Bancor soars 86% in two days as Coinbase lists BNT, DEX volume spikes

The price of BNT, Bancor’s native sign, rose 86% in just two days from $ 1.02 to $ 1.919. The rally was fueled by a combination of Coinbase listing BNT and DEX Bancor’s rising volume.

Coinbase’s listing was the main catalyst behind BNT’s 48-hour strong rally. Almost immediately after its announcement, the ticket price increased by about 16% after spiking to as much as $ 3.70. Coinbase said on December 16:

“Starting today, Coinbase supports Aave (AAVE), Bancor (BNT), and Synthetix (SNX) at and Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store AAVE, BNT, and SNX. ”

While the surprise listing is a short-term catalyst, BNT has been rallying since early November due to Bancor’s momentum.

Bancor 1 day price chart (BNT) (Binance). Source:

What is Bancor and why is it surging?

Bancor can be described as a decentralized exchange, or DEX, and an automated market maker, or AMM. On the Bancor network, anyone can trade ERC-20 tokens and various crypto assets in a decentralized ecosystem.

With the resurgence of devolved funding, Bancor’s daily volume and liquidity have steadily increased.

On November 19, Bancor said the protocol achieved a total of $ 60 million in custody. The team He said:

“Bancor has crossed $ 60M in TVL! Thousands of LPs are now enjoying: single-sided AMM exposure; defensive loss protection; BNT liquidity mining. ”

According to data from CoinMarketCap, Bancor has processed nearly $ 14 million in trades in the last 24 hours. For a decentralized liquidity protocol on a chain, daily trading volume above $ 10 million is relatively high.

For comparison, SushiSwap and Uniswap, the two largest DEX on Ethereum, process $ 44 million and $ 275 million per day, respectively.