Prominent Ether dApp Bancor Protocol to Enable EOS Blockchain Token Trading
Recently, Bancor announced that it will introduce trustless token trading on the EOS blockchain. In addition to running one of the most active DApps on the Ethereum network, Bancor also operates a decentralized digital currency exchange (DEX). The announcement was made earlier this week by LiquidEOS, a block producer located in Israel and an affiliate to Bancor.
At the time of its ICO, Bancor set a record by amassing $153 million. Although its average of 350 daily active users is paltry when compared to the activity on centralized trading platforms, it still enough to rank it among the most popular decentralized apps on the Ethereum network.
Since it is a decentralized exchange, Bancor deploys a series of smart contracts that enable users to convert tokens without having to deposit their funds into an exchange-regulated wallet. The Bancor DEX protocol is different from other decentralized trading platforms in that it has integrated liquidity and automated pricing functionalities, allowing users to trades in tokens without the DApp matching buyers and sellers. As per the announcement, Bancor will introduce these features to the EOS blockchain. Due to the popularity of the two, Bancor and Eos, the partnership is expected to create the largest cross-chain liquidity network in the world.
Fundamentally, the Bancor protocol will act as an intermediary that facilitates the trustless exchange of tokens that operate on the EOS blockchain. Moreover, this partnership will enable users to trade both EOS and EOS-based against all the ERC20 altcoins that are supported by Bancor without giving up the custody of their funds.
In this regard, Dan Larimer, the CEO of Block.one, mentioned that the Bancor protocol is an incredible solution for liquidity that benefits cryptocurrency token holders by offering an entirely new model for value exchange.