As blockchain platforms continue to proliferate, their inability to communicate with one another has locked up value in disparate silos, creating a fragmented ecosystem which scares away potential users. A cross-chain solution enabling the free flow of financial information across distinct blockchains is a key piece of infrastructure that has been missing from the space. Until now.
LiquidEOS alongside Bancor is excited to launch BancorX, a cross-chain liquidity network bridging between EOS and Ethereum.
Bancor’s unique liquidity network allows users to convert tokens frictionlessly without the need to find a counterparty for trade. Unlike traditional exchanges, which rely on order books to match buyers and sellers, Bancor uses transparent algorithms and automated deposits to manage liquidity and enable continuous conversion of one asset into another. Since its historic $153 million token sale in 2017, Bancor has processed over $1.5 billion in token conversions on Ethereum and regularly ranks among the largest volume dapps on the Ethereum blockchain.
BancorX enhances Bancor’s features by utilizing the unique advantages of building on EOS such as:
- One-second transactions (as opposed to > 10 seconds on Ethereum)
- No transaction fees (as opposed to gas on Ethereum which can reach upwards of $50)
- No front-running risk (EOS transactions are not prioritized by gas fees as they are on Ethereum)
The much-anticipated release is expected to further boost liquidity on both Ethereum and EOS as users and developers are able to freely move tokens between the two chains.
Eyal Hertzog, Bancor’s Co-founder and Product Architect, revealed details about the system’s architecture: “BancorX is based on the ability to move BNT — Bancor’s Network Token — between blockchains. This cross-chain functionality increases the utility of BNT as an inter-network token, connecting the EOS and Ethereum ecosystems today, and vastly more blockchains in the future.”
Over 110 EOS and Ethereum-based tokens are currently convertible via BancorX. Anyone can integrate their token with Bancor’s liquidity network by staking an amount of those tokens in a smart contract which they own and manage. Popular EOS projects Everipedia (IQ), MEET.ONE (MEET) and Chaince (CET) are among the first token teams to launch on BancorX.
Additionally, The Bprotocol Foundation will transfer $10 million worth of BNT currently held on Ethereum into a secure account on the EOS blockchain.
We are passionate about the potential of EOS as the home of decentralized applications and believe BancorX to be a huge step towards blockchain interoperability. Users are now free to freely move their assets from Ethereum to EOS, which will surely accelerate the adoption of the EOS chain.
With our pipeline full of many more exciting innovations, LiquidEOS is dedicated to accelerating user adoption and increasing the value of EOS.
The LiquidEOS team
BancorX on EOS: https://eos.bancor.network/
BancorX Cross-Chain: https://x.bancor.network/
