BancorX, Cross-Chain DEX Between Ethereum and EOS Now Live
A popular decentralized exchange (DEX) protocol on the Ethereum blockchain, Bancor, announced in September that it will erect a bridge to the EOS network. The new platform which was termed BancorX, is now live.
BancorX enables token conversions between 110+ Ethereum and EOS-based assets. Projects launching on the platform are BetDice, KARMA, Prochain, Everipedia, eosBLACK,MEET.ONE,and Chaince.
BancorX was built in partnership with EOS block producer LiquidEOS and it uses Bancor’s own token, BNT, to carryout transactions. BNT now works on both Ethereum and EOS blockchains. It serves as a bridge between these two blockchain platforms, enabling cross-chain conversions. When an Ethereum token is converted to an EOS token, it is first converted to BNT. Then, this BNT is sent to the EOS blockchain to be converted to the EOS token. All of this happens on the background, and BancorX takes care of the liquidity.
CEO and co-founder of Everipedia, Theodor Forselius said:
“The Bancor Protocol is the leading project in the crypto space that is bringing cross-chain liquidity and decentralized conversion functionality to EOS and Ethereum. We’re very excited to have the Everipedia IQ token listed on BancorX.”
Bancor has additionally uncovered that its Bprotocol Establishment would exchange $10 million worth of BNT at present hung on Ethereum into a safe record on the EOS blockchain to acquire the underlying liquidity. Bancor claims that the cash will likewise support EOS improvement and fill in as an image of confidence in the security and guarantee of the EOS blockchain.