Bancor is up 86% in two days as Coinbase lists BNT and DEX volume spikes

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The price of BNT, Bancor’s native token, rose 86% from $ 1.02 to $ 1.919 in just two days. The rally was fueled by a combination of Coinbase listing BNT and the growing volume of Bancors DEX.

Coinbase listing was the main catalyst behind BNT’s strong 48-hour rally. Almost immediately after its announcement, the token’s price rose around 16% after rising to $ 3.70. Coinbase said on December 16:

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“As of today, Coinbase supports Aave (AAVE), Bancor (BNT) and Synthetix (SNX) on Coinbase.com and in the Coinbase apps for Android and iOS. Coinbase customers can now buy, sell, convert, send, receive or store AAVE, BNT and SNX. “

Although the surprise listing served as a short-term catalyst, BNT has rallied since early November on the momentum of Bancor.

Bancor (BNT) 1-day price chart (Binance). Source: TradingView.com

What is bancor and why is it rising?

Bancor can be called a decentralized exchange or DEX and an automated market maker or AMM. In the Bancor network, everyone can trade ERC-20 tokens and various crypto assets in a decentralized ecosystem.

With the resurgence of decentralized financing, Bancor’s daily volume and liquidity have steadily increased.

On November 19, Bancor announced that the protocol had reached a total suspended value of $ 60 million. The team said:

“Bancor has exceeded $ 60 million in TVL! Thousands of LPs now enjoy: one-sided AMM exposure; inconsistent loss protection; BNT Liquidity Mining. “

According to data from CoinMarketCap, Bancor has completed nearly $ 14 million in trades in the past 24 hours. For a decentralized on-chain liquidity protocol, a daily trading volume of over USD 10 million is relatively high.

For comparison: SushiSwap and Uniswap, the two largest DEXs on Ethereum, process USD 44 million and USD 275 million per day, respectively.