Bancor
BNT
#641Bancor
Bancor
DeFi · Decentralized ExchangeBNT Metrics
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About & Links
About & Links
Bancor is a decentralized exchange (DEX) built on the Ethereum and EOS blockchains. The Bancor protocol employs an automated market maker (AMM) smart contract to facilitate token trades against token liquidity pools without matching buyers and sellers. It has a built-in token called BNT that serves as the common price token to fulfill trades among other smart contract tokens.
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Carbon DeFi ecosystem expansion across multiple networks: Over a six-week period, the Bancor ecosystem saw significant growth driven by Carbon DeFi and its licensed deployments, including four new Bancor deployments, two new licensed deployments, and an average 81% increase in trading volume across deployments 1. Bancor deployed on COTI V2, bringing Carbon DeFi and Arb Fast Lane to the first privacy-centric Ethereum Layer 2 launching in 2025, and its technologies also went live on IOTA with Velocimeter and Arb Fast Lane supporting Graphene and onchain liquidity equilibrations 1. This matters because it demonstrates Bancor's pivot toward a business-to-business (B2B) licensing model, where its technology is adopted by other projects and chains rather than relying solely on its own user base.
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New licensee XFAI and Alien Base growth: A new licensee, XFAI, went live on Linea, integrating Carbon DeFi and launching the licensed deployment's backtested Simulator, while Bancor also deployed Arb Fast Lane on Linea for efficient order execution 1. Meanwhile, Alien Base on Base is rapidly rising in trading prominence, with 41 new tokens and communities starting trading in two weeks and more than $1 million in total value locked (TVL) for Limit and Recurring Orders 1. These developments highlight how Bancor's licensing arrangements are extending its reach into new ecosystems and communities.
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Strong trading volume growth across deployments: Carbon DeFi's Sei Network deployment saw November trading volume rise 75% versus October, with 18 new tokens and communities trading, boosted by the Seiyan meme coin competition 1. Carbon DeFi on Celo surpassed $20 million in trading volume, Graphene activity on Base experienced a 12x increase in November, and Ethereum-based trading volume for Bancor's original Carbon DeFi deployment grew 4.4x in November 1. This broad-based volume growth reinforces Bancor's role in accelerating decentralized finance adoption across multiple networks.
Biggest Stories of 2025
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Bancor ecosystem sees massive growth across Carbon DeFi deployments: Over a six-week period, the ecosystem experienced a surge in trading volume, four new Bancor deployments, two new licensed deployments, and unlocked milestones, with an average 81% increase in trading volume across deployments 1. (December 16, 2025)
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Bancor 2024 year-in-review published: Bancor's 2024 report highlighted transformative growth driven by Carbon DeFi and the Arb Fast Lane, with Carbon DeFi expanding from Ethereum in 2023 to 11 deployments in 2024 and Arb Fast Lane scaling to 10 deployments, while the report signaled continued emphasis on these core products for 2025 2. (January 20, 2025)
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Linked Orders introduced on Carbon: The Bancor team introduced Linked Orders, a strategy on Carbon that pairs a buy and sell order with a custom spread to create a continuous trading loop designed to capture volatility, now live on Ethereum, Sei, Celo, the Coti Network, and TAC 3. (September 24, 2025)
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Carbon DeFi Metrom integration: Bancor introduced an integration between Carbon DeFi and Metrom, enabling token projects on Sei Network to launch liquidity mining campaigns with outcome-based incentives and onchain customization 4. (July 14, 2025)
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Bancor Wormhole support: Following a successful governance proposal giving the right to use any bridges on any chains, the Bancor team announced support for Wormhole alongside other bridge implementations including Native bridge, Stargate V1/V2, Across, Layer Zero, Axelar, Hyperlane, and Chainlink CCIP 5. (July 9, 2025)
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Arbitrum deployment: Bancor deployed the Arb Fast Lane Protocol on the Arbitrum network 6. (April 28, 2025)
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Arb Fast Lane on Sonic: The Bancor team announced that the Arb Fast Lane is now live on Sonic 7. (April 8, 2025)
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Arb Fast Lane on Berachain: The Bancor team announced that the Arb Fast Lane is now live on Berachain 8. (March 5, 2025)
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Carbon DeFi Vortex Bridges: Following a successful governance proposal, the Bancor team announced that Stargate bridges to the CarbonDeFi Vortex on Ethereum are now live from Sei, Base, Fantom, Mantle, Linea, and IOTA 9. (March 4, 2025)
About & Links
About & Links
Bancor is a decentralized exchange (DEX) built on the Ethereum and EOS blockchains. The Bancor protocol employs an automated market maker (AMM) smart contract to facilitate token trades against token liquidity pools without matching buyers and sellers. It has a built-in token called BNT that serves as the common price token to fulfill trades among other smart contract tokens.
Bancor Profile
Bancor Profile
As thousands of tokens have been created and continue to be created, there is a growing need to swap between them. Traditional exchanges require there to be a willing buyer and seller for each token pair to trade, also called liquidity. However, insufficient liquidity for many long-tail cryptoassets prevented centralized exchanges from listing them. Bancor was designed to create permissionless token trading markets for a burgeoning token economy.
Bancor launched on June 12, 2017, with the largest initial coin offering, or ICO, at the time. It raised $153 million, distributing half of the initial BNT supply in the process. The other half was distributed among Bancor's founders, investors, and treasury. Bancor was the first DEX to use an AMM to facilitate swaps between Ethereum-based tokens. Instead of a central order book that matched buyers and sellers according to their bid and ask prices, the AMM fulfilled orders with on-chain liquidity pools.
In July 2018, an attacker stole 25,000 ETH, 2.5 million BNT, and 230 million NPXS tokens from the Bancor protocol. The team was able to recover, freeze, or destroy the stolen BNT, but no ETH nor NPXS were recovered. The Bancor team's recovery sparked controversy about the protocol's centralized governance that enabled the team to unilaterally manipulate the BNT supply. The event pushed the team to decentralize its platform by transitioning governance to a DAO. The Bancor went live towards the end of 2020. It allows BNT holders to propose and vote on upgrades and protocol governance issues.
In September 2019, Bancor announced it would airdrop its entire Ethereum reserve to BNT holders. The team also altered the token model to create an inflationary model to reward liquidity pools, oracles, and developers as determined by the community.
Bancor V2.1 launched in March 2021 with new BNT supply and governance updates to address issues common to AMM exchanges. The previous Bancor iteration required LPs to deposit two assets to each pool, BNT and its paired token, in proportional amounts. This often resulted in involuntary exposure to either token. Liquidity providers experienced impermanent loss when token prices on Bancor lagged prices elsewhere. The new BNT supply is elastic to mitigate both problems. Single-sided deposits are now accepted and paired with newly minted BNT, eliminating involuntary exposure. As LPs deposit BNT in the same pool, minted BNT is burned to balance BNT's circulating supply. Bancor now requires a minimum BNT staking time to receive vBNT, the protocol's new governance token. The Bancor Vortex provides BNT depositors with additional rewards for subsequently staking their vBNT.