Where to Buy BAL Tokens (Balancer), DeFi’s Perceived Next Big Thing?

Where to Buy BAL Tokens (Balancer), DeFi’s Perceived Next Big Thing?

By Nek1d | How to Buy? | 25 Jun 2020


You guessed it, I’ll probably spend some time talking about DeFi projects in the next couple of weeks. 

If you’ve been following the markets, you know why. If you haven’t - well, they are popping like crazy. An estimated $78 million enters DeFi lending protocols daily over the past couple of weeks as the total value locked (TVL) skyrocketed well over $1.6 billion, according to DeFi Pulse. 

First, it was Compound, which flipped Maker for the first spot and is currently the predominant DeFi protocol with over $610 million in TVL.

However, there’s one project that has just come to light and is currently where most of the attention is. That’s right - it’s Balancer (BAL). 

What is BAL? 

Balancer (BAL) is a protocol that allows users to create liquidity pools where any given number of predetermined ERC-20 (the standard Ethereum-based smart contract) tokens can be deposited in ratios that are fixed to one another. For instance - 50% DAI and 50% BAT. 

When the prices for these tokens that are staked in the pool change, the allocations are rebalanced to the given ratios, allowing traders to obtain access to overweight tokens as liquidity. 

In addition, the Balancer exchange also gives the user access to swap tokens, much like the functionality of Uniswap. The fees are distributed to those who provide liquidity for the pools for the swap. 

When you take these together, the protocol allows liquidity providers to keep a relatively consistent basket of tokens - much like an index fund. On the other hand, traders can enjoy highly liquid tokens with a comparatively competitive fee, keeping the costs on the low side. 

Naturally, much like DMM’s DMG token, BAL is a governance protocol token. In other words, those who hold it can participate in the overall governance of the ecosystem. 

Balancer Labs announced the launch of BAL just a few days ago. 

BAL’s Price Performance So Far

In the few short days after being announced, BAL presented investors with gains that are nothing short of impressive.

BAL’s price has more than tripled from $6.65 to a peak of almost $22, even though it currently trades just shy of $18. 

More interestingly, however, Balancer has ranked up as the 5th largest DeFi protocol, with total value locked of more than $100 million. 

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At the time of this writing, BAL’s total market cap stands at $106 million. In my humble opinion, there’s plenty of room to grow, given the current DeFi craze and how Compound surged by more than 500% just a week ago. 

Where to Buy BAL Tokens

There are a few exchanges currently offering trading of BAL tokens. The most liquid, however, as well as the most secure (in my opinion), is FTX. If you want to start trading BAL on FTX, you can sign up for an account using this link

This is my referral link and if you use it you will be receiving a 5% discount on your trading fees. It would also mean the world to me as it will help me produce more content of the kind, to keep you guys updated as much as I can. 

Alternatively, the second most liquid exchange at the moment is MXC.co. You can sign up for an account to buy BAL using this link

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Disclaimer: None of the above is financial advice. The content is provided solely for informational purposes. Trading cryptocurrencies involves a risk of losing your capital. Only trade funds that you can afford to lose. 




Nek1d
Nek1d

I just wanna write and stack.


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