Cross Chain DEX Between Ethereum and EOS is Live

Bancor’s Cross-Chain DEX Between Ethereum and EOS is Now Live

Bancor, a favorite decentralized exchange (DEX) protocol on the Ethereum blockchain declared in September that they would build a bridge into the EOS network. BancorX enables nominal conversions involving 110+ Ethereum and EOS-based assets.

BancorX was constructed in partnership with all EOS block producer LiquidEOS. It uses Bancor’s very own token, BNT, to create the transactions occur. BNT currently works on both the Ethereum and EOS blockchains. It functions as a bridge between both of these blockchain platforms, allowing cross-chain conversions. As soon as an Ethereum token is switched into an EOS token, it’s first converted into BNT. Afterward, this BNT is delivered into the EOS blockchain to be converted into the EOS token. All this occurs on the desktop, and BancorX cares for the liquidity.

Theodor Forselius, CEO and co-founder of all Everipedia, stated:

“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.”

Furthermore, Bancor has declared its Bprotocol Foundation will move $10 million value of BNT now held on Ethereum into a safe account about the EOS blockchain to deliver from the first liquidity. Bancor asserts the money will even promote EOS growth and function as a sign of religion in the safety and promise of their EOS blockchain.

BancorX is a open source cross-chain liquidity protocol which may be retrieved by additional exchanges, decentralized software, and services free of price.

Funded via an initial coin offering (ICO) that increased a then-record $153 million in 2017, Bancor has maybe been slow to fulfill subscribers’ lofty expectations. It’s the 13th hottest dApp in the previous 24 hours, using only 156 users. Additional single-blockchain DEX platforms such as IDEX and ForkDelta have jeopardized Bancor with substantial quantity. On the other hand, the launching of BancorX may eventually turn this around in Bancor’s favor.

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