Finance News
By Maheen Hernandez
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Bancor (BNT) Chainlink AMA
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Bancor is the on-chain liquidity protocol which enables automated and decentralized token exchange on Ethereum and across blockchains.
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Bancor recently tweeted: “In the build up to the release of #BancorV2, we are excited to announce that a @ConsenSysAudits audit is currently underway on BancorV2 code.
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Very recently, there was a security vulnerability on Bancor and those who traded with Bancor between June 16, 2020 and June 18, 2020 were asked to revoke any approvals on the…
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Sydney Ifergan, the crypto expert tweeted: “Bancor did a great job recently by allowing users to be able to revoke their transactions ensuring user funds to remain safe.”
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Those who were able to notice that their wallets have been compromised were able to send a support ticket with their wallet address.
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The technical detail of the error read thus: “v0.6 contracts mistakenly made a safeTransferFrom function in the BancorNetwork contract public.”
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A new network contract was further activated to ensure that an error like this does not happen over again.
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An AMA session is scheduled to occur on BancorV2 on Tuesday, June 30, 2020 at 14:30 GMT. The session will have Bancor and Chainlink teams.
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The Bancor Market + Social Activity is reported to be very strong. It had the top AltRank for nearly two days straight. Featuring 1-week highlights: Price from $0.75-$1.
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For those who are new to Bancor, it is a decentralized exchange protocol which provides for creating liquidity pools to trade assets.
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The smart contracts making Bancor are designed to help in the process of performing algorithmic token trades and for the pooling of on-chain liquidity.
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When determining the price, the reserve balance of the coins are deposited in the protocol and it is divided by the total token supply multiplied by the reserve ratio.
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