Bancor, a DEX (decentralized exchange) protocol and one of the most widespread decentralized applications (dApps) on the Ethereum network, has announced that it will bring token trading without constraints to the recently launched EOS blockchain.
Bancor's block producer and partner based in Israel LiquidEOS announced – which was heavily modified – on Monday
. Funded through an initial offer of coins (ICO) that has raised a record of $ 153 million in 2017, Bancor has an average of around 350 active users on a daily basis, which – although low compared to centralized exchanges – rank it among the most DAPPs popular in the cryptocurrency ecosystem, according to DappRadar.
Like DEX, Bancor uses a series of smart contracts to allow users to convert between tokens without depositing their funds in a stock exchange. Unlike most decentralized trading platforms, however, Bancor's protocol offers integrated liquidity and automated pricing, which allows users to convert between tokens without the dApp that must match buyers and sellers. Now, Bancor intends to extend this functionality to EOS, creating a bridge between the two most valuable dedicated smart contract platforms, which according to the company will constitute the "largest cross-chain liquidity network in the world".
Using the protocol Bancor as an intermediary, users will be able to confidently exchange b between tokens that flow on the EOS blockchain. More significantly, they will be able to exchange EOS and select EOS-based tokens over the more than 120 Ethereum ERC-20 tokens currently supported on Bancor, all without giving up the custody of their funds.
"We see the Bancor protocol as an elegant liquidity solution that benefits all token holders by offering a completely new paradigm for value exchange," said Dan Larimer, CTO of Block.one and creator of multiple cryptocurrencies.
The current version of the ad includes few details on Bancor's EOS dOS. However, a previous, more detailed version of the LiquidEOS blog post referred to the new platform as EOSX Liquidity Network, also including a chart that used the BancorX name. That graph included a link to eos.bancor.network (full page screenshot here), which also calls the BancorX platform.
Neither version of the announcement was published when BancorX went live.
Featured Image by Shutterstock
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