Bancor (BNT) In the Process of Facilitating On-Chain Liquidity Protocol

Bancor is the on-chain liquidity protocol which enables automated and decentralized token exchange on Ethereum and across blockchains.

Bancor recently tweeted:  “In the build up to the release of #BancorV2, we are excited to announce that a @ConsenSysAudits audit is currently underway on BancorV2 code. Learn more about Bancor V2 and how it will shape the future of automated market makers.”

Very recently, there was a security vulnerability on Bancor and those who traded with Bancor between June 16, 2020 and June 18, 2020 were asked to revoke any approvals on the Bancor contracts.  Users were facilitated with the option to revoke any transaction in a way to permit users to automatically eliminate the risk. By executing a small conversion on the Bancor network users were allowed to confirm the relevant revoke transactions. Users were also permitted to revoke their approvals manually.

Sydney Ifergan, the crypto expert tweeted:  “Bancor did a great job recently by allowing users to be able to revoke their transactions ensuring user funds to remain safe.”

Those who were able to notice that their wallets have been compromised were able to send a support ticket with their wallet address.

The technical detail of the error read thus:  “v0.6 contracts mistakenly made a safeTransferFrom function in the BancorNetwork contract public.”

A new network contract was further activated to ensure that an error like this does not happen over again.  The entire Bancor community sustained their patience during the process.

Bancor (BNT) Chainlink AMA

An AMA session is scheduled to occur on BancorV2 on Tuesday, June 30, 2020 at 14:30 GMT.  The session will have Bancor and Chainlink teams.

The Bancor Market + Social Activity is reported to be very strong.  It had the top AltRank for nearly two days straight. Featuring 1-week highlights: Price from $0.75-$1.26 7,409 social posts 5,167 bullish posts 6,237 contributors 15,346,671 social engagements.  As the Bancor Bulls grow, their liquidity is also improving.

For those who are new to Bancor, it is a decentralized exchange protocol which provides for creating liquidity pools to trade assets.

The smart contracts making Bancor are designed to help in the process of performing algorithmic token trades and for the pooling of on-chain liquidity.  Thus, supporting ERC-20 and EOS tokens.  Also, Bancor will be implementing a liquidity pool curve on both the Ethereum and the EOS networks.

When determining the price, the reserve balance of the coins are deposited in the protocol and it is divided by the total token supply multiplied by the reserve ratio.

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