Balancer (BAL) is an automated market maker (AMM) built on the Ethereum blockchain, similar to Uniswap and Curve. AMMs depend on token holders depositing their assets in “liquidity pools” that other traders draw on when they buy and sell assets.
Balancer is unique in that its liquidity pools “self-balance”. Users create pools of certain assets in certain ratios – say 80% ETH, 10% DAI and 10% WBTC – and start earning interest, while still guaranteeing that those ratios won’t be changed by unexpected market movements.
Users earn the BAL token by creating and maintaining liquidity pools. BAL tokens are governance tokens, meaning that they give holders the right to take part in decisions regarding the network. As these decisions often involve rewards and fees being generated by the Balancer protocol, there’s a financial incentive to hold and participate.
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