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BNT Crypto: Bancor Gets White-Hot, Thanks to a Binance Listing and V3 Upgrade

The Bancor (BNT-USD) network is on the verge of a complete overhaul. In the course of just a few days, the BNT crypto will see listing on the world’s largest exchange. Meanwhile, developers will be in the final steps of implementing a major upgrade to the platform. With its V3 upgrade, Bancor is priming itself for some hefty gains.

A digital rendering of the Bancor (BNT) crypto.
Source: ARTEMENKO VALENTYN / Shutterstock

At first glance, Bancor might not be the flashiest project. The decentralized exchange is an Ethereum (ETH-USD) project, allowing users to trade over 250 different coins and tokens. It also plays host to multiple liquidity farming and staking opportunities. And, the project is controlled by a decentralized autonomous organization (DAO); that is, holders of the BNT crypto are those who dictate changes to the network.

In a lot of ways, the platform mirrors a multitude of other DeFi offerings, like Uniswap (UNI-USD). Yet, it is looking to distance itself from these projects and surpass them with its own unique upgrades. The V2 upgrade saw developers implement several performance-improving features, like a Chainlink (LINK-USD)-powered automated market maker (AMM) and support for lending protocols, which allow users to conduct BNT loans.

The Bancor project is not slowing down with the early 2020 V2 upgrade. Now, it is preparing for another overhaul. Though this time, developers are bringing some serious heat, with tech not offered by many of Bancor’s competitors. And all the while, the network is gearing up for a slew of new investors as it lands on Binance (BNB-USD).

BNT Crypto Primed for Launch With V3 Upgrade and Binance Trading

Indeed, Binance is announcing today the beginning of BNT trades on its platform. Yesterday, it announced that deposits were open for BNT, allowing any holders to add their crypto to the platform in anticipation of today. This announcement itself brought an influx of trading volume to the token; $52 million in BNT traded hands on the news, marking a significant increase over average volumes. Meanwhile, the token saw a price increase of about 12 cents on the announcement, bringing prices to $2.22.

The second — and much larger — catalyst for the BNT crypto is the coming V3 upgrade. Announced in late 2021, the V3 upgrade will build vastly on the existing Bancor network, bringing unique technology to it that will help to close distance with other, larger DEX platforms like Uniswap.

Of these many coming upgrades, perhaps one of the most exciting is the Omnipool. Typically, a DeFi user must choose which pool they wish to stake their crypto in. Usually, those looking for passive income will chase the pools offering the highest yields. With the Omnipool, Bancor is consolidating all of its pools containing the BNT crypto into a single location. This eliminates the need to chase high yields, and allows BNT stakers to reap the yields of all BNT token pairings, rather than just one. Other upgrades to the network reorganize compounding rewards to be more favorable for users, while also upping protection from impermanent loss generated by price slippages.

As the full upgrade approaches, Bancor developers are celebrating a successful beta period. The test network holds $1 million in assets already, before trading has even been enabled. Today, exchanges are seeing over $24 million in BNT trading hands. Furthermore, the token’s price is seeing a price bump of about 1%.

On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Brenden Rearick is a Financial News Writer for InvestorPlace’s Today’s Market team. He mainly covers digital assets and tech stocks, with a focus on crypto regulation and DeFi.

Article printed from InvestorPlace Media,

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