What You Didn’t Know About Bancor (BNT) Coin
Bancor (BNT), the first DeFi protocol in history, is known as a Blockchain project that allows users to offer high earnings with staking.Bancor (BNT), the first DeFi protocol in history, is a Blockchain project that allows users to offer high earnings through staking. In this article, you can find answers to frequently asked questions such as what Bancor is, what it offers, what is BNT coin, how to buy it, what it is used for.What is Bancor?Bancor consists of a set of smart contracts that manage the on-chain exchange of tokens. The protocol makes it possible to convert tokens effortlessly and quickly, without the need for an exchange. The protocol’s smart contracts manage liquidity pools that link tokens in the network.Launched in 2017, Bancor is the first decentralized finance (DeFi) protocol in the cryptocurrency ecosystem. Built on the Ethereum Blockchain, the project allows users to avoid permanent losses and earn high stakes with a single type of token. Created by Swiss bankers, the project is managed as a decentralized autonomous organization (DAO). The protocol, which is decentralized by the community, was selected as one of the most secure protocols by DeFiSafety in 2021. The protocol has a native cryptocurrency named BNT coin. This cryptocurrency is used for various purposes within the network, such as paying for transactions.The Bancor project, with its own smart contracts and liquidity pool, makes it possible to perform DeFi transactions without the need for other projects. The protocol allows users to stake many popular cryptocurrencies such as ETH, WBTC, LINK, MATIC, AAVE. Users who lock their cryptocurrencies into smart contracts of the protocol have the opportunity to earn up to 60% annual staking returns. In addition, users can convert their cryptocurrencies into an equivalent asset and perform trading transactions without the need for a seller, thanks to the liquidity pools of the protocol.Who is Bancor Founder?Bancor; Eyal Hertzog was founded in 2017 by Yudi Levi, Galia and Guy Benartzi. The project was named “Bancor” in memory of John Maynard Keynes. This word was used 76 years ago to describe the supranational currency.Eyal Hertzog; the architect of the protocol, BNT and other products that leverage the network. A tech entrepreneur for over 20 years, Hertzog is a well-known name in the cryptocurrency industry. He previously founded MetaCafe, Israel’s top video sharing site with over 50 million users.Guy Benartzi is the chairman of Bancor. He also founded Mytopia, a company that develops cross-platform games for users on social networks, in 2005.Long-time tech entrepreneur Galia Benartzi is among the founders of the Bancor protocol. Head of business development at Bancor. He is also the founder and CEO of Particle Code.Yudi Levi is the CTO of Bancor. He has been in the ecosystem as a technology entrepreneur for over 20 years. He founded AppCoin, an app that allows communities to create their own currencies.What does Bancor offer to its investors?Bancor provides effortless conversion of tokens used on the network. Thus, it eliminates the need for exchanges or third-party platforms. The protocol also hosts self-managed pools for network-backed tokens.One of the features that make Bancor unique is that it creates liquidity for altcoins and aims to reward liquidity providers. The protocol manages to convert crypto tokens into different tokens, including those working on other blockchain networks, without the need for third-party intervention.The native token of the protocol, BNT, acts as the default value for all smart tokens created on the network. Bancor’s creation of smart tokens is a first among projects built with blockchain technology. The main purpose of smart token creation in the protocol is to provide a permanent solution to liquidity problems. In this way, it can be different from other market manufacturers.How Many Bancor (BNT) Coins Are In Circulation?In January, Bancor made a move to provide more liquidity and raise awareness for its native token. In this context, $60,000 worth of ETH/BNT was distributed to wallet addresses that meet the required minimum BNT amount. In 2017, the protocol raised more than $144 million during its initial token offering.The protocol allows other reagents to become liquid as well. However, these tokens (also called reserve tokens) must comply with the ERC-20 or EOS standards.Bancor ecosystem; It supports two-way coin model, liquid and relay.An automatic liquid token is a self-generating and self-destructing backup entity. It does this by sending or removing the reserve token from the smart contract. To use the Bancor Network, the liquid token must have either BNT or a reserve token that is a derivative of BNT.On the other hand, the relay token is used as a staking method to provide liquidity. Token holders will receive a percentage of Bancor’s future revenues. Relay tokens represent the ratio of the bet amount in the pool to the total value.Is Bancor Network Safe?The protocol’s smart token allows traders to supply liquidity to pools that are active on the network. Everyone can contribute to the pools by providing liquidity.When liquidity providers contribute to the pool, they are entitled to receive rewards from the transactions performed on the pool. Liquidity providers receive pool tokens corresponding to a percentage of their total shares.How to buy BNT coins?BNT coin is traded on many cryptocurrency exchanges. Currently, crypto exchanges such as Binance, OKX, Bybit, Huobi Global are listing the token. Investors interested in the Bancor project should first become a member of one of these exchanges. Users who are fully registered and have a fiat currency such as dollars and liras in their wallets can purchase BNT.