The GNOBNT Token Relay is now ACTIVE

UPDATE, OCTOBER 9, 2017:

We are thrilled to announce the live launch of the first-ever Bancor Protocol compliant Token Relay, a Smart Token(TM) holding two token balances of equal proportion. The GNOBNT Token Relay holds 50% BNT and 50% GNO (approx 93,000 BNT and 2000 GNO) as balances, with currently no fee for conversions. We will incrementally increase the amounts of both balances to provide an even higher level of liquidity and stability, and keep the community posted on any plans to introduce a fee in the future. We could not be more excited about offering this ability, together with our friends at Gnosis, for holders of ETH, BNT or GNO to automatically and continuously convert these tokens for each other, for the first time in history, on-chain without an order book. Prices will algorithmically adjust according to the open source Bancor Protocol formula, to maintain the 50%-50% weight between the balance tokens, as buys and sells take place.

You can check out the Token Relay live on https://app.bancor.network

We love the wisdom of the crowd, especially when there’s real skin in the game to encourage integrity and authenticity. At Bancor, we’re big believers in the potential of prediction markets to harness this wisdom, and we plan to make the Bancor Network the absolute simplest way to engage with these types of markets and other blockchain products that connect people to our collaborative potential.

This is why we are thrilled to announce a unique partnership between Gnosis and Bancor to create a joint GNOBNT Token Relay — a decentralized liquidity pool of GNO and BNT, encapsulated in a Smart Token. 4,000 GNO and 400,000 BNT (~$1,000,000 value each) tokens will be deposited in a Gnosis-Bancor multisig wallet following (date TBA) the token allocation event on June 12 at 2pm GMT.

The funds will be progressively deposited in a Token Relay that will provide a decentralized and automated solution for exchanging GNO to BNT, with no (human) counter-party. Since BNT holds an ETH token balance, two-way ETH-GNO conversions will be possible as well.

The Token Relay will eventually charge a small service fee that will be added to the held balances after each conversion. This will benefit all holders (buyers) of the GNOBNT Smart Token, as this will increase its price as per the Bancor protocol algorithmic price mechanism and formulas.

Bancor Network of Smart Token Changers

Anyone will be able to purchase these Token Relays with ETH, BNT or GNO. Doing so will increase the Token Relay’s held balances and reduce the slippage (cost) of each conversion for end users. The holders of the GNOBNT Token Relay all benefit from increased usage, pro-rata.

We are excited to launch this first-of-it’s-kind proof of concept and look forward to forging similar partnerships with additional popular networks in the near future. Together, let’s make all of our tokens smart.