Nearly $13 Million Now Staked on Bancor Network, 138 Tokens Supported

Bancor, a Zug, Switzerland-based firm focused on developing a “protocol for the creation of smart tokens” which can be traded through a decentralized exchange (DEX), has published its quarterly progress report (for Q1 2019).

Some of the key updates this year for Bancor (BNT) include building a “single interface” for the platform that is compatible with both the Ethereum and EOS network. This common interface can be accessed through Bancor’s “Unified Wallet” which allows users to convert between tokens residing on separate blockchains.

Bancor Adds Support For EOS’ REX & Samsung S10 Smartphone

Other important upgrades consist of “added functionality to Bancor’s Web App” which features advanced token analysis tools, support for the Ledger hardware wallet, and free-of-cost EOS accounts. Additionally, several ERC-20 compliant and EOS-based tokens were listed on Bancor’s network - along with “major integrations of Bancor protocol” such as support for the EOS Resource Exchange (REX) and the Samsung S10 smartphone.

According to Bancor’s official blog post, the protocol developers have managed to onboard more than 1,500 new users from their Kenya-based community “currency pilot” program, called the Sarafu Network. The program has reportedly “reached 70% usage in target villages.”

Support For MetaMask, TREZOR, And 138 Different Tokens

Bancor network users may also use the TREZOR hardware wallet to store their tokens and there’s also support for MetaMask (a tool that allows users to run Ethereum-based decentralized applications, or dApps, directly from their web browser, without having to download a full node).

The newly launched upgrades for Bancor also include updated token pages with “interactive price history charts.” These are currently displayed in ether (ETH), USD, and EUR. Moreover, the new features allow users to access “enhanced portfolio management” tools which have the option of “ filtering tokens by blockchain” and viewing token account balances.

Some important stats and milestones achieved by the Bancor network are as follows (as of March 31st, 2019):

  • “Tokens on Bancor Network — 138,”
  • “Token pairs on Bancor Network — 9,591,”
  • “Liquidity staked to Bancor Network — $12.7M+.”
  • “Active wallets on the Bancor Network in Q1 — 11,032 (+40% from Q4 2018),”
  • “Blockchains supported: Ethereum, EOS, POA,”
  • “Employees at Bancor Network R&D office — 50"

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Trans-Fee Mining Crypto Exchange 'FCoin' Insolvent After Mistakenly Being Too Generous

One of the first cryptocurrency exchanges to adopt the controversial trans-fee mining (TFM) model, which has been called a “disguised ICO” has paused trading and withdrawals over a shortage of crypto worth up to $130 million.

According to a statement published by FCoin’s founder Zhang Jian, a former Huobi CTO, the exchange is now unable to process withdrawals as its reserves are down by between 7,000 to 13,000 bitcoin, worth over $130 million at press time, over an issue that’s “a little too complicated to be explained in a single sentence.”

Zhang’s statement details the cryptocurrency exchange wasn’t hacked, nor is it pulling an exit scam on its users. He detailed that an internal system error gave users more mining rewards than they should have received, noting the error wasn’t detected for a long period of time.

The transaction-fee mining model, which saw FCoin’s trading volume surpass $5 billion per 24 hours numerous times, sees the cryptocurrency exchange incentivize trading via its own token, FT. FCoin reimbursed users for transaction fees paid in BTC or ETH with FTs until 51% of the coin’s supply was distributed, and redistributed 80% of the BTC and ETH it collected to those holding FT tokens.

The controversial model drew criticism and saw Zhang defend it, claiming it was a misunderstood invention. At the time, he said:

If you look back at history, all new things were not recognized at the beginning. Many were believed to be fraud. Jack Ma was recognized as a fraud when he first promoted the internet in China.

Various cryptocurrency exchanges started adopting the TFM model shortly after, with research showing these platforms had unusually thin order books and low traffic taking into account the trading volumes they had.

According to Zhang, the errors in FCoin’s system gave away too many tokens in mining rewards from mid-2018 to mid-2019, when a complete back-end auditing system was implemented. As throughout 2019 the price of FT kept on dropping, Zhang and his team reportedly used their own funds to buy back tokens and drive up demand, a decision he claims was an error.

This, as it gave users a chance to sell their FT tokens and withdraw as much as possible from their accounts, while FCoin bought up tokens that kept on losing value. Zhang’s announcement came shortly after FCoin suspended its platform over a risk-control issue.

Zhang is now reportedly manually processing users’ withdrawal requests sent via email. The founder of the exchange claimed he will “switch tracks” to start again, and noted he hopes he can use the profits made from new ventures to “compensate everyone for their losses.”

Featured image via Unsplash.