Bancor Network Token (BNT) API and Price Oracle

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Bancor Network Token

BNT
$
Information
For informational use only; request a custom oracle/API for production below.
General information
Contract address
Smart contract address of the asset
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0x1F57...FF1C
Network
Blockchain network where the asset is deployed
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Ethereum
Methodology
Pricing methodology used to determine the price of the token in USD. By default, all price feeds on the DIA App are calculated with a MAIR methodology. This parameter is customisable.Learn more about methodologies.
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MAIR
Update frequency
120 seconds is the default update frequency. This parameter is customisable.Learn more about oracle updates.
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120s
Next update
24h Volume
The total volume captured by DIA across all the integrated sources.
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Source
Volume 24h
Trades 24h
Pairs
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Token information

What is Bancor Network Token (BNT)?

Bancor Network Token (BNT) is a cryptocurrency that operates on the Bancor Network, a decentralized liquidity protocol. It was founded in 2017 by Eyal Hertzog, Galia Benartzi, and Guy Benartzi. BNT enables users to convert between different ERC-20 tokens directly, without the need for a traditional exchange. The name "Bancor" is derived from the concept of a "Bancor formula," which is a mathematical algorithm used to calculate currency exchange rates.

How does Bancor Network Token work?

The Bancor Network Token (BNT) is built on the Bancor protocol, an innovative system for decentralized liquidity provision. It utilizes blockchain technology to enable seamless token conversions and provide continuous liquidity for digital assets. The Bancor protocol is implemented on the Ethereum blockchain.

At its core, the Bancor Network Token functions as a liquidity pool token. Users can convert between different tokens directly through the Bancor Network, without relying on traditional exchanges. Liquidity for these conversions is provided by users who deposit tokens into smart contracts called liquidity pools.

The price of a token on the Bancor Network is determined by an algorithm called the Automated Market Maker (AMM). The AMM uses a constant product formula to calculate the price of a token based on its supply and demand within the liquidity pool. This means that as the demand for a token increases, its price will rise, and as the demand decreases, its price will fall.

When users convert tokens, they pay a small fee to the liquidity provider. This fee is distributed among all liquidity providers proportional to their share of the liquidity pool. This incentivizes users to provide liquidity and ensures the continuous availability of tokens for trading.

By utilizing the Bancor Network Token and the Bancor protocol, users have access to a decentralized and automated liquidity solution. This reduces the reliance on centralized exchanges, increases trading efficiency, and provides greater liquidity for digital assets.

What are the benefits of Bancor Network Token?

The Bancor Network Token (BNT) offers several benefits compared to its direct competitors in the decentralized finance (DeFi) space. One major advantage of BNT is its ability to provide instant liquidity through its automated market maker (AMM) mechanism. This means that users can easily buy or sell BNT without relying on traditional order books, which can experience delays and slippage. In contrast, some of its competitors, such as Uniswap and SushiSwap, may experience higher slippage during periods of high demand.

Another benefit of BNT is its ability to provide continuous liquidity for various tokens. Through its on-chain liquidity pools, Bancor allows users to trade between different tokens without relying on external liquidity providers. This reduces reliance on centralized exchanges and improves accessibility.

Moreover, Bancor Network Token incorporates a protocol-level mechanism called Dynamic Automated Market Maker (Dynamic AMM). This mechanism dynamically adjusts the token's weights in the liquidity pool based on market conditions, ensuring better price stability and reduced impermanent loss compared to conventional AMMs. This feature sets BNT apart from its competitors and provides better overall trading experience for users.

In summary, Bancor Network Token offers instant liquidity, continuous liquidity provision, and a more advanced Dynamic AMM mechanism compared to its direct competitors in the DeFi sector. These features make BNT an attractive choice for users looking for efficient and stable trading options in the blockchain space.

What is Bancor Network Token used for?

The Bancor Network Token (BNT) is primarily used as a utility token within the Bancor Network, a decentralized liquidity protocol built on the Ethereum blockchain. BNT serves multiple purposes within the network.

Firstly, BNT is used as collateral to create liquidity pools. Liquidity providers deposit BNT and other tokens into these pools in order to facilitate decentralized trading. BNT ensures the stability and security of these pools by acting as the reserve currency.

Secondly, BNT plays a vital role in determining the exchange rates within the Bancor Network. The token acts as a connector between different tokens, providing liquidity and enabling seamless conversions between various cryptocurrencies. The "automated market maker" (AMM) mechanism employed by Bancor uses BNT as an intermediary token to enable instant token swaps.

Additionally, BNT holders have governance rights within the Bancor Network. They can participate in voting on proposals related to network upgrades, changes in economic parameters, and improvements to the protocol.

An interesting use case of BNT is its ability to provide continuous liquidity for illiquid or low-trading-volume tokens. Through the Bancor Network, users can create liquidity pools with BNT as one of the tokens, alongside an illiquid token. This facilitates trading for smaller tokens that would otherwise face challenges in accessing liquidity.

In summary, Bancor Network Token (BNT) is used as collateral for liquidity pools, facilitates token swaps, and grants governance rights within the Bancor Network. One specific use case involves leveraging BNT to provide continuous liquidity for illiquid or low-trading-volume tokens.

What is DIA's Bancor Network Token API?

DIA's Bancor Network Token API is one of the API endpoints provided by DIA to access real-time price feeds of various crypto assets. These price feeds are constructed by aggregating raw data from over 85 on-chain and off-chain exchanges, resulting in a comprehensive and reliable source of information.

DIA offers both free and custom API endpoints to suit different developer needs. The free endpoints are available for testing purposes and can be accessed on the asset's detail page in the DIA App. These free endpoints follow a standardized format and are publicly accessible for informational purposes. However, the custom feeds are where DIA truly shines.

DIA understands that different users have unique requirements for their price data, and thus offers dedicated API price feeds that can be tailored according to specific needs. The custom feeds allow for customization in terms of sources, methodologies, update mechanisms, and more. To request a custom feed, developers can reach out to DIA via Discord or Telegram.

The use cases for DIA's API are vast and extend across the blockchain ecosystem. In DeFi, the price information from DIA's APIs can be leveraged in various applications such as derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, and money markets, among others. Similarly, in the NFTfi space, DIA's API can enable peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and more.

In summary, DIA's Bancor Network Token API provides access to real-time price feeds of crypto assets. While DIA offers free API endpoints for testing, their custom feeds offer tailored solutions to meet specific requirements. The comprehensive use cases of DIA's API extend across both DeFi and NFTfi sectors, making it a valuable tool for developers in the blockchain ecosystem.

What is DIA's Bancor Network Token price oracle?

DIA's Bancor Network Token (BNT) price oracle is a smart contract that provides real-time price feeds for various cryptocurrencies, including BNT. DIA stands out by offering extensive integration with 35+ layer 1 and layer 2 networks, enabling the deployment of price oracles across multiple blockchains. These oracles are powered by billions of individual trade data from over 85 on-chain and off-chain cryptocurrency and NFT exchanges.

While DIA provides free demo oracles for developers to test, these are strictly for testing purposes and cannot be integrated into production applications. However, DIA also offers the option to request custom configuration for price feed oracles. Users can tailor their data feeds based on specific sources, methodologies, update mechanisms, and more. To request a custom feed, users can reach out to DIA via Discord or Telegram.

DIA's custom oracles are particularly useful as they allow users to obtain price information tailored to their specific needs. This flexibility opens up various use cases within the blockchain ecosystem. For instance, DeFi applications such as derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, and synthetic asset issuance can benefit from DIA's price oracles. Additionally, NFT applications like peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, and NFT fractionalization can also leverage DIA's price feeds.

In the blockchain space, an oracle acts as an external information provider that supplies verified data from outside the blockchain to smart contracts. Oracles play a crucial role in enabling smart contracts to interact with real-world data in a secure and reliable manner.

To learn more about DIA's price oracles and explore their documentation, developers can visit the DIA documentation at (https://docs.diadata.org/).

Why use DIA's BNT API & price oracle?

DIA's BNT API and BNT Price Oracle offer numerous benefits to users in the blockchain ecosystem. These technologies provide access to accurate and reliable price data for cryptocurrencies and NFTs. One significant advantage of using DIA's API and Price Oracle is the high level of customization they offer. Users can tailor each oracle and API endpoint according to the specific needs of their decentralized applications. They can configure settings such as the data sources, data cleaning filters, pricing methodologies, and update mechanisms to create a personalized data feed.

This customization ensures that the data and oracle remain robust and resilient to market conditions, providing global and specific individual or cross-chain market prices. DIA's API and Oracle feeds also offer a transparent data journey. Users can have full and granular visibility into the entire process, ensuring trust and reliability. Furthermore, DIA provides tracking and monitoring tools to closely monitor the oracle and API feeds, enhancing transparency and accountability.

By leveraging DIA's BNT API and BNT Price Oracle, users can access tailored and transparent price data, empowering them to make informed decisions in the blockchain space. These technologies contribute to the overall growth and development of the decentralized ecosystem, fostering trust, efficiency, and accuracy.

Why use DIA data feeds and oracles?

Transparent
DIA provides full insight on the oracle’s data journey as well monitoring tools to track feeds in real-time.
Customisable
Oracles can be tailored to any use case in terms of data sources, methodologies and update mechanisms and much more.
Broadest coverage
DIA provides price oracles for 3,000+ cryptocurrencies: from blue-chip tokens to long-tail assets.