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Highlights
- The Balancer (BAL) crypto was trading at US$ 18.97 per token at 8 AM EST.
- The BAL crypto is available for trading on cryptocurrency exchanges like Digifinex, Binance, FTX, OKX, and CoinTiger.
- Balancer was not launched along with its native token, and in June 2020, the BAL token was launched as a governance token.
The cryptocurrency market crashed for the second consecutive day on Thursday, April 7, and its market cap had declined 2.4 per cent over the previous day. At the time of drafting, the global crypto market cap was US$ 2.01 trillion and total crypto market volume was down about five per cent to US$ 113.57 billion.
The world's two major cryptocurrencies- Bitcoin and ETH were down 2.7% and 2% to US$ 43,729.73 per token and US$ 3,247.36 apiece, respectively.
When the crypto market is down, one alternative currency (altcoin) to Bitcoin is gaining traction as it surged about 18 per cent in the last 24 hours.
Also Read: Why is DGB crypto skyrocketing? All you must know about DigiByte
The Balancer (BAL) crypto has recorded this surge, and it was trading at US$ 18.97 per token at 8 AM EST. Meanwhile, the one-day volume was up 326 per cent to US$ 260.1 million.
What is Balancer?
It is an automated market maker (AMM) on the Ethereum blockchain. Launched in 2020, the Balancer protocol acts as a liquidity provider, price sensor and self-balancing weighted portfolio.
According to CoinMarketCap, Balancer is like Curve and Uniswap, and it allows users to create pools of tokens. Meanwhile, the pool adjusts itself to balance the tokens irrespective of their price changes.
Balancer is unique because it allows users to add more than one token, and ETH is not required. It is not the first decentralized finance (DeFi) protocol to use an AMM. However, it allows liquidity providers to add up to eight assets per market, which is a unique feature.
Balancer was not launched along with its native token, and in June 2020, the BAL token was launched as a governance token.
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Bottom line
The BAL crypto could have surged due to the announcement that dynamic fees on Balancer allow pool owners to change the swap fee. Balancer Labs said that the fees on the BAL/WETH pool were changed to one per cent.
The BAL crypto is available for trading on cryptocurrency exchanges like Digifinex, Binance, FTX, OKX, and CoinTiger. Investors should research before exploring and investing in the crypto market.
Also Read: What is Celo crypto and why is its price skyrocketing?
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