Decentraland and Bancor Partner to Create a MANA/BNT Token Relay for Decentralized Liquidity
MANA joins a decentralized liquidity network of Smart Tokens to allow simple conversion directly on our site
Over the past few months, as we on-boarded thousands of users to our ecosystem, it has become clear that pointing newcomers to an external cryptoasset exchange to acquire MANA was not the best experience.
Today, we are thrilled to announce that Decentraland is partnering with Bancor to create a joint MANABNT Token Relay — a decentralized liquidity pool of MANA and BNT, enclosed in a Bancor-compliant "Smart Token". This Token Relay will hold two connector balances, one in MANA and one in BNT, each at a 50% weight, and will enable users to quickly transform their Ether or BNT (or any other token on the Bancor Network) into MANA through a widget that will reside on our core products.
Collect Fees by Becoming a Liquidity Provider
Additionally, any MANA or BNT holder will be able to provide liquidity for this Token Relay, receiving the MANABNT token and collecting a share of conversion fees over time.
Conversion fees of 0.1% are charged between MANABNT and each token (ETH is free). The combined trading fee for converting either ETH or BNT into MANA will end up at 0.2%. If your MANABNT tokens have collected conversion fees over time, and you want to convert them back to MANA, you will be able to do so by simply selling them back at their current price through the widget.
What's Next
We will add the token converter interface to our upcoming "Land Manager", the web interface that will allow users to buy parcels of land once the Terraform Event has concluded.
With the implementation of Bancor’s Token Relay, we will lower the barrier to entry into our platform. And given the consumer-facing nature of our project, we couldn't be more excited about this partnership.
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