BancorX Gets Launched, Bridging Ethereum and EOS
- LiquidEOS, alongside Bancor, have managed to launch a cross-chain liquidity network, allowing users to instantly exchange Ethereum, EOS, as well as tokens from both blockchains for one another.
- The innovation is expected to increase liquidity for both the EOS and Ethereum markets while providing an opportunity to efficiently trade low-liquidity assets.
LiquidEOS, alongside Bancor, have managed to launch a cross-chain liquidity network, allowing users to instantly exchange Ethereum, EOS, as well as tokens from both blockchains for one another.
The innovation is expected to increase liquidity for both the EOS and Ethereum markets while providing an opportunity to efficiently trade low-liquidity assets.
For those unaware, Bancor was one of the major successes of the 2017 ICO craze, raising upwards of $100,000,000 within hours.
They immediately followed up their highly-anticipated ICO with a product release. Inspired by the concept outlined by John Maynard Keynes and E.F.Schumacher, their liquidity network, unlike regular exchanges, allowed for frictionless conversion of digital assets by pricing them algorithmically instead of matching buyers and sellers.
Once limited to Ethereum tokens, now the Bancor offering portfolio includes the opportunity for simple trading between multiple blockchains. Apart from the obvious benefits, LiquidEOS have also advertised additional advantages in their announcement:
- One-second transactions (as opposed to > 10 seconds on Ethereum).
- No transaction fees (as opposed to gas on Ethereum which can reach upwards of $50).
- No front-running risk (EOS transactions are not prioritized by gas fees as they are on Ethereum).
The news was celebrated by both communities, with EOS enthusiasts being especially delighted. This is unsurprising considering that despite the impressive daily transfer volumes within the EOS blockchain, EOS-based tokens are not popular with the larger cryptocurrency community, and they suffer from low exposure on exchanges.
- The EOS Network Foundation is calling on the EOS community to opt-out from the proposed settlement as it “does not adequately compensate” for the losses caused by Block.one.
- Not only are the $22 million a tiny fraction of the $4 billion raised during the EOS ICO, but the settlement will also bar community members for filing future complaints against the company.
Image of an EOS crypto token. Bybit / Flickr
- MetaMask Bridges was designed to aggregate multiple blockchain bridges in one place, making it easier and more secure for users to transfer their assets from one network to another.
- The new feature currently supports the Ethereum, Avalanche, BNB Chain, and Polygon blockchains, as well as the Connext, Hop, Celer cBridge, and Polygon Bridge.
- Over the weekend the Ethereum PoW network fell victim to a replay exploit, with the attacker executing the same transaction on two chains at the same time.
- The exploit was caused by a contract vulnerability in the Omni cross-chain bridge, and did not affect the ETHW network itself.