BNT (Bancor Network Token) is the native token of Bancor, a decentralized exchange (DEX) protocol. Bancor is an automated market maker (AMM) protocol that runs on blockchains such as Ethereum and is designed to provide liquidity for various types of tokens. This article will analyze BNT’s token supply, project features, and current market status.
What Is BNT?
BNT is the native utility and governance token of the Bancor protocol. The Bancor protocol allows users to create liquidity pools via smart contracts, enabling automated trading between tokens without the need for traditional order books to match buyers and sellers.BNT plays a central role in this system: it serves as the protocol’s “universal pricing token,” used to settle transaction values between different tokens; simultaneously, BNT holders can participate in the BancorDAO by staking their tokens to cast governance votes on protocol parameters (such as fees and liquidity pool configurations).
The Bancor project raised approximately $153 million through an Initial Coin Offering (ICO) in June 2017, making it one of the largest fundraising campaigns at the time. The protocol has since undergone multiple version updates; for example, version 2.1, released in March 2021, introduced features such as one-sided liquidity provision.
BNT Issuance and Supply
According to publicly available information from multiple mainstream data sources, the token supply of BNT is as follows:
- Maximum supply: Approximately 110.5 million to 111 million BNT.
- Total Supply: As of late October 2026, approximately 101 million to 107.5 million BNT.
- Circulating Supply: Data from the same period indicates that the number of BNT in circulation is approximately 99 million to 101.4 million.
These figures indicate that the vast majority of BNT is already in circulation. Slight discrepancies between different data sources typically stem from variations in statistical methodologies or minor fluctuations in real-time burning/minting mechanisms.
Project History and Security Incidents
The development of the Bancor protocol has not been without challenges. In July 2018, the protocol’s smart contracts were compromised in a security breach, resulting in the theft of approximately 25,000 ETH, 2.5 million BNT, and a large number of NPXS tokens.Subsequently, the Bancor team recovered and burned a portion of the stolen BNT through its governance mechanism, but was unable to recover the ETH and other tokens. At the time, this incident sparked widespread discussion about whether the protocol’s governance mechanism was overly centralized.
Recent Market Performance
Data as of late October 2026 shows:
- The price of BNT ranged between $0.30 and $0.31.
- Market capitalization is approximately $30–31 million.
- The 24-hour trading volume is approximately $1.14 million to $1.38 million.
- The price has fallen significantly over the past year.
Its all-time high once exceeded $10, but the current price is well below that peak.
How to Trade BNT
As an ERC-20 token on the Ethereum blockchain, BNT can be traded on several major centralized exchanges (CEXs) as well as decentralized exchanges (DEXs).Users can connect to the Bancor protocol interface or DEXs like Uniswap using an Ethereum-compatible Web3 wallet (such as MetaMask) to exchange tokens, or buy and sell on CEX platforms that support BNT spot trading.
Summary
BNT is the core token of Bancor, an early DeFi liquidity protocol, and features clear governance and utility functions. Its total supply is fixed, and the majority is already in circulation. The project holds significant historical importance but has also weathered security incidents and market cycles.The cryptocurrency market is highly volatile, and the value of any token is influenced by multiple factors, including technological developments, ecosystem adoption, and macroeconomic conditions. Investors should make their own decisions based on thorough research.
