Bancor Network Token (BNT) is an Ethereum token (ERC20) that powers Bancor, an ecosystem of decentralized, open-source DeFi protocols fostering on-chain trading and liquidity.
What is Bancor (BNT)?
Introduced in 2017, Bancor pioneered the DeFi sector by creating the first Automated Market Maker (AMM). Throughout its journey, Bancor has consistently brought forth innovations, with 2023 seeing the launch of two distinct protocols. In March 2023, the Arb FastLane Protocol was unveiled, facilitating permissionless arbitrage between Bancor's system and external trading platforms. Following this, Bancor rolled out another groundbreaking DeFi solution, Carbon DeFi, a decentralized tool for streamlining on-chain trading strategies.
Bancor operates under the guidance of its community, functioning as a decentralized autonomous organization (Bancor DAO).
The "Bancor Network Token", BNT, served as the universal reference in the initial protocol versions and continues to be a widely distributed cryptocurrency, free from unlocks or VC participation.
History of Bancor (BNT)
Bancor's foundational whitepaper, penned in 2017, lists Eyal Hertzog, Galia Benartzi, and Guy Benartzi as its architects. The name Bancor pays homage to John Maynard Keynes, who, in 1940, introduced the term to conceptualize a supranational currency.
Bancor is recognized for its foundational role in the DeFi space, having developed the first Automated Market Maker (AMM). This introduction encompassed the constant product equations and bonding curves, and mechanisms that several AMMs utilize to this day.
In 2023, Bancor introduced Asymmetric Bonding Curves, which allow traders to determine distinct buy and sell ranges for any token. This underlies Carbon, the flagship protocol from Bancor.
