As we dive into today’s article, we’ll begin with a cautionary note regarding Bancor Network reviews. Then, we’ll focus on understanding the fundamental aspects of the Bancor crypto project. This exploration includes examining the project’s history and its current status, offering a comprehensive overview of what Bancor Network entails.
Moving forward, we’ll examine the BNT crypto token more closely. Initially, we’ll cover the foundational elements by addressing the question, “What is BNT?” Additionally, we’ll jump into specific token elements, such as the Bancor cryptocurrency tokenomics, shedding light on how the BNT coin functions within the Bancor Network ecosystem. Furthermore, our BNT crypto analysis will include analyzing the $BNT price. Utilizing the basics of technical analysis (TA), we’ll outline crucial support and resistance levels for the BNT crypto asset. Alongside this, we’ll offer our speculative Bancor price prediction.
You’ll also discover how Moralis Money can assist in assessing whether $BNT stands as a favorable investment for you. This powerful tool empowers you to make informed decisions regarding when and whether to invest in the Bancor crypto asset. Now, for those considering acquiring $BNT, we’ll advise you on where and how to purchase the Bancor Network token seamlessly without unnecessary hassle or financial strain.
Bancor Network Review
It is human nature to look for shortcuts and other people’s opinions, and we tend to search for reviews online. However, while we, the team here at Moralis Money, have our own takes on Bancor Network, we believe it is vital for you to form your own (as objective as possible) opinion. Even if there are influencers and/or experts you really trust, their reviews should be blindly accepted!
So, the upcoming sections are not your typical “review” of the Bancor crypto project. Instead, it is a presentation of facts shared by the project and other available tools with proven track records. As such, you may use it to get acquainted with the project and its token. And this will help you determine if you find Bancor interesting.
That said, the most valuable part of today’s article comes from exploring how Moralis Money can help you make informed decisions. With this tool’s page dedicated to the $BNT token, you’ll be able to research the asset and project at any time. As a result, you’ll gain the power and confidence to form your own convictions and take action accordingly. With that said, let’s explore what Bancor is all about!
What is the Bancor Crypto Project?
The Bancor crypto project is an ecosystem of decentralized, open-source DeFi protocols that foster on-chain trading and liquidity. At least, this is what the project presents itself like via its X (formerly Twitter) account:
Based on the above definition, Bancor Network, along with its native token BNT, is a prominent player in the cryptocurrency space. After all, the project offers a unique solution to decentralized token conversion.
So, at the core of Bancor Network is a decentralized platform that allows traders to swap crypto seamlessly. Bancor’s token swap supports a diverse array of assets – it covers nearly 10,000 token pairs that users can exchange with a single click. Additionally, within the Bancor wallet, users can instantly convert between two tokens without needing a counterparty. This approach ensures swift transactions and maintains the network’s complete decentralization.
Bancor Network’s Early Days
Founded in 2016, Bancor Network is overseen by the Bancor Foundation, headquartered in Zug, Switzerland, with a research and development center in Tel Aviv, Israel.
Despite facing challenges such as legal issues and a well-publicized hack, Bancor has demonstrated resilience and adaptability. After all, the project has survived and evolved throughout two complete crypto cycles, which is quite rare in the crypto space.
Bancor Network gained significant attention in 2017 by hosting one of the most successful initial coin offerings (ICOs), raising over $153 million in Ethereum tokens in less than three hours. However, as you’ll get to see once we focus on the Bancor crypto’s price, the asset has been through a lot.
Despite price fluctuation and other challenges, Bancor continued to develop, and its swap reached version three (a.k.a. Bancor3) in the spring of 2022. Moreover, this is just one of the three core products this DeFi project has to offer in 2023 (more on that below).
Core Aspects of Bancor
- Cross-Chain Conversion – The Bancor wallet’s interface facilitates cross-chain conversions without requiring users to relinquish control of their private keys. Initially integrating with EOS and Ethereum, Bancor plans to expand its cross-chain capabilities.
- Automatic Liquidity – Bancor stands out for its contribution to liquidity in cryptocurrency markets. The use of the BNT token ensures automatic decentralized liquidity for any token on supported chains. Hence, these tokens can be instantly and easily converted within the user’s wallet.
- Bancor Protocol Mechanics – Bancor’s protocol operates like an hourglass, ensuring a balance between tokens at all times. BNT smart contracts eliminate the need for a third party in transactions, allowing users to perform exchanges continually.
- Bancor Vortex and Staking Rewards – The introduction of Bancor Vortex in February 2021 provides users with a unique solution to borrow funds while obtaining yield from swap fees. The vBNT mechanism and staking rewards are part of Bancor’s strategy to incentivize users to contribute liquidity, supporting network growth.
- Bancor V2, V2.1, and V3 – The Bancor protocol underwent significant upgrades with the release of Bancor V2, V2.1, and V3. These versions address challenges associated with impermanent loss, exposure to multiple assets, capital inefficiency, and the opportunity cost of providing liquidity. V3 also introduced auto-compounding rewards, dual-sided rewards, Omnipool, and more.
Note: If you wish to explore the ins and outs of the Bancor protocol, make sure to visit the project’s documentation:
At the time of writing, the official Bancor website presents three core products:
- Carbon DeFi – A decentralized protocol with an online dapp for automating on-chain trading strategies.
- Bancor3 – A protocol with an online dapp that supports single-sided liquidity and on-chain trading.
- Arb Fast Lane – A permissionless protocol for performing arbitrage between the Bancor ecosystem and external exchanges.
Bancor Team and BancorDAO
Founded by Israeli siblings Guy and Galia Benartzi in 2016, Bancor Network has a dedicated team with expertise in blockchain technology and scaling startups.
However, the project shifted towards a decentralized governance model as it evolved. Consequently, BancorDAO (decentralized autonomous organization) now plays a key role in decision-making:
What is BNT? Exploring the Bancor Network Token
BNT, or the Bancor Network token, is the native cryptocurrency of Bancor Network. The token lives on the Ethereum network, where it was minted on June 10, 2017, as an ERC-20 token.
The BNT crypto asset is a fundamental component of the Bancor ecosystem, and it plays a pivotal role in facilitating the Bancor protocol’s features. As such, let’s look at what the BNT token is used for.
What is the BNT Coin Used For?
The BNT coin serves a multi-faceted role within Bancor Network, contributing to its functionality and sustainability. Here’s a closer look at the various uses of the BNT coin:
- Liquidity Provision: Liquidity providers stake BNT in pools, enabling the continuous provision of liquidity for various tokens on Bancor Network. BNT’s use in liquidity pools allows for automatic and decentralized market-making, facilitating instant token conversions.
- Governance and Decision-Making: BNT crypto holders actively participate in the governance of Bancor Network by voting on proposals through BancorDAO. Thus, decisions related to protocol upgrades, network enhancements, and strategic directions are influenced by the collective voice of BNT holders.
- Cross-Chain Transactions: BNT facilitates cross-chain compatibility, enabling users to convert tokens seamlessly between different supported blockchain networks. This cross-chain functionality enhances the versatility of BNT, making it a valuable asset for users seeking interoperability.
- Staking Rewards: Staking BNT in liquidity pools becomes a means for users to earn staking rewards. The BancorDAO determines the distribution of staking rewards, creating an incentive structure for users to actively participate in providing liquidity to the network.
- Incentivizing Adoption: As Bancor expands its ecosystem and introduces new features, the use of BNT incentivizes users to engage with the platform, fostering liquidity and contributing to the overall growth of the network.
Essentially, the BNT crypto coin is integral to the Bancor Network’s operation, serving as the lifeblood that powers decentralized liquidity provision, governance, and incentives for active participation in the network’s ecosystem.
The BNT Crypto Tokenomics
- Token name: Bancor Network Token
- Symbol/ticker: BNT or $BNT
- Network: Ethereum
- Token type: ERC-20
- Smart contract address: 0x1f573d6fb3f13d689ff844b4ce37794d79a7ff1c
- Buy/sell tax: 0%
- Total supply: Not capped (mintable)
Full Bancor Crypto Token Price Analysis
The above image indicates the price of the Bancor Network token more or less since its beginnings up until now. Without any deep analysis, you can immediately see that the token had two bullish and two bearish seasons. And these seasons coincide with the rest of the crypto markets. You can also notice that the token’s highest levels sit around $10, while its lowest points reach as low as $0.12. So, that’s a span of more than 80x.
However, the catch with the Bancor token is the fact that it is mintable. This means that the amount of $BNT in the circulation increases. That negatively impacts the asset’s price. You can clearly observe this phenomenon if you compare the below BNT crypto’s market cap chart with the above price chart:
By considering both of the above charts, you can see that even though the Bancor market cap during its 2021 top exceeded its 2018 top by approximately five-fold, the prices reached more or less the same levels. This means that the $BNT supply also increased by 5x. Of course, this doesn’t mean there are no opportunities in trading $BNT; however, the asset’s tokenomics somewhat limits the upside potential.
TA (Technical Analysis)
If we focus again on the Bancor crypto token price history above, we can spot some levels of importance around the following areas:
You can see most of the above-listed levels on the following weekly chart on a logarithmic scale:
However, keep in mind that the exact levels vary depending on the market (the above chart is for Binance). A closer look at the above chart also indicates the recent rally for the Bancor crypto.
The asset has had several 100% (or so) pumps; however, the price has always been rejected by the $0.61 resistance. That said, as Bitcoin pushed upward in early November 2023, the BNT crypto finally managed to break above the aforementioned resistance. After that breakout, the asset more than tripled in value in less than five days:
The above daily chart also clearly indicated a rather hard rejection at approximately $1.95. After all, at the time of writing, $BNT pulled back from that level by nearly 60% in less than two days. It’s important to note that this latest retrace correlates with Bitcoin’s pullback.
According to the Money Line indicator, the token remains bullish on a weekly timeframe; however, the recent pullback shows the “bearish” metric on a daily scale:
Note: You can access the Money Line indicator for free once you opt for the Moralis Money Starter or Pro plan.
Bancor Crypto Price Prediction – Future Forecast for the BNT Coin
Please keep in mind that all price predictions in crypto are highly speculative. So, treat our Bancor price prediction as such.
That said, it is evident that the $BNT crypto token broke out of an important resistance. As such, if Bitcoin and the rest of the crypto markets find new higher support and continue to rise, so could BNT. However, given the ongoing pullback, a retest of the $0.61 level and converting it into a support level is quite likely.
Essentially, the above-outlined levels (from the chart above) are the most likely Bancor price prediction targets. And in case of a continuous up-trend momentum, the $2.1 and even $2.8 level could soon come into play for $BNT.
Of course, the upcoming bull run could push the Bancor crypto asset’s price even higher. However, judging by the previous cycles, we do not dare to place our cycle-high Bancor price prediction higher than $9 or $10.
Is the BNT Crypto a Good Investment?
Using the above sections, you should be able to determine whether or not you find the Bancor crypto project and the BNT token interesting. If you find them interested, however, you ought to research the project and the asset properly in order to answer the above question with confidence.
This is where the Moralis Money $BNT token page enters the scene. On that page, you can find all the resources and tools to determine if this asset is a good investment. If you are considering staking BNT, you should definitely dive deep into the project’s documentation.
However, if your main objective is to trade the BNT crypto token, then you can devote your attention to the asset’s live price and its real-time, on-chain metrics (a.k.a. alpha metrics). By combining these two types of insights, you can determine if/when you should buy/sell $BNT. Plus, with these types of data, you’ll also be able to come up with your own short-term Bancor price prediction anytime!
So, follow the above “$BNT” link or use the interactive widget below to access the BNT token page:
Where and How to Buy the Bancor Network Token?
Since the Bancor crypto asset has been around since 2017, you can buy it on many markets, including all the leading CEXs. However, if you wish to take a decentralized approach, there’s no better option than the Moralis Money instant crypto swap:
As you can see in the above screenshot, this crypto-swapping feature awaits you right on Moralis Money’s $BNT token page. So, when you are researching the asset, it is right there. Plus, it is secure and offers the best available price at any given moment. As such, this is also the cheapest crypto swap! Furthermore, it is also easy to use – all it takes is a couple of seconds and a few simple clicks. Essentially, you just need to complete these four easy steps:
- Connect your Web3 wallet
- Select the token you wish to use to buy $BNT
- Enter an amount
- Execute the swap
In case you are new to swapping cryptocurrencies, make sure to view the animation below. It will set you on the right track. However, if you need additional guidance, check out our step-by-step guide on how to swap ERC-20 tokens.
What is the BNT Crypto? Exploring the Bancor Network Token – Key Takeaways
- Bancor Network is a DeFi protocol that launched its $BNT token back in 2017.
- Since its launch, the project has been evolving and is now already offering a third version (Bancor3) of its core product – a token-swapping dapp.
- The project also has its DAO – BancorDAO – where $BNT holders and users who stake can participate in the protocol’s governance.
- The price of the BNT crypto asset has reached approximately $10 levels in both previous cycles.
- Due to BNT’s tokenomics, the price can’t go extremely high as the token supply increases.
- Still, the recent rally shows that there are serious gains to be made by trading $BNT. Especially for those who can time their entries and exits properly.
- If you are considering investing/trading the Bancor crypto asset, make sure to use the Moralis Money $BNT token page.
- This page also offers a wallet and user-friendly token swap feature, which enables you to buy $BNT with no fuss.
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