According to the statement that was made by Bancor, a decentralized cryptocurrency exchange (DEX) protocol and one of the well known decentralized applications (dApps) on the Etherum network that a new trading approach called trustless token trading will be taken into the recently-launched EOS blockchain.
The statement that has been made by Israel-based block producer and Bancor partner LiquidEOS has been edited much up to now.
Bancor includes around 350 daily active users and it is funded through an initial coin offering (ICO) which got $153 million last year. Although the comparison is made between centralized excahnges, it is known as one of the most popular DApps in the cryptocurrency ecosystem.
Users can convert between tokens and they don’t need to deposit their funds into an exchange-controlled wallet thanks to the system of Bancor, as a DEX that provides smart contracts. Built-in liquidity and automated pricing are included in Bancor’s protocol and these features aren’t included in most decentralized trading platforms. In this way, users can convert between tokens and dApp doesn’t need to match buyers and sellers in order to finish the progress. Now, the same feature is expected to move to EOS by Bancor. A bridge will be built between the most valuable dedicated smart contracts platforms by the firm and it says that it will be the world’s largest cross-chain liquidity network.
The exchange between tokens will be able to be made by the users trustlessly on the EOS blockchain. Trading EOS and selecting EOS-based tokens against over 120 Etherum-based ERC-20 tokens currently supported on Bancor will be available for the users. Moreover, they won’t need to relinquish custody of their funds.
Dan Larimer, CTO of Block.one and the creator of multiple cryptocurrencies says that they see the Bancor protocol as a great solution for liquidity. All token holders will have advantages with the completely new paradigm for value exchange.