Flipside Daily Mover: BNT
A coin per day, making big moves
BNT Rolling After a Strong Q2
July 8, 2019
BNT Developer Behavior is up 11.01% over the last 14-days. FCAS responded with a 23-point (3.44%) spike, despite a 9-point (-1.04%) decline in User Activity and a 29-points (-5.07%) drop in Market Maturity. Price is down -9.13% over the same time period.
Tokens, but Smarter
Bancor has created a unique blockchain protocol that enables the conversion of tokens without the need for a counterparty. Through the use of their Smart Token functionality, Bancor is able to ensure liquidity and maintain markets for tokens listed on the platform via dynamic smart contracts that constantly adjust price based on conversion patterns of the assets. By eliminating the reliance on trading against BTC or ETH to acquire different tokens (as is the case on centralized exchanges), BNT enables the direct conversion from one token to another instantly, thereby decreasing friction and opening liquidity pools for the assets.
Project fundamentals are on the rise as the team makes strides on a number of fronts. In addition to an integration with Formatic to utilize Bancor within their dApp-building tools, the team added 12 new tokens to the platform in Q2. Efforts have also accelerated on the development front, both in the pursuit of new hires as well as fostering a strong community presence via a new Telegram group. Bancor has also focused its energies globally, engaging the industry at meet-ups, hackathons, and conferences, and making strides on their Sarafu Network, “a Bancor-powered community currency pilot in Kenya”.
🌶️ Hot Take
Bancor continues to be an integral player in the DeFi movement, expanding its offerings and championing the cause worldwide. Co-Founder Galia Benartzi often touts the potential of tokenization to revolutionize financial systems everywhere, particularly in unbanked areas with little economic infrastructure.
Tokenization, and exchange of the products or assets the tokens represent, is one of the primary avenues to widespread crypto adoption. Once consumers understand both the security and efficiencies delivered by these solutions, the spread will be rapid. BNT will look to continue its momentum through Q3 as the team focuses on its core offerings and sustained community outreach.
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