It is no rumour that there exists some sort of friction between the EOS blockchain network camp and that of Ethereum. One blockchain platform which has capitalised on this is Bancor. The popular decentralized exchange(DEX) protocol on the Ethereum blockchain has recently made it known that it has completed the development a bridge to the EOS network. The platform is called BancorX, and it is now live.
The new BancorX platform is designed to enable token conversion between a total of 110+ Ethereum and EOS-based assets. A report made it known that the platform was developed in partnership with an EOS focused blockchain company, LiquidEOS. The BancorX platform just like Bancor’s main platform makes use of the BNT native token. As a result of this, BNT now works on both Ethereum and EOS blockchains. The native token serves the function of a bridge between these two blockchain platforms, thereby enabling cross-chain conversions.
This works by first converting an Ethereum token to BNT, then the BNT is, in turn, converted to EOS token.
Then, this BNT is sent to the EOS blockchain to be converted to the EOS token. All of these is said to take place in the background, and BancorX platform takes care of the liquidity.
Tokens to be Listed
Theodor Forselius, CEO and co-founder of Everipedia, has also commented on this latest development. He stated that:
“The Bancor Protocol is the leading project in the crypto space that is bringing cross-chain liquidity and decentralized conversion functionality to EOS and Ethereum. We’re very excited to have the Everipedia IQ token listed on BancorX.”
Other tokens which will be listed on the platform include Everipedia, eosBLACK, BetDice, MEET.ONE, KARMA, Prochain, and Chaince.
It was also reported that to ensure initial liquidity, Bancor has also made it known that its Bprotocol Foundation would transfer $10 million worth of BNT currently held on Ethereum into a secure account on the EOS blockchain.