BancorX DEX (decentralized exchange) cross-chain protocol on Ethereum (ETH) blockchain has been initiated. The announcement first came in September when the network said it will build a bridge that will link the EOS network.
The new platform which it said will be called BancorX, has now been launched. BancorX allows currency conversions between EOS-based assets and 110+ Ethereum. Several projects that will be launching on the new platform include Everipedia, eosBLACK, Prochain, BetDice, MEET.ONE, KARMA, and Chaince.
Bancor is Designed to Bridge the Gap Between EOS and Ethereum Respectively
BancorX was created in partnership with LiquidEOS. It uses Bancor’s token, BNT, to ensure that transactions happen. The launch now means BNT works on Ethereum and EOS networks. It functions as a bridge between both blockchain platforms, and enables cross-chain conversions.
After an Ethereum (ETH) token is converted to EOS, it is initially converted to BNT. Then, BNT is sent to EOS blockchain before it is converted to an EOS token. The function of BancorX is to handle the liquidity.
Bancor has recently revealed that its Bprotocol Foundation will transfer BNT worth $10 million currently held on the Ethereum blockchain into a secure account on EOS to launch the initial liquidity. Bancor insists that the funds will encourage the development of EOS and be a symbol of faith when it comes to the security and promise of EOS.
Can the New Ethereum-EOS Bridge Improve Bancor’s Volume?
BancorX was created as an open source cross-chain protocol that can function on other exchanges, with dApps and free services. Bancor has also revealed news of 500,000 BNT bounty initiative for developers in a bid to improve Bancor’s user interface and EOS contracts.
Funded via a 2017 ICO that raised $153 million, Bancor may have been slow to meet the lofty expectations of its contributors. It is number 13 among the list of the most popular dApps in the last 24 hours having 156 users.
A host of single-blockchain DEX platforms including IDEX and ForkDelta have moved ahead of Bancor with significant volume growth. However, this launch may finally turn things around to the benefit of Bancor.