New year, new DeFi possibilities! If you’re wondering what the best way to welcome 2020 is, this is it.
We’ve integrated with Bancor, the on-chain liquidity protocol that enables automated, decentralized exchange on the Ethereum and EOS blockchains. Users can stake liquidity on the protocol and generate fees from trade volume.
Now, thanks to our latest integration, you can get your hands on Bancor’s native token, BNT.
Just swap it for ETH directly inside your Eidoo wallet using this link.
And if you fill up your wallet with BNT before midnight tomorrow, you’ll receive their new fee-generating token ETHBNT in the Bancor New Year’s Eve Airdrop!
In the near future, this integration will also allow users to swap for any of the hundreds of tokens on Bancor, including DAI, BAT, EOS & more!
What is ETHBNT?
ETHBNT is a new liquidity pool which processes ETH-based conversions in the Bancor Network.
When you add liquidity to a Bancor pool, you receive “pool tokens” in return, representing your share of the fees generated by the pool. You provide liquidity when you buy or exchange your tokens for ETHBNT.
Fees are generated and accumulate inside the pool each time a trade is processed. As a liquidity provider, you can withdraw your share of the accumulated liquidity in the pool by selling your pool tokens back to the contract (exchanging or selling your ETHBNT).
The ETHBNT pool tokens being airdropped to all BNT holders represent a proportional share of the liquidity in the ETHBNT pool.
At the start, 1 ETHBNT will be equal in value to 1 BNT. All hodlrs of BNT will receive 10% of their BNT holdings in ETHBNT. For example, if you hold 10 BNT, you will receive 1 ETHBNT in the airdrop.
What’s the airdrop all about?
This airdrop will transform over 60,000 BNT holders into liquidity providers who can immediately collect fees from ETH conversions on the network.
These liquidity providers will benefit from the rapidly evolving DeFi ecosystem, with thousands of BNT holders generating passive income from liquidity pools.
The Bancor team hopes this event will inspire a new wave of users to add liquidity on Bancor, turning it into an exchange that is owned by its 1000s of users.
What Eidoo users must do to be part of this airdrop
- Swap ETH for BNT in your Eidoo wallet before January 1st at
5AM GMT | 6AM CET | 12AM EST | 9PM PST
- Sit back, relax and wait to receive the ETHBNT airdrop. Keep an eye out for a push notification from us.
- Start earning fees from every ETH-based trade on Bancor!
Once you receive your ETHBNT, you can hold it and start collecting fees. You can also swap the ETHBNT for ETH.
You’ll soon be able to swap it for other tokens on Bancor, including EOS and DAI, so watch this space for more to come!