Balancer Reaches Market Capitalization of $43.74 Million (BAL)

Balancer (BAL) traded 24.7% lower against the U.S. dollar during the 24 hour period ending at 8:00 AM Eastern on November 21st. One Balancer token can now be purchased for approximately $0.64 or 0.00000771 BTC on exchanges. Over the last seven days, Balancer has traded 31.8% lower against the U.S. dollar. Balancer has a market cap of $43.74 million and $4.22 million worth of Balancer was traded on exchanges in the last day.

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

• Aidi Finance (BSC) (AIDI) traded down 2.2% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded 2.2% lower against the dollar and now trades at $0.0652 or 0.00000239 BTC.
• CareCoin (CARES) traded down 2.2% against the dollar and now trades at $0.0809 or 0.00000297 BTC.
• Hokkaidu Inu (HOKK) traded up 1.2% against the dollar and now trades at $0.0004 or 0.00000001 BTC.
• Jeff in Space (JEFF) traded down 2.2% against the dollar and now trades at $2.75 or 0.00010076 BTC.
• SolvBTC (SOLVBTC) traded 9.7% lower against the dollar and now trades at $82,797.32 or 0.99277785 BTC.
• Lumi Credits (LUMI) traded 8.9% higher against the dollar and now trades at $0.0162 or 0.00000027 BTC.
• AXIA Coin (AXC) traded 0.1% lower against the dollar and now trades at $13.43 or 0.00048094 BTC.

Balancer Token Profile

Balancer’s launch date was June 20th, 2020. Balancer’s total supply is 70,627,544 tokens and its circulating supply is 68,013,261 tokens. Balancer’s official message board is balancer.finance/blog-feed. Balancer’s official Twitter account is @balancer and its Facebook page is accessible here. The official website for Balancer is balancer.fi.

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 buy alternative cryptocurrencies such as Balancer directly using U.S. dollars. Investors seeking to trade Balancer should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Gemini, Coinbase or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Balancer using one of the exchanges listed above.

BAL/USD price chart by TradingView