[Tutorial] How to trade DomRaider Tokens on Bancor
As announced last week, DomRaider Token is now tradable on Bancor. The Bancor network is a new way to trade DomRaider tokens and provides some interesting features.
Bancor is more than a standard exchange in the sense that there is no counterparty in transactions made on the network. Tokens can be converted without the need to match two parties with opposite wants. This is possible thanks to a simple algorithm balancing buys and sells so that every token in the network maintains a formulaic relationship to others. This includes numerous advantages such as:
- Continuous liquidity, tokens can be converted at any time regardless of buyers and sellers or trade volume
- No counterparts as tokens are converted directly on-chain as opposed to exchanges where there is a third party involved in the transaction
- No deposit required on Bancor, you use the funds directly on your wallet, no need to wait for deposits to arrive on Bancor
- No registration, on-chain conversion of tokens happens directly on your web3 wallet
Start purchasing DRT on the Bancor App
Since Bancor works a bit differently than standard exchanges in order to offer better features, we have created this step-by-step video tutorial to guide you through the process. We will show you how to create your web3 wallet (Metamask), buy DRT on Bancor with your web3 wallet and see your DRT balance in your Metamask wallet:
What’s more: you can trade DRT with any token available on the Bancor network
Thanks to its specific protocol, Bancor offers the interesting possibility of buying any token available on the platform… with any other token available on the platform. This means an impressive number of token pairs available. So if you do not want to buy DRT with ETH, you can do so with another token you might already own and which is available on Bancor.
So here, for testing purposes, we have bought some EOS with DRT to show you that you can then buy DRT with EOS. But it would actually work for any pair, the combinations are endless!
⚠️ Remember that for any transaction to go through on the Ethereum blockchain you need a gas payment in ETH, so even if you are not trading with ETH you will pay for gas in ETH, always leave some on the side 👍
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- 🤖 Reddit: https://www.reddit.com/r/DomRaider/
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