What is Bancor Network Token (BNT)?

The Bancor network token (BNT) is the default reserve currency that powers the Bancor protocol. The Bancor network is a decentralized exchange (DEX) platform that uses pools of tokens called liquidity pools to facilitate peer-to-peer (P2P) trading. Bancor liquidity pools must hold BNT, which acts as the intermediary token for every trade. For example: in order to trade DAI for ether (ETH) on Bancor, the protocol first exchanges DAI for BNT, then exchanges BNT for ETH.