We are happy and excited to announce that Flixx Relay Token went live on the Bancor Network this week! This is a huge step on the collaboration we’ve started almost a year ago, and introduces a new way of buying and selling your $flixx tokens.
By integrating the Bancor Protocol, flixx token holders will gain access to continuous liquidity regardless of trade volume or exchange listings, through the Bancor Network, where any integrated token can be automatically converted to any other directly from the Bancor Wallet or any Web3 wallet, such as MetaMask. Currently integrated tokens include ETH, BNT (the Bancor Network Token), GNO (Gnosis), BNB (Binance) and a long list of announced projects soon to be activated. BNT is the hub token that connects all tokens in the Bancor Network, allowing them to be easily convertible to each other thanks to their liquidity to BNT. BNT holds a connector balance in ETH, making all the network’s tokens convertible to and from ETH, as well as any other token in the network — such as our partner token iExec’s RLC.
Can Bancor be seen as an exchange?
Bancor is more than a standard exchange in the sense that there is no counterparty in transactions made on the network. Tokens can be converted without the need to match two parties with opposite wants. This is possible thanks to a simple algorithm balancing buys and sells so that every token in the network maintains a formulaic relationship to others. This includes numerous advantages such as:
- Continuous liquidity, tokens can be converted at any time regardless of buyers and sellers or trade volume
- No counterparties as tokens are converted directly on-chain as opposed to exchanges where there is a third party involved in the transaction
- No deposit required on Bancor, you use the funds directly on your wallet, no need to wait for deposits to arrive on Bancor
- No registration, on-chain conversion of tokens happens directly on your web3 wallet
