (BOND), WOO Network (WOO), and more.
Team
Galia Benartzi is the co-founder of the Bancor Protocol and is known for being a serial technology entrepreneur. She has an MA in International Economics, her other endeavors include co-founding a successful social gaming company, Myopia, in 2005 and Particle Code, a cross-platform development technology for mobile applications, in 2013, during the surge in smartphone usage from 2005 onward. Galia also joined Israeli technology firm Founders Fund, as a Venture Partner, where she launched local currency pilots to model, build, and test software for community currencies.
Yudi Levi is the CTO and co-founder at Bancor, similarly to his counterpart, he founded Mytopia and worked as their Chief Architect. He was also the Chief Architect for Real Dice and Particle Code. He was also the Chief technology officer of various mobile-based software firms.
Where to store Bancor (BNT)
Desktop Wallet providers such as Exodus are great for storing, sending, and receiving any Bancor (BNT) you may already own or be looking to purchase. It is always recommended that you set up your own wallet, create backups, and store any sensitive recovery information separately. Always complete your own research and due diligence to identify the best wallet suited for you.
Trust Wallet is a multi-currency mobile wallet that enables users to simultaneously store a variety of digital assets in one place. Beginner-friendly mobile wallets may be appropriate for users looking for a convenient and accessible app, with trusted security and backup options.
Where to Buy and Sell Bancor (BNT)
You can Buy & Sell Bancor (BNT) by heading over to the Buy Coins page of our website. Bancor (BNT) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying Bancor (BNT) has never been easier, simply place your order and provide your wallet address. Once your payment arrives, Bancor (BNT) will be sent directly to your wallet.
If you choose to sell Bancor (BNT) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on the Sell Coins page.
Resources
Website: https://home.bancor.network/
Block explorer: https://etherscan.io/
GitHub: https://github.com/bancorprotocol
Twitter: https://twitter.com/Bancor
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers' responsibility to complete their own research and due diligence.
