Balancer Tops 24-Hour Volume of $47.03 Million (BAL)

Balancer (BAL) traded 8.3% higher against the dollar during the twenty-four hour period ending at 0:00 AM E.T. on November 24th. One Balancer token can now be purchased for approximately $6.00 or 0.00036411 BTC on major cryptocurrency exchanges. During the last seven days, Balancer has traded 7.7% higher against the dollar. Balancer has a total market capitalization of $273.44 million and $47.03 million worth of Balancer was traded on exchanges in the last 24 hours.

Here is how other cryptocurrencies have performed during the last 24 hours:

  • KILT Protocol (KILT) traded 11.3% lower against the dollar and now trades at $0.38 or 0.00002275 BTC.
  • Aidi Finance (BSC) (AIDI) traded up 7.8% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
  • Zoo Token (ZOOT) traded 1.6% higher against the dollar and now trades at $0.0456 or 0.00000275 BTC.
  • CareCoin (CARES) traded up 1.6% against the dollar and now trades at $0.0566 or 0.00000341 BTC.
  • OmniaVerse (OMNIA) traded 6.2% 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 up 3.1% 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 53,694,056 tokens and its circulating supply is 45,556,679 tokens. Balancer’s official Twitter account is @balancerlabs and its Facebook page is accessible here. Balancer’s official website is balancer.finance. 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.”

Buying and Selling Balancer

It is usually not possible to purchase alternative cryptocurrencies such as Balancer directly using US dollars. Investors seeking to trade Balancer should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Coinbase, GDAX or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Balancer using one of the exchanges listed above.

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