Bancor

Bancor Protocol is a DAO (governed through its native token BNT) that offers an open-source decentralized exchange for traders, liquidity providers, and developers. For traders that deal in illiquid assets (primarily small-cap tokens), the protocol offers “Smart Tokens,” which can be instantly converted into other cryptocurrencies directly via smart contracts without depending on an exchange for liquidity. The smart tokens connect with one another to form token liquidity networks, which support the continuity of user-generated cryptocurrencies. 

In May 2022, Bancor launched Bancor 3 with featured key upgrades such as Omnipool, which aims to cut gas costs for traders on the platform by removing an extra step in the currency conversion process and a removed minimum deposit cap on liquidity pools. Additionally, Bancor 3 offers “instant impermanent loss protection” for liquidity providers to receive the same value on their deposit upon withdrawal, a feature that users previously had to wait 100 days to access. 

Bancor’s primary fundraise took place in June 2017 in the form of an initial coin offering (ICO) of its BNT token. The ICO raised a total of over USD 152.3 million, an industry record at the time, attracting almost 11,000 buyers, with more than 15,000 transactions sent to the address for purchases during the sale. Around 39.6 million BNT were sold to the public, which amounted to 50% of total tokens created as part of the ICO.