Bancor is a decentralized exchange. It is distinguished from other DEX protocols by its automated market maker, which lets people deposit liquidity in a single-sided fashion, whereas many other platforms require its visitors to provide liquidity with their tokens in an inherently two-sided way. Bancor's automated market maker mechanism achieves this through its native token, BNT, which is dynamically minted and co-invested by the protocol when visitors deposit their collateral as liquidity. Besides having BNT as the unitary counterpart asset of exchange for trading on the platform, the protocol also offers a unique solution against Impermanent Loss to its liquidity providers.