Category: Bancor (BNT)

Price Floor Smart Contract Deployed

In the lead up to the Bancor TGE, we committed to using 80% of all ETH raised over the cap to create a price floor for BNT.

Introducing the Automated Price Floor Contract

As of now, anyone who owns BNT and wishes to sell at the floor price, 100 BNT per ETH, is now able to do so using our twice audited Price Floor contract.

In order to place an order to sell your BNT at the minimum price (1 BNT=0.01 ETH) follow these steps carefully:

Important: Before proceeding with this process, we recommend checking the Price Floor Remainder and current BNT rate. The minimum will only be available while supply lasts and changing using the floor price contract will return the minimum rate and not current rate which can be higher.

Step 1 (out of 4):

Open MyEtherWallet and select the “Contracts” tab.

  • Contract Address needs to be BNT Token address 0x1F573D6Fb3F13d689FF844B4cE37794d79a7FF1C
  • Copy/Paste the ABI details from here
  • Click “Access”
MyEtherWallet “Contracts” tab

Step 2:

Select the “approve” action from the “Read/Write Contract” drop down menu:

Note 1: This action only allows access to the contract and will not exchange funds.

Note 2: If this is not the first time you are performing this step, you will need to set the _value to 0 (zero), submit the transaction, then set the _value to the desired amount, and submit the transaction again.

  • Set “_spender address” to the new Price Floor Contract 0x7Ec6A713197FCBb4cFe7213800470b0940268549
  • “_value” needs to be the amount of BNT you plan to sell in wei

you can find an easy wei converter here https://converter.murkin.me/. follow the steps in the image to create the correct wei value.

  • If you’re not sure about your BNT balance, go to “view wallet info”, and on the right side, below your address you will be able to find your balance:
  • Click “Write”

At this stage, you will see this “Warning” message:

  • “Amount to Send” should be set to 0 (zero), anything else will result in failure.
  • “Gas Limit” should be set to 100,000.
  • Click “Yes” to proceed.

Step 3:

You will need to access a different contract now. Please scroll to the top of the MyEtherWallet page and update the information you are using:

  • Contract Address needs to be Price Floor Contract address: 0x7Ec6A713197FCBb4cFe7213800470b0940268549
  • Copy/Paste the ABI details from here
  • Click “Access”
MyEtherWallet “Contracts” tab

Step 4:

Select the “sell” action from the “Read/Write Contract” drop down menu:

  • Click “Write”

At this stage, you will see this “Warning” message:

  • “Amount to Send” should be set to 0 (zero), anything else will result in failure.
  • “Gas Limit” should be set to 100,000.
  • Click “Yes” to proceed.

This process will sell BNT tokens at the Price Floor of 1 BNT = 0.01 ETH


Price Floor Smart Contract Deployed was originally published in The Bancor Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.