All About Bancor (BNT)
Like many decentralized exchanges, Bancor allows users to trade crypto assets and serve as liquidity providers by staking, or depositing funds into liquidity pools, in exchange for yield on their staked assets.
Unlike other decentralized exchanges, Bancor incentivizes liquidity providers to stake assets on its decentralized exchange by offering its users protection against impermanent loss, which occurs when the price of assets fluctuates after the principal assets are deposited into a liquidity pool.
To mitigate the severity of impermanent loss, assets listed on Bancor undergo a whitelisting process to ensure supported assets feature high trading volumes, which typically indicates lower volatility, as assets with high price divergence result in more impermanent loss scenarios. In addition, all assets listed on Bancor are paired with BNT, which serves as insurance against opportunity costs or losses associated with impermanent loss.
What is Bancor (BNT)?
BNT is an ERC20 token that serves as the native asset of Bancor. Users earn BNT in exchange for providing liquidity, or staking, on Bancor. Any assets that stay staked for 100 days or more will receive impermanent loss protection. Alternatively, Bancor offers impermanent loss protection at 1% per day on an opt-in basis once users have staked their assets for 30 days or more. Users can also stake BNT to vote on governance proposals on the Bancor Protocol.
How to buy Bancor (BNT) on Binance.US
Trade Bancor (BNT) on the BNT/USD and BNT/USDT pairs.
Buy Bancor (BNT) with Bank Transfer (ACH), Debit Card, or Wire Transfer.
Deposits and withdrawals are now open for BNT.
*Please note that Binance.US supports Ethereum (ERC20) and BNB Smart Chain (BEP20) BNT deposits and withdrawals. We will be unable to recover tokens sent to the wrong network address. For more information on the networks that Binance.US supports, consult our full list of supported assets and networks.
Note: This article was last updated on April 26 2022. Deposits for BNT first opened on April 25, 2022 at 5 a.m. PDT / 8 a.m. EDT. Trading opened 24 hours later, along with the "Buy Crypto" functionality.
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