Institutional investors looking to diversify their portfolios can now custody five more top DeFi tokens with Finoa. We are delighted to introduce support for Bancor (BNT), Band Protocol (BAND), Celsius (CEL), 1INch (1INCH), and Voyager (VGX).

Bancor (BNT) 

Bancor is an open-source and permissionless blockchain protocol that allows users to convert different cryptocurrency tokens directly and instantly. Thus, eliminating the need for users to exchange their digital assets on crypto exchanges. Bancor created a virtual reserve currency, called the Bancor Network Token, and an automatic exchange mechanism, where prices and trading volumes are controlled automatically through the protocol.

The protocol converts between different ERC-20 compatible tokens, where each smart token is linked to smart contracts that hold reserves of other ERC-20 tokens. The tokens are converted internally based on these reserves and the volume of user requests. Bancor seeks to provide liquidity to small- and micro-cap coins and returns for liquidity providers with minimal friction and fees.

Bancor Network Token is the primary token used within the Bancor network and possesses several roles and functions. The BNT token helps in securing the network, incentivizes users, and gives rights to become a member of the BancorDAO, where holders have voting rights on protocol updates and improvements.

Band Protocol (BAND)  

Band Protocol is a decentralized cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. The protocol leverages BandChain, an independent Cosmos-based blockchain built for oracle computations and secured by delegated proof-of-stake.

Band Protocol handles requests for data from decentralized applications and relays information using data feeds from the rest of the internet. These data feeds are community-managed data sources that provide a framework for dApp users and developers to moderate, operate, and manage the data sources themselves. This process is done by using its blockchain, which allows all of its transactions to be publicly checked and validated.

BAND is the native token of BandChain, used for exchanging transfer/data request fees and for staking to ensure accountability and secure data curation from a trusted global pool of validators. Furthermore, token holders can vote on decisions to control the network.

Celsius Network (CEL)  

Celsius Network is a platform that offers users interest-bearing savings accounts, borrowing, and payments with digital and fiat assets. One of the distinguishing features of Celsius is that users receive 80% of the network’s revenue in the shape of rewards, while future project developments receive the remaining 20%.

The way Celsius can do this is by lending crypto funds held as collateral on the Network to large investors looking for reliable inroads into cryptocurrency. Institutional investors, such as hedge funds, can borrow crypto from the Celsius Network instead of borrowing from disjointed sources.

Celsius Network’s native token CEL is a utility token that offers holders higher interest rates on holdings and a discount on loan repayments. The most beneficial use of the CEL token is for earning compound interest, particularly when maximizing rewards through a substantial allocation of CEL in a user’s portfolio.

1Inch (1INCH)  

1inch is a decentralized exchange (DEX) aggregator, allowing users to find the most efficient swapping routes across platforms. Thus, eliminating the need to manually examine exchanges for the best prices. The platform scrapes decentralized exchanges for the lowest prices and reroutes customers’ trades between them to ensure that the user is getting the optimal price.

By searching across multiple DEXs, users can easily split and distribute their trading over several exchanges through 1inch to get the best price possible and lower slippage. Unlike centralized exchanges, 1inch is a non-custodial service that does not hold user funds on the platform. Every trade is made straight from users’ wallets in just one transaction.

1INCH token is the 1Inch platform’s governance token, allowing users to vote on how to run the platform. Users can earn these tokens by providing liquidity to 1inch’s liquidity platform by staking cryptocurrencies that others can use when placing trades.

Voyager (VGX) 

Voyager is a crypto-asset broker that provides retail and institutional investors with an easy-to-use solution to trade crypto assets. The app’s trading is based on access to 12 of the largest crypto exchanges and market makers to offer advanced speed, liquidity, and pricing in the app.

One key feature of Voyager is the Smart Order Routing engine that finds the best prices and passes them along to the trader. Additionally, unlike many other exchanges, Voyager has no added fees and commissions.

The Voyager Token (VGX) rewards users within the Voyager crypto broker ecosystem and serves as a tool to increase platform adoption through utility rewards for holding the token. VGX generates 5% interest when held in the Voyager app and will soon offer cashback rewards and additional features.

Want to learn more?

We are always looking to provide support for new tokens and contribute to the innovative momentum of DeFi.

As the DeFi ecosystem continues to evolve, we are excited to enable our clients to securely and intuitively store and manage their tokens with Finoa. Are you holding BNT, BAND, CEL, 1INCH, or VGX? Get in touch with us to learn how we can support you.