The integration of Enjin Craft into the second version of the Bancor protocol will allow users of the token to provide liquidity to the platform while generating profits and rewards.
Bancor is a liquidity DeFi protocol based on blockchain which allows the exchange of Tokens in a decentralized and automatic manner through networks of Ethereum y EOS, whose V2 version was recently released. And it is through this new version, Bancor V2, that Enjin Craft is implemented as a launch pool that will allow ENJ holders to provide liquidity to the network and generate rewards from the pool's trading fees, while maintaining ownership of their ENJ tokens.
At publication conducted by Bancor it is explained that currently, game application developers use the ENJ token to mint assets in the form of tokens ERC-1155 next-generation blockchain tokens, while players use the tokens for purchases and acquisitions of products within Enjin Craft marketplaces. As such, both developers and users are quite familiar with how these tokens work. The publication also notes that the implementation of Enjin Craft on Bancor’s liquidity protocol will help further drive the adoption of blockchain technology within the growing and valuable gaming market.
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Benefits of Bancor V2 Platform
For developers, the addition of Enjin to the new version of Bancor allows ENJ token holders to maintain 100% exposure of their tokens, while being able to mitigate losses and benefit from the liquidity expansion system, with which they can multiply their holdings up to x20.
With this innovation, Enjin Craft joins the famous yield farming that is causing ecstasy and furor within the ecosystem. DeFi current, as it allows users to keep their tokens as collateral within the platforms to provide liquidity, while generating rewards for it.
For its part, the team indicated that to provide all these features, the new ENJ tokens will use the decentralized ENJ/ETH price reference of chainlinkBancor also indicated that the implementation is in the testing and development phase and that there is a public reward for those external developers who find flaws within the protocol, in order to guarantee its correct operation before its official launch on the main network.
Likewise, the developers indicated that they will hold an AMA (Ask Me Anything) virtual next Wednesday, July 22, via Telegram to answer all the questions the community has about the new implementation and its features.
ENJ, one of the first tokens on Bancor V2
Via Twitter, Enjin Craft confirmed the token's integration into Bancor's protocols, stating that ENJ tokens will be one of the first to be implemented in the new version of the protocol.
Let us remember that Enjin Craft is a virtual gaming platform that brings together more than 20 million users around the world and integrates a series of blockchain-based products, such as a wallet so that users can easily create, manage, trade, store, explore, distribute, and integrate assets into the network. Enjin also has an Explorer, Beam, and several other products developed to allow users to use tokens as part of their acquisition, retention, participation, and monetization strategies within the platform.
The Enjin ecosystem is powered by Enjin Coin (ENJ), an Ethereum-based cryptocurrency used to directly back the value of Enjin-powered blockchain assets. This token was one of the first to be implemented within Bancor V1 and will now be implemented again in the second version of the protocol.
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