Trade tokens and earn interest on your favorite tokens by staking them in Bancor’s decentralized exchange.
Bancor is the first decentralized trading protocol, empowering traders, liquidity providers & developers to participate in an open financial marketplace with no barriers to entry. No one needs permission to use the open-source Bancor Protocol. The project offers a network, that works to bring liquidity to the majority of tokens that lack a consistent supply/demand in exchanges. That network is built on smart contracts and a new class of cryptocurrencies that the team calls “Smart Tokens.” Bancor is looking to provide support to the illiquidity that currently exists within the cryptocurrency market. This has led to an increase in BNT price.
Bancor’s protocol uses smart contracts to create Smart Tokens, which serve as an alternative mechanism for trading. A key characteristic of the protocol is that it doesn’t call for an exchange of tokens with a second party, as in the case of cryptocurrency exchanges. Rather, it employs Smart Tokens to convert between different ERC-20 tokens internally. These conversions take place through the blockchain’s protocol and completely outside of cryptocurrency exchanges. Smart Tokens process token conversions internally by holding reserves of other ERC20 tokens within their Smart Contract. They can then convert back and forth between those reserves as users request it.
Bancor is owned and operated by its community as a decentralized autonomous organization (DAO). The Bancor Protocol is governed via a democratic and transparent voting system which allows all stakeholders to get involved and shape Bancor’s future.
At the time of writing this article, $1.398 billion is the TVL in Bancor. The 24 hour volume on this DEX was $45.6 million.
Let us review BNT price
BNT Price Prediction
BNT is currently trading close to the resistance zone at $3.73. If it can break this resistance and close above this zone, we could start seeing a move towards $3.86, $4.70, $5.38 and $6.07. If the resistance at $6.07 breaks, we could start seeing a move towards $7.04 and $8.27. Failure to break the resistance at $3.73, could lead to a drop towards $3.18, $2.83 and $2.48.
Join us on Telegram to receive free trading signals.
For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.
Images courtesy of TradingView.
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinons relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.