Bancor [BNT] has announced that the EOSBNT Relay Tokens has been removed from the Bancor network as EOS is going to integrate with the Bancor Protocol after the EOSIO mainnet launch. Bancor wants to build a decentralized liquidity network which can work across different blockchains. They have collaborated with Block.one, the creators of EOS blockchain to achieve cross chain liquidity.
After disassembling EOSBNT token relay, the Bancor Network has temporarily disabled all the EOS transactions. All the registered EOS tokens will be transferred on to the EOS blockchain, as soon as the cross-chain functionality goes live on the Bancor Network and the EOS convertibility will resume.
EOS Relay Token is basically an ERC20 compliant Smart Token which is configured with two connectors, one to balance another ERC20 token and another one to balance BNT token so that it would allow conversions between the ERC20 token and BNT token using an on-chain transaction.
After the launch of EOSIO mainnet, the Bancor Protocol is going to be integrated with the upcoming EOS platform to provide automated, low-cost liquidity to the EOS community. The Bancor Protocol is the new standard for ERC20 tokens in order to enable smart contracts to connect to the liquidity network. It allows constant on-chain liquidity in the network without the need to match buyers and sellers.
Bancor had issued a statement that they cannot register and transfer EOS tokens which are kept in the individual Bancor Wallets as it is a decentralized exchange which doesn’t control or hold any tokens in their individual wallets.
Justin Wu, a Blockchain developer has tweeted that:
“Whos looking forward to the $EOS mainnet launch?”
Bancor has tweeted that:
“Bancor is thrilled about the upcoming @EOS_io main net launch, and in preparation, we will remove the #EOS Relay Token from the network today! Follow this guide to keep your tokens safe.”
Subscribe to AMBCrypto’s Newsletter