Bancor is a protocol on Ethereum for non-custodial token exchange using pooled liquidity. Like Kyber and Uniswap, Bancor doesn’t use order books, which means users can trade without the need for a counterparty. Bancor employs an algorithmic market-making mechanism through the use of “Smart Tokens,” which ensure liquidity and accurate prices by maintaining a fixed ratio vis-à-vis connected tokens (e.g., ETH) and adjusting their own supply.
After a record-breaking ICO in June 2017, Bancor launched its web interface for decentralized exchange in October 2017. In September 2018, Bancor expanded beyond Ethereum to offer exchange with EOS and POA Network.
Bancor has a native token called Bancor Network Token (BNT), which serves as a Smart Token hub that connects all other tokens in the Bancor Network, enabling instant trades among any asset supported by Bancor.
How to use Bancor?
The best way to use the Bancor Network is through Bancor’s native web app at [bancor.network, https://www.bancor.network]. The Bancor wallet supports conversion to non-ETH-based tokens.