Balancer is the Fastest-Growing DeFi Platform since June 1

Balancer is the Fastest-Growing DeFi Platform since June 1

By Abhimanyu Krishnan | News | 7 Jul 2020


Head of cryptocurrency investment fund DTCC Capital Spencer Noon posted a tweet on July 7 that underscores the growth that the defi market has experienced in June, with numerous protocols displaying tremendous growth since June 1. The data can also be checked on analytics platform Dune Analytics.

Balancer, a liquidity protocol, showed the highest growth at 86%, despite experiencing a theft in late June that saw $500,000 worth of Ethereum stolen

Balancer began distributing its governance token BAL on June 23, releasing 145,000 BAL tokens per week for those who have begun earning BAL since June 1. One of the most prominent features is Balancer’s liquidity pools, which can be used in conjunction with platform’s like Compound Finance and Synthetix. The development team has already begun collaborating with Synthetix and REN for a BTC yield farming program.

Following Balancer is Curve Finance and Aave Labs, which respectively experienced user growths of 60% and 32%. Aave is a lending and borrowing platform, while Curve Finance focuses solely on the swapping of stablecoins. 

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Balancer’s total locked value is at an all-time high. Source.

The total value locked in for Balancer stands at $155 million at the time of publishing, an all-time high for the protocol, which launched in March 2020. Balancer is expected to launch a new version of the platform in the coming months.


Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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