Bancor to Release BancorX Decentralised Application for Token Trading
After the successful launch of the Bancor Decentralised Application (dApp) on the Ethereum network, the company has now released BancorX as reported through their blog on Medium. The new platform is to be a cross-chain product to allow the trading of EOS-based tokens with Ethereum-based tokens. BancorX could be used to sell Ethereum for Everipedia tokens on the EOS network.
Bancor plans to expand into a cross-chain liquidity protocol next adding support for EOS. The network will use automated smart contracts called Relays converting EOS tokens without the need to deposit funds. Instead of a user having to sell ether on an exchange for an EOS-based coin, they could use BancorX to instantly convert it to a token on the EOS network. A relay can be created by staking tokens that are owned and managed in a smart contract.
This release of BancorX provides users with the benefits of using the EOS network such as one second transaction times without fees. The EOS network doesn’t prioritise transactions dependant on Gas fees suggesting selling crypto could be faster. Bancor has reportedly processed over $1.5 billion in token conversions since launching on Ethereum for over 120 tokens. BancorX will increase the availability to sell Ethereum based tokens for new EOS-based tokens.
The EOS network isn’t out of infancy with many projects still developing. BancorX is scheduled to go live with 12 tokens available for conversion as stated on their site. These projects are in development, but users can sell ether for any of the listed EOS-based coins. ERC-20 tokens could be traded for MyCryptoBank (MCB) tokens on the EOS Blockchain through the smart contracts of BancorX.
The Bancor network hopes to provide greater cross-chain liquidity as shown through current developments. We could see the release of more platforms built upon different networks such as Stellar that would allow customers to sell Ethereum for Stellar-based tokens, increasing availability. Bancor future plans for development are unlikely to stop here as there are many networks they could provide cross-chain liquidity for.
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