Bancor

Bancor is a protocol on Ethereum for non-custodial token exchange using pooled liquidity. It doesn’t use order books, which means users can trade without the need for a counterparty. Bancor employs an AMM mechanism through the use of “Smart Tokens,” which ensure liquidity and accurate prices by maintaining a fixed ratio vis-à-vis connected tokens (e.g., ETH) and adjusting their own supply.