The Bancor network is a decentralized liquidity network. It allows you to hold any Ethereum token and covert it to any other token in the network with no counter party, at an automatically calculated price, using a simple web wallet.
I’ve written in the past about its background and how to use Bancor.
And recently I wrote about that rare thing Bancor has that not all crypto projects do, a working product.
Today we’ll see what’s new and I’ll share some info on why it might see rapid growth during the rest of the year.
What’s new is that Bancor is up to 54 tokens, adding a dozen tokens in two weeks. That’s nearly a token a day. Overall volume looks to be about $24 million a week now. Off the high, but still good.
There’s a few reasons why it could continue to rapidly grow in 2018 in addition to adding new tokens.
One is their collaboration with Block.one, the creators of EOS. In the partnership EOS will integrate the Bancor Protocol as part of its launch in June. EOS is supposed to launch with 1,000 dApps. It will be interesting to see how many tokens will be on EOS, and then how many will integrate with Bancor. At the very least it will provide another avenue of growth for Bancor.
Bancor is also partners with NEO. And NEO has more and more tokens coming out via ICO. It would certainly be interesting if they implemented the Bancor Protocol, but to date I haven’t heard anything in that regard.
There’s also Bancor’s partnership with Status, the WeChat for Ethereum. Status is currently in security testing which means it’s getting ever closer to releasing its beta. That could bring a whole new set of users to the Bancor Protocol.
Despite the interesting developments, the price languishes.
Coming up soon...
QRX and Swytch will both be integrating with Bancor soon. And XinFin is integrating Bancor into its platform.
What’s your thoughts on the Bancor Protocol?
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