The Unibright token (UBT) is now live on Bancor’s decentralized liquidity network, and on all platforms and dapps integrated with its protocol, Bancor said in a blog post on 19 March.
According to the announcement, users are now able to add liquidity to the Unibright liquidity pool, as well as earn fees from UBT trades. Liquidity pools are automated market-maker smart contracts, which perform peer-to-contract token trades, and generate a fee from each trade.
In order for users to start earning passive revenue, they have to first acquire UBTBNT Pool Tokens, which are generated when an equal value of UBT and BNT are added to the Unibright liquidity pool. As the pool generates fees, the price of the UBTBNT token increases.
Inspired by the concept outlined by John Maynard Keynes and E.F.Schumacher, Bancor’s liquidity network, unlike regular exchanges, allows for frictionless conversion of digital assets by pricing them algorithmically instead of matching buyers and sellers. The team behind the project claims that since 2017, Bancor has processed billions in trade volume, which has resulted in liquidity providers generating millions in fees.
Last year, the decentralized liquidity network launched a wallet for on-chain conversions between ETH and EOS tokens. The Bancor Wallet was based on the cross-chain protocol BancroX, which allowed users to convert to convert between Ethereum and EOS-based tokens without exchanges.
This January, Unibright, alongside Chainlink and Anyblock Analytics, formed the Ethereum Mainnet Integration for Enterprises (EMINENT) task force, which aims to speed up the adoption of the Ethereum public blockchain by businesses. After the establishment of the EMINENT task force, Unibright had to update its workshop packages, due to an increase in demand.