"Bancor is a decentralized trading protocol that allows the creation of liquidity pools to trade assets. Bancor consists of smart contracts (called ""liquidity pools"") designed to execute algorithmic token transactions and on-chain liquidity pools.Bancor supports both ERC-20 and EOS tokens and implements liquidity pool curves on both the Ether and EOS networks. The price is determined by dividing the reserve balance of tokens deposited into the protocol by the total supply of tokens multiplied by the reserve ratio. BNT is the Bancor protocol token. When a user creates or invests in a Bancor pool, the user is required to do so with the equivalent value of ERC-20 tokens + BNT (or EOS tokens + BNT). It offers cross-chain conversion and positive network effects; it is also expected to be available for pledging in the second quarter of 2020. On January 1, 2020, ETHBNT tokens are airdropped to BNT token holders. ETHBNT tokens represent Bancor pool tokens that represent shares in the ETH:BNT liquidity pool, i.e. these tokens receive fees from ETH-based conversions on Bancor."