What is Bancor (BNT)?
Bancor often gets looped into the other various decentralized finance (Defi) platforms out there but it has quite a few unique features making it stand out from the rest. Bancor is software that incentivizes users to lock cryptocurrency assets in exchange pools to then get a reward of the fees paid when traders buy and sell those assets. The main goal of this is to provide liquidity to markets without the tangible need for a financial institution to manage the assets directly.
The underlying token holding everything together and incentivizing the users is BNT. Whenever a trade is executed on the Bancor platform, tokens are converted into BNT first as an intermediate step. Then, the liquidity providers who first deposited the asset get a return in the form of a percentage of fees paid by the traders.
Bancor was created by Guy and Galia Benartzi and backed by large scale investors like Tim Draper from the firm Draper Fisher Jurvetson. Since BNT is essential to manage the trading between pools on Bancor, it’s extremely valuable to the platform and can make a good investment.
PROS OF Bancor (BNT)
- The ability to quickly exchange tokens without an intermediary
- Liquidating between all tokens
- Convenient to use
- BNT has a real utility on the platform
- Big-name investors backed the platform
- Built on the Ethereum smart contract platform
CONS OF Bancor (BNT)
- No backing in the form of assets, profits, or commodity
- Only tokens are available for exchange on the platform.
- Can be difficult to use for newcomers.
How to get an instant BNT loan on YouHodler
Regardless of your opinion on the Bancor platform, you can still use the BNT token as collateral for an instant loan on YouHodler. This helps you keep HODLing BNT without selling so you don’t miss out on its future growth. Unlike getting a loan at a bank, YouHodler never requires credit checks or mountains of paperwork. Just deposit BNT, pick a loan plan, and away you go!
YouHodler features three unique loan plans with a loan-to-value ratio (LTV) as high as 90%. This means you get more cash for your crypto than any other lending platform. We also have custom loan plans available upon request. So head to YouHodler today and try getting a BNT backed loan today. Experience the joy of getting instant cash using BNT as collateral.
Multiply BNT with Multi HODL
Besides using BNT as collateral for a loan as described above, you can use BNT as a source of funds to multiply in Multi HODL. Multi HODL lets you play with the volatility of any crypto asset in any direction. The sliding multiplier bar lets you set your own level of risk. If the market moves in the direction of your choice (either UP or DOWN) then you profit. It's as simple as that.
Multi HODL’s advanced crypto lending engine automates the whole process, making it much quicker and easier than other margin trading platforms. We also feature transparent fees so you always know the cost of your trade and in addition, we have Take Profit and Margin Call features that let you automatically close your open position so you don’t have to monitor it 24/7.
Multi HODL is a fun, efficient, and innovative way to multiply your BNT. Give it a try today!
It's worth trying! Forget selling your
with instant crypto backed loans on YouHodler
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