NPXS/Bancor Token Relay is now live. Holders of the Bancor Network Token (BNT) and any other token (including ETH) on the Bancor Network is able to convert their tokens instantly for NPXS tokens. And vice versa, the NPXS holders can freely convert their NPXS tokens to BNT, ETH and any integrated token in the Bancor network. The Token Relay will increase the liquidity of NPXS and stabilize the price.
Bancor’s smart contracts utilize a “connector” token method which allows the NPXS tokens to automatically convert to BNT, ETH and any integrated token in its liquidity network through an open-source algorithmic pricing mechanism. These conversions take place directly between smart contracts. All transactions are verified and distributed on the Ethereum Blockchain. This configuration allows existing standard ERC20 tokens to connect to the Bancor Network via BNT as a conversion conduit.
‘We want to stabilize the NPXS token by increasing the liquidity. By integrating Bancor Protocol, it gives NPXS exposure through the network and its participants. As NPXS token becomes more liquid, the NPXS holders can enjoy both convertibility and price stability,’ says Zac Cheah, CEO and co-founder of Pundi X.
Conversion between any token and NPXS/BNT proceeds with a fixed price, and charges a 0.1% fee.
Bancor Protocol is a standard for the creation of Smart Tokens™, cryptocurrencies with built-in convertibility directly through their smart contracts. Bancor utilizes an innovative token “Connector” method to enable formulaic price calculation and continuous liquidity for all compliant tokens, without needing to match two parties in an exchange. Smart Tokens interconnect to form token liquidity networks, allowing user-generated cryptocurrencies to thrive.