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Bancor Network Token (BNT) Price



Please note: like most trading venues, we display the current mid-market rates in our price charts. When you trade, you get the current bid or ask price depending on whether you are buying or selling. There is always a slight difference between the mid-market and the current bid or ask prices. This is a natural result of how Exchange order books work.

About Bancor Network Token (BNT)

Built on the Ethereum blockchain, Bancor is a decentralized exchange (DEX) where smart-contract-enabled coins change hands without intermediaries.

BNT (Bancor Network Token) is the platform’s native token. An ERC-20, BNT serves as a common denominator for facilitating trades, according to Messari. As the reserve token of Bancor, BNT is designed to hold reserves of other tokens connected with smart contracts, Ethereum or otherwise.

DEX is a broad term. More specifically, Bancor uses automated market maker (AMM) smart contract technology to autonomously foster liquidity. In fact, Bancor is considered the first-ever AMM, paving the way for Uniswap (UNI) and its clone, Sushi (SUSHI).

Traditional market making involves buyers and sellers getting paired up; in the old days, such activity was performed by a trading floor point man in a smock, and, in more recent decades, by computers. This old way of doing things is rendered obsolete in this protocol's use case, underscoring the inherently disruptive nature of decentralized finance (DeFi).

Trades get routed not to matchmakers but, instead, to liquidity pools found on the network. Traders who provide liquidity to the pools are rewarded for their contributions; trades that pass through the pools generate revenues paid out to liquidity providers via pool tokens representing their slice of the rewards pie. Bancor users are incentivized to create and maintain pools, making crypto markets exponentially more liquid.

Users can stake their BNT into any trading pair pool available on the Bancor network to earn rewards and a portion of trading fees, according to the Bancor white paper.

Describing a cross-chain liquidity mechanism for tokens on smart contract blockchains, the creators refer to BNT as being “Smart Tokens,” allowing users to instantly buy/sell connected tokens “directly through the Smart Token’s contract, at a price that is continuously recalculated to balance buy and sell volumes.” Already on the Ethereum and EOS blockchains, Bancor can be integrated into any smart contract-enabled blockchain.

One of the most established AMMs, Bancor was founded in 2017 when the DeFi realm was still in its nascence.

Per the white paper, the protocol is named in honor of a never-adopted 1944 proposal from economist John Maynard Keynes who wanted to systematize international currency conversion by introducing a supranational reserve currency called Bancor.

Bancor the blockchain protocol was co-founded by Guy and Galia Benartzi, among others. The latter co-founded Mytopia, a mobile games studio. Investors in the project include venture capitalist Tim Draper.

BNT’s 2017 token sale raised more than $150 million, considered at the time to be “incredibly impressive,” Coin98Insights said.

Bancor is operated by its community as a DAO (Decentralized Autonomous Organization); it’s managed by a Swiss non-profit.

Key to Bancor Network is the automated pricing, courtesy of Smart Tokens’ built-in automated market makers, meaning, as CoinGecko explained, that the tokens’ smart contracts always buy or sell Smart Tokens from/to any user in exchange for any connector token, as well as any token found in the network. The price comes from the Bancor Formula, responsible for balancing a Smart Token’s supply and demand while also maintaining the ratio between a token’s total value and connector token balances. The creator of the Smart Token configures these ratios, known as connector weights. These are adjustable, with creators either increasing or decreasing liquidity levels. The connector weight indicates price sensitivity. Arbitrageurs balance the gaps when prices, as set intrinsically (by network effect and algorithmic pricing), disconnect from market prices as reflected on external exchanges.

In 2020, Bancor underwent a major overhaul. Bancor 2.0, introduced in 2021, also brought improvements for users. Introduced in November 2021, Bancor’s version 3.0 included several new features and upgrades including the Omnipool, the Infinity Pool and “Instant Impermanent Loss Protection,” Cointelegraph said.

How to buy Bancor Network Token (BNT)

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