What does Bancor do?

So, I'm curious, can you explain in simple terms what Bancor actually does? I've heard of it being referred to as a decentralized liquidity network, but I'm still a bit hazy on the specifics. Does it allow for the seamless exchange of tokens without the need for a centralized intermediary? And how does it maintain liquidity and pricing stability for these exchanges? I'd really appreciate it if you could break it down for me.