We are thrilled to announce that the Enjin Bancor Token Relay and converter is now activated and available for anyone to use!
This Token Relay is a new way to convert between Bancor Token (BNT) and Enjin Coin (ENJ) tokens, and it’s enforced by smart contracts on the Ethereum blockchain.
You’ll also be able to convert between ENJ and ETH using this system, plus any other token in the Bancor Network, as more are added in the future.
By providing liquidity to the Token Relay and depositing ENJ and/or BNT, your tokens will benefit from the conversion fees accumulated over time.
Please join the Enjin Bancor Community!
We can make Enjin Coin one of the top coins on the Bancor app during the early days! Please help us out by joining. Visit the Enjin Community Page on the Bancor App and click the [+Join] button. You can use Telegram, Facebook Messenger, or WeChat to connect.
Start Converting on the Bancor App
You can begin converting between ENJ, BNT, and ETH by visiting the Bancor App and clicking Buy or Sell on the Enjin Coin community page.
To use this interface, you’ll need to install the Metamask Extension for Chrome or the Brave Browser. We recommend using a low Gas Price of 1 or 2 Gwei to minimize your costs. This Gas Price should complete your typical transaction in under 2 minutes.
Crunch the numbers with bnt.tools
Check out bnt.tools— it’s an awesome online calculator that uses live data and estimates how the ENJ price will respond to any of your buys or sells using the Bancor system.
Click on the Buy or Sell section, and select a currency to use as the reference. Enter the number of ENJ or BNT you will be changing to see an estimation.
Become a Liquidity Provider, collect conversion fees
By adding to the ENJ or BNT pools in the converter and receiving the ENJBNT token, you’ll provide liquidity and collect a share of conversion fees over time.
Conversion fees of 0.1% are charged between ENJBNT and each token (ETH is free). The combined trading fee will end up at 0.2%.
How to become a Liquidity Provider
This currently needs to be done manually, but in the near future this will be possible through the Web App. For now, there are two steps:
Approve ENJ Tokens:
- Your wallet must contain ENJ tokens to convert.
- Open the MyEtherwallet Contracts page
- Enter the Enjin Coin Token address under Contract Address: 0xF629cBd94d3791C9250152BD8dfBDF380E2a3B9c
- Under ABI / JSON interface, paste the following ABI snippet:
- Click Access
- Under Read / Write Contract, select approve from the dropdown
- For _spender enter the Converter address:
0xf3ED5B15618494Ddbd0A57b3Bca8b2686Ac0bc04 - For _value enter the (number of ENJ tokens) x (10¹⁸). This typically means you should add 18 zeroes to the value. For 25 ENJ tokens you would enter:
25000000000000000000
(Note: if you already have a previous pending approval, please approve a value of 0 first to reset, then run approve once again with your new value) - Select how to access your wallet, Write, Generate, and Make Transaction
- Wait a minute for the approval transaction to complete!
Convert ENJ Tokens to ENJBNT:
- Open the MyEtherwallet Contracts page
- Enter the Converter address under Contract Address: 0xf3ED5B15618494Ddbd0A57b3Bca8b2686Ac0bc04
- Under ABI / JSON interface, paste the following ABI snippet:
- Click Access
- Under Read / Write Contract, select buy from the dropdown
- For _connectorToken enter the Enjin Coin Token address: 0xF629cBd94d3791C9250152BD8dfBDF380E2a3B9c
- For _depositAmount enter the same amount as _value above
for example: 25000000000000000000 - For _minReturn enter roughly half of the above value
for example: 12500000000000000000 - Generate and send the transaction as before
- You will receive ENJBNT tokens
Warning: Be careful with large deposits!
If you are buying large amounts of ENJBNT (1M+), be aware that putting too much of a single token into the converter at once will impact the price and you might not receive the maximum number of relay tokens possible!
To get the most benefit for larger deposits, you can alternate buying with ENJ and BNT tokens. We recommend depositing less than 5% of the total reserve value at a time, then depositing similar BNT reserve value, and alternating. As the reserve grows, the relay price will become more stable.
The starting ENJ reserve is 4M ENJ, so we recommend keeping each single deposit under 200,000 ENJ until the base reserve grows.
The starting BNT reserve is approx. 36K BNT, and we recommend keeping each deposit under 2,000 BNT until the base reserve grows.
Purchasing ENJBNT with BNT tokens:
- Perform the same steps as above, but instead of the Enjin Coin Token address, input the Bancor Network Token address:
0x1F573D6Fb3F13d689FF844B4cE37794d79a7FF1C
Converting ENJBNT back to ENJ
If your ENJBNT tokens have collected conversion fees over time, and you want to convert them back to ENJ, you can use the sell function:
Approve ENJBNT Tokens:
- Open the MyEtherwallet Contracts page
- Enter the ENJBNT Relay Token address under Contract Address: 0xf3aD2cBc4276eb4B0fb627Af0059CfcE094E20a1
- Under ABI / JSON interface, paste the following ABI snippet:
- Click Access
- Under Read / Write Contract, select approve from the dropdown
- For _spender enter the Converter address:
0xf3ED5B15618494Ddbd0A57b3Bca8b2686Ac0bc04 - For _value enter the (number of ENJBNT tokens) x (1⁰¹⁸). This typically means you should add 18 zeroes to the value. For 85 ENJBNT tokens you would enter:
85000000000000000000
(Note: if you already have a previous pending approval, please approve a value of 0 first to reset, then run approve once again with your new value) - Select how to access your wallet, Write, Generate, and Make Transaction
Convert ENJBNT Tokens to ENJ:
- Open the MyEtherwallet Contracts page
- Enter the Converter address under Contract Address: 0xf3ED5B15618494Ddbd0A57b3Bca8b2686Ac0bc04
- Under ABI / JSON interface, paste the following ABI snippet:
- Click Access
- Under Read / Write Contract, select sell from the dropdown
- For _connectorToken enter the Enjin Coin Token address: 0xF629cBd94d3791C9250152BD8dfBDF380E2a3B9c
- For _sellAmount enter the same amount as _value above
for example: 85000000000000000000 - For _minReturn enter roughly half of the above value
for example: 42500000000000000000 - Generate and send the transaction as before
- You will receive ENJ tokens
Smart Contracts
Converter
Address: 0xf3ED5B15618494Ddbd0A57b3Bca8b2686Ac0bc04 (Etherscan)
ENJ and BNT tokens are held by the converter, and it issues ENJBNT tokens for deposits.
ENJBNT Relay Token
Address: 0xf3aD2cBc4276eb4B0fb627Af0059CfcE094E20a1 (Etherscan)
This token is issued when you deposit ENJ or BNT tokens. The ENJBNT token can be sold back for ENJ or BNT at any time.
The Future
We will add the token converter interface directly to the Enjin Coin homepage very soon, which will make it easy for anyone interested in ENJ to buy it directly at its calculated price.
We will integrate this functionality into the Enjin Wallet after the core release, giving everyone using our wallet an easy method to convert ENJ!
Thank you for your feedback and support. We’re looking forward to bringing you more exciting developments in the coming days and weeks!
