Balancer Tops 24 Hour Volume of $12.70 Million (BAL)

Balancer (BAL) traded 5.9% lower against the dollar during the twenty-four hour period ending at 21:00 PM ET on January 24th. One Balancer token can now be purchased for approximately $6.61 or 0.00029298 BTC on exchanges. Over the last week, Balancer has traded 3% lower against the dollar. Balancer has a total market capitalization of $310.13 million and $12.70 million worth of Balancer was traded on exchanges in the last day.

Here’s how similar cryptocurrencies have performed over the last day:

  • Aidi Finance (BSC) (AIDI) traded down 8.5% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
  • Zoo Token (ZOOT) traded 4.3% lower against the dollar and now trades at $0.0590 or 0.00000261 BTC.
  • CareCoin (CARES) traded down 4.3% against the dollar and now trades at $0.0732 or 0.00000324 BTC.
  • OmniaVerse (OMNIA) traded 41.7% lower against the dollar and now trades at $0.0020 or 0.00000009 BTC.
  • Kitty Inu (KITTY) traded down 4.3% against the dollar and now trades at $90.62 or 0.00400651 BTC.
  • Lunar (LNR) traded up 5.1% against the dollar and now trades at $0.0286 or 0.00000127 BTC.
  • Hokkaidu Inu (HOKK) traded 2.8% lower against the dollar and now trades at $0.0005 or 0.00000002 BTC.
  • QANplatform (QANX) traded down 4.3% against the dollar and now trades at $6,361.15 or 0.28122715 BTC.
  • 2G Carbon Coin (2GCC) traded down 0.3% against the dollar and now trades at $135.02 or 0.00596925 BTC.
  • Lego Coin (LEGO) traded 1.3% lower against the dollar and now trades at $0.0397 or 0.00000176 BTC.

Balancer Profile

Balancer’s launch date was June 20th, 2020. Balancer’s total supply is 54,901,749 tokens and its circulating supply is 46,939,290 tokens. Balancer’s official website is balancer.finance. Balancer’s official Twitter account is @balancerlabs and its Facebook page is accessible here. The official message board for Balancer is balancer.finance/blog-feed.

According to CryptoCompare, “An AMM, or Automated Market Maker is a general term that defines an algorithm for creating and managing liquidity.¬†Instead of paying fees to portfolio managers to rebalance the users' portfolio, they collect fees from traders, who rebalance their portfolio. Users can earn returns by providing liquidity or as a trader swap between any assets in the global liquidity pool.The protocol operates a few types of pools:Private pools give the owner governance over the pool, and make the person the sole contributor of liquidity to the pool. Also, all the parameters are mutable by the owner.Shared pools are for those who want to become liquidity providers (LPs). The LPs are rewarded with the Balancer Pool Tokens (BPTs).Smart pools are similar to private pools but are controlled by a smart contract. They also reward using BPTs and allow anyone to contribute liquidity to the pool.For Balancer, security is a top priority and that is why the protocol has been fully audited three times by Trail of Bits, ConsenSys and OpenZeppelin. There are no admin keys or backdoors, hence, making it trustless, and the balancer pools are not upgradeable. Balancer does not support tokens that do not conform to the ERC-20 standard, even though they may be in use on some pools. The tokens held on Balancer pools are not controlled by Balancer, but are smart contracts. Nevertheless, that does not remove the inherent risks of smart contracts. The configurable rights pools (CRPs) ensure that tokens with known issues are barred from being used in pools. It further ensures that all other tokens safely interact with the protocol.”

Balancer Token Trading

It is usually not currently possible to purchase alternative cryptocurrencies such as Balancer directly using US dollars. Investors seeking to trade Balancer should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as GDAX, Changelly or Gemini. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Balancer using one of the aforementioned exchanges.

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