BNT token is a multifunctional token created to help secure the Bancor network, incentivize users through the BNT Staking Rewards program, and give governance rights to holders of the BNT token within the BancorDAO.
Activated on June 17, 2017, by its founder Galia Benartzi, the Bancor Network Token (BNT) offers cross-chain seamless token swaps using a built-in Bancor wallet that utilizes smart contracts on the Bancor protocol. Operating on the permissionless open-source blockchain protocol, BNT holders can convert tokens directly without third-party intermediary using programmable escrows know an atomic swaps. BNT is issued as an ERC20 token native to the Bancor Network.
The Bancor Network is governed by its community of users as a decentralized exchange protocol. The network facilitates the operations of an automated market maker (AMM), designed to operate as a liquidity provider to markets without requiring third-party intermediaries. Users of the protocol are rewarded for providing liquidity to facilitate trades withing the network while shielding its users who have staked tokens in providing liquidity from impermanent loss.
Overseen by the Bancor DAO, the protocol aims to facilitate simple and safe access to decentralized trading and yield. Bancor raised $153 million through an ICO in 2017. Bancor is the serves as treasury management solution of over 30 DAOs including UMA, Paraswap, Nexus Mutual, KeeperDAO, BarnBridge & WOO Network DAO.