What About Bancor (BNT)? Seeing Where the Project's at Today

Last updated: Mar 30, 2023
4 Min Read
AI Generated Summary

Bancor (BNT), the so-called "first smart token," arrived on the scene in 2017 to a flurry of hype. The project had an explosive ICO, and for a time everyone was seemingly interested in getting their hands on some BNT.

Then, the second half of 2017 came, and other coins and drama -- like the August 1st Bitcoin fork and the surge of RaiBlocks (XRB) -- dominated news cycles as Bancor seemingly faded acutely into the background.

But Bancor's not down and out by any stretch of the imagination. It's completely a case of there being so many projects in the cryptoverse, and some quiet down while others gear up in what seems like a never-ending cycle.

IQ Option Trade Credit Card  

Today, then, we'll be taking a look at Bancor: how it's doing as of late after cooling off last year.

Bancor network grows

Keeping in mind that the Bancor Protocol is based around the facilitation of Smart Tokens with an eye to instant convertibility through smart contracts, the Bancor Network now provides decentralized liquidity for 28 different tokens. And there's no reason to think that number won't keep swelling.

For now, the 28 supported projects include:

  • Binance (BNB)
  • BitClave (CAT)
  • Kin (KIN)
  • Edgeless (EDG)
  • iExec (RLC)
  • WeTrust (TRST)
  • Wings (WINGS)
  • Sense (SENSE)
  • Tokenbox (TBX)
  • Trade.io (TIO)
  • WOLK (WLK)
  • Dai (DAI)
  • Storm (STORM)
  • Decentraland (MANA)
  • Goldmint (MNTP)
  • WAX Token (WAX)
  • DragonChain (DRGN)
  • Sirin Labs (SRN)

Defining terms

Bancor Coin Logo
Image via Youtube.com

In order to optimize understanding, the Bancor team has recently formalized “the language and documentation around the Bancor Protocol and Network.”

These formalizations include new precise definitions for network-relevant terms like Array token, Liquid token, Proxy token, and Relay token.

And whaddya know? The developers have also release a new whitepaper that lays out an even clearer vision for the project and its future.

Simple BNT Trading beta updated

It's extremely easy to buy BNT in a decentralized fashion if you have ether (ETH) through the Bancor Converter. And the Bancor team has just released an update saying they've fine-tuned the Converter going forward.

It's a specific process, so don't just dive in willy nilly if you're interested. You can find a walkthrough here. The Bancor devs have pointed out to never use addresses for BNT conversions that you haven't pulled from the official Bancor website. Scammers abound, per usual.

Price action

BNT reached an all-time high of $10.59 USD each just days ago on January 10th, 2018. Not bad at all for a token that just began last year.

At press time, BNT is trading around $6.63. There's no reason to think the crypto won't reach its previous all-time high in due time, but there's no telling when that will be as bearish trends have seemingly entered into the market.

Everything looks good for now

For BNT, everything seems to be moving along quite swell. It's a project that does have some competition in the space, but it's already delivering and it has a lot of room to grow accordingly.

And if you've been looking to get some BNT for a while, it probably wouldn't be a bad time now, as prices are acutely down across the board.

Disclaimer: These are writer opinions and should not be considered investment advice

Editorial Team

The Coin Bureau Editorial Team are your dedicated guides through the dynamic world of cryptocurrency. With a passion for educating the masses on blockchain technology and a commitment to unbiased, shill-free content, we unravel the complexities of the industry through in-depth research. We aim to empower the crypto community with the knowledge needed to navigate the crypto landscape successfully and safely, equipping our community with the knowledge and understanding they need to navigate this new digital frontier. 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Previous article
8 Best Bitcoin Lightning Wallets 2024: Top LN Wallets Compared!
next article
Bitmain Releases Their New AntMiner A3: Worth the Hype?