Balancer Tops 24 Hour Trading Volume of $44.24 Million (BAL)

Balancer (BAL) traded 11.8% higher against the US dollar during the one day period ending at 19:00 PM ET on November 24th. Balancer has a total market cap of $278.41 million and $44.24 million worth of Balancer was traded on exchanges in the last 24 hours. One Balancer token can now be bought for $6.11 or 0.00036834 BTC on exchanges. During the last week, Balancer has traded 11.6% higher against the US dollar.

Here’s how similar cryptocurrencies have performed during the last 24 hours:

  • KILT Protocol (KILT) traded 23.2% lower against the dollar and now trades at $0.32 or 0.00001945 BTC.
  • Aidi Finance (BSC) (AIDI) traded up 8.3% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
  • Zoo Token (ZOOT) traded up 1.6% against the dollar and now trades at $0.0456 or 0.00000275 BTC.
  • CareCoin (CARES) traded 1.6% higher against the dollar and now trades at $0.0566 or 0.00000341 BTC.
  • OmniaVerse (OMNIA) traded 3.6% higher against the dollar and now trades at $0.0012 or 0.00000007 BTC.
  • 2G Carbon Coin (2GCC) traded up 3% against the dollar and now trades at $1,436.69 or 0.08662447 BTC.
  • Kitty Inu (KITTY) traded 1.6% higher against the dollar and now trades at $80.13 or 0.00483120 BTC.
  • Lunar (LNR) traded 3.1% higher against the dollar and now trades at $0.0602 or 0.00000363 BTC.
  • Hokkaidu Inu (HOKK) traded 15.4% lower against the dollar and now trades at $0.0004 or 0.00000002 BTC.
  • QANplatform (QANX) traded up 1.6% against the dollar and now trades at $4,916.09 or 0.29641368 BTC.

Balancer Profile

Balancer’s launch date was June 20th, 2020. Balancer’s total supply is 53,690,356 tokens and its circulating supply is 45,552,979 tokens. The official website for Balancer 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 possible to purchase alternative cryptocurrencies such as Balancer directly using US dollars. Investors seeking to acquire Balancer should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Coinbase, Changelly or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Balancer using one of the aforementioned exchanges.

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