DeFi protocol Balancer will find a second home on the NEAR Protocol


Major Ethereum-based decentralized finance (DeFi) protocol Balancer will also be available via NEAR, an Ethereum competitor that just fully opened its mainnet last week. The team behind the smart contract platform, which promises reduced latency and fees compared with Ethereum, announced the news on Monday. 

Balancer is an automated market maker that provides users with financial building blocks on which users can build DeFi products and services. Developed by Balancer Labs, the protocol is the third-largest decentralized exchange (DEX) on Ethereum by monthly volume.

Balancer Labs's head of growth Jeremy Musighi said the team will continue to focus on Ethereum-based development in addition to its NEAR-focused work.

"We welcome the opportunity to support building on-chain liquidity on NEAR, while observing and learning from how Balancer’s technology performs when paired with the lower gas fees and low latency that the NEAR protocol offers," he said. 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC