Indorse Token Relay on the Bancor Protocol — Live!We are happy to announce the launch of the Indorse Token relay on the Bancor protocol.
The token relay allows for the trustless conversion of IND to BNT or Ether using a smart contract. The token relay was funded with 462,873.524593 IND tokens. A total of 712,174.7148 IND were purchased by Indorse on the Liqui exchange between October 6, and October 14, 2017 to initially fund the contract. The purchases were staggered to avoid influencing the market price of the tokens. The average price of the purchase was 0.000351037 ETH/IND. 250 Ether was used to make this purchase. Because of the delay between the purchase and relay funding and fluctuating IND and BNT price, not all the IND tokens were used in the relay. The balance of tokens will be used for future use as needed for liquidity providers such as this relay.
Although we could have used tokens available from other existing allocations such as marketing, a decision was made to purchase the tokens instead since this is for adding liquidity, and should not increase the amount of tokens currently available on the market. By purchasing the tokens on the open market we move tokens from one liquidity provider to another without increasing the supply in the market.
The fee on the relay transactions will be 0.1% on each side, or 0.2% in total. This helps to further incentivize market makers to supply IND and BNT for further funding of the relay.
To fund the BNT side, we purchased 110 ETH worth of BNT using the Bancor smart contract on December 5, 2017. This resulted in 18,526.55342614090574417 BNT being purchased. This has been used to fund the other 50% of the relay required to provide the trading liquidity of IND to BNT.
You may now buy or sell IND directly with ETH or BNT (or other tokens such as GNO, ENJ, STX) using the relay contract with the Bancor App
https://blog.indorse.io/indorse-token-relay-on-the-bancor-protocol-live-8f65abe1dc9c
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