Bancor’s price action was all over the place in the last couple of weeks. After peaking on August 7th with the price of $2.03/29091 satoshi the currency dropped off on the 14th. This drop bottomed out with the value of $1.39/22964 satoshi before it recovered to $1.73/26402 satoshi. While the USD value moved rather errantly towards the beginning of the month of September, BTC value managed to stay above 23000 satoshi. This drop went down much stronger on the 5th and we saw September bottom reached on the 12th, when the value of Bancor touched $1.11/17705 satoshi. The rest of the month saw the currency switch into a rather strong uptrend which continued to the day of the writing.
Bancor can be currently purchased for $1.59 USD (4.88% rise in the last 24 hours)/23728 satoshi (4.44% rise in the last 24 hours). The daily trade volume is rather low at 371 BTC. With a market cap of $85,128,728, Bancor is the 74th most valuable cryptocurrency on the market.
Bancor, the project looking to become a decentralized exchange which allows people to exchange any listed token directly, without third party involvement, has seen some interesting updates as of late. The most interesting one was surely the recent announcement that Bancor decided to expand onto the EOS blockchain. Having started off as an Ethereum project, Bancor is now taking steps to evolve into a cross-chain liquidity protocol.
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Speaking to Bitcoin Magazine, Bancor’s Director of Communications Nate Hindman confirmed that the protocol will keep trading the ERC-20 tokens that are already added to the exchange with its newest iteration, BancorX, focusing on the EOS based tokens and projects.
“Bancor is not ‘switching’ to EOS. Bancor will continue to support and advance its protocol and liquidity network on the Ethereum blockchain. With the BancorX launch, we are expanding Bancor to also support the EOS blockchain.”
The first projects that will become a part of the BancorX platform will be:
- Everipedia (IQ) — blockchain-based encyclopedia
- MEET.ONE (MEET) — EOS Wallet
- HireVibe (HVT) — jobs dApp powered by crowdsourcing
- Lumeos (LUME) — decentralized social platform
- MyCryptoBank (MCB) — crypto-fiat online bank
- Chaince (CET) — blockchain asset trading platform
- CoArt (COAT) — fine art investment and tokenization platform
- Prospectors Gold (PGL) — multiplayer online economic strategy game
- HorusPay (HORUS) — decentralized global payroll portal
- DEOS (DEOS) — decentralized EOS based games
The project will also introduce an EOS bounty program which will have over 500,000 BNT available to motivate developers to improve the project’s smart contracts or user interface. Bancor also published its open-source smart contract code for EOS on Github, and it has also released an embeddable user interface to let users test out the smart contract’s token conversion on the EOS testnet. Check out the project’s full announcement for the full details of this expansion.
In other Bancor-related news, YouTube channel Crypto Beadles, owned by Robert Beadles (the co-founder of Monarch Token), recently hosted a “Great DEX Debate”. In his video, Bancor faced off against IDEX in a debate focused on getting to the bottom of relevance, security and future of decentralized exchanges in crypto space. The debate was between Eyal Hertzog, the co-founder of Bancor and Alex Wearn, co-founder of IDEX and was moderated by community members Crypto Crow, Crypto Love, David Zimbeck and Crypto Beadles. The full recording of the conversation can be found on this link. The project also recently adopted the marketing tactics we saw projects like Ark and DragonChain introduce to the crypto world as they decided to sponsor their own NASCAR vehicle.
The project’s plan is to become a liquidity network which allows for cross-chain token trading; bridging EOS and Ethereum ecosystems will be an important step towards fulfilling this plan. The recent developments are a positive far cry from the days of Bancor getting hacked and they suggest that the project managed to almost immediately jump back onto its feet. It should be interesting to follow how exactly will the entire concept of cross-chain liquidity further develop on the Bancor platform.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com