Bancor operates as an ecosystem comprising decentralized, open-source protocols aimed at fostering on-chain trading and liquidity. At its core, the Carbon protocol serves as the primary decentralized trading protocol within the ecosystem. It empowers users to execute automated trading strategies utilizing custom on-chain limit orders and range orders. These orders can be combined to create automated buy-low, sell-high strategies. Characterized by their irreversibility upon execution, direct on-chain adjustability, and resilience against MEV sandwich attacks, Carbon orders provide users with an unparalleled level of control and automation to implement innovative trading strategies on-chain. Additionally, Bancor features Fast Lane, an independent open-source arbitrage protocol enabling users to engage in arbitrage activities between Bancor ecosystem protocols and external on-chain exchanges. Arbitrage profits can be seamlessly redirected back to the Bancor ecosystem. The governance of all Bancor ecosystem protocols is overseen by the BancorDAO, with governance rights tied to staked BNT tokens.