The price Balancer today is 19.69 USD, and the trading volume in 24 hours - 39,730,632 USD. The crypto asset has grown by -7.51% over the day. Currently, the coin’s market capitalization is 136,691,528 USD, and has 6,943,831 coins in circulation with the max supply of 106,285,390 coins BAL.
What is Balancer (BAL)?
Balancer is an automated market maker (AMM) that was developed based on the Ethereum blockchain and launched in March 2020.
It has managed to raise a $3 million opening round with the help of Placeholder and Comeplice. The Balancer protocol functions as a self-balancing weighted portfolio, price sensor and liquidity provider. It allows users to profit with a newly introduced token (BAL) by contributing to customizable liquidity pools.
Who are the founders of Balancer?
Balancer Lab was founded by Fernando Martinelli and Mike McDonald, but began the project as a research program at the firm BlockScience in 2018. The Balancer project involves intelligent like-minded people with a keen understanding of the DeFi space.
Fernando Martnelli, an entrepreneur and member of the Maker community, has years of experience outside Balancer. He co-founded many other companies before he founded Balancer with his partner Mike McDonald.
Mike McDonald - co-founder and CTO of Balancer, is a security engineer and creator of mkr.tools.
Kristen Stone, Balancer's chief operating officer, has worked in the crypto industry for more than five years. She was a product manager at Coinbase and created product and development teams.
Timur Badretdinov, a frontend developer, worked on several projects before working at Balancer. He founded Longcaller, a platform focused on providing cryptocurrency reviews and educational content about blockchains.
What makes Balancer unique?
Balancer is similar to Uniswap and Curve in that it allows anyone to create token pools. The pool adjusts to keep the tokens the same regardless of their price changes. However, a unique feature of Balancer is that more than one token can be added, and ETH is not required.
While Balancer is not the first DeFi protocol to use AMM, it has nevertheless opened up a new face and a new approach to liquidity. A unique feature of the protocol is that it allows liquidity providers to have up to eight assets per market that are weighted in interest and automatically balancing.
With Balancer, users do not need to contribute 50% of the desired asset, but they can decide what part of the supported asset they want to contribute. Another unique feature of Balancer Lab is that users can earn high profits from low-demand assets through arbitrage and decline opportunities slips. You can learn more about how Balancer works, here.
How many BAL tokens are in circulation?
Balancer did not run with its own token. However, in June 2020 they launched a control token - BAL, following the success of the Compound Compound token. The goal of the token is to provide greater decentralization and stimulate LP.
As of February 2021, there were 6,943,831 coins in free float, with a maximum offer of 100,000,000 BAL coins.
How is Balancer's network protected?
For Balancer, security is the highest priority, so the protocol has been fully vetted three times by Trail of Bits, ConsenSys and OpenZeppelin. There are no admin keys or backdoors here, and Balancer pools are not upgradeable. Balancer does not support tokens that do not conform to the ERC-20 standard, even if they may be used in some pools.
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