The decentralized liquidity network has launched a cross-chain conversion platform between Ethereum and EOS.
Bancor, the decentralized liquidity network, has launched a new platform called BancorX that enables the cross-blockchain exchange of BNT tokens between Ethereum and EOS blockchains.
The platform was built by Bancor in collaboration with LiquidEOS, an Israel-based block producer for EOS. The announcement was made earlier on the block producer’s official blog.
Bancor allows continuous on-chain liquidity between assets that are based on the Ethereum blockchain. The firm had raised $153 Million in its ICO last year.
According to the announcement, BancorX offers the following features:
- 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 platform is expected to boost the liquidity on both blockchains by facilitating free movement of tokens between the two.
Speaking about the platform’s design, Eyal Hertzog, Bancor’s Co-founder and Product Architect, said:
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.
The Benefits of BancorX
Currently, over 110 EOS and Ethereum based tokens can be converted using the platform. New tokens can be integrated with Bancor’s liquidity network by staking a certain amount of those tokens in a smart contract.
The EOS tokens that are available on BancorX include Everipedia (IQ), MEET.ONE (MEET) and Chaince (CET).
It is also reported that the Bprotocol Foundation plans to transfer BNT tokens worth $10 million currently held on Ethereum into a secure account on the EOS blockchain.
Emphasizing that LiquidEOS is dedicated to the adoption of EOS blockchain, the announcement stated:
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.
The launch of an on-chain exchange platform between Ethereum and EOS will be good for the growth of both platforms. More such cross-blockchain solutions will help bridge the current gap and increase adoption cryptocurrencies by users.
Would you like to see more interoperability between different blockchains? Let us know in the comments below.
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