Bancor Network (BNT) ranks third on the biggest gainers’ list for week 25. The token gained 10,982 spots to move from last week’s position of 18,734 to rank 7,752 this week. We will be reviewing the Bancor Network in this article to update readers on why the 18Digits community took an interest in this token and voted it up the gainers’ list.
Note: The material provided in this article is strictly for information purposes. The content is not intended to be taken as financial advice.
What is Bancor Network?
Bancor is a blockchain-based protocol that acts as software to encourage network participants to add cryptocurrency funds to liquidity pools. Without the influence of financial institutions or other third parties, the protocol enables users to trade and swap cryptocurrencies and add liquidity to the cryptocurrency markets. Bancor uses an automated market maker system that adds additional liquidity to multiple markets while allowing users to control and manage liquidity pools with cryptocurrency deposits. Bancor does this by offering rewards for contributing liquidity to different pools.
About Bancor Network Token (BNT)
The native token of the Bancor ecosystem is an ERC-20 token called Bancor Network Token (BNT). It has enormous utility within the Bancor ecosystem and is built on the Ethereum network. All smart tokens created on the Bancor protocol use it as their default reserve currency.
To receive incentives and a share of trading commissions, users can stake their BNT into any trading pair pool accessible on the Bancor network. BNT serves as a governance token as well. Voting rights for proposed updates or changes to the Bancor platform are granted to holders and stakers of the BNT token.
How is the Bancor Network Secured?
Bancor Network is safeguarded by audits and formal verification, which thwart malicious attacks and guarantee smart contracts’ safe and reliable operation. Tracking vulnerabilities and security checks are the responsibility of security audit companies like ConsenSys Due Diligence, CertiK, PeckShield, and Halborn. Bancor also has a bug bounty program where users can discover and report problems in exchange for payment. Security audits guarantee sound governance and protection of liquidity.
Bancor Network (BNT) Information
The price for one BNT is $0.5455, with a market capitalization of $136,278,225.57. There are currently 247,027,597 BNT tokens in circulation, with a market dominance of 0.01%. (Price index from June 26, 2022, according to CoinMarketCap)
If you want to buy BNT, the cryptocurrency exchanges to use to place a trade are Binance, Bithumb, FTX, and Coinbase Exchange.
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