The NEAR protocol team announced on October 26 that automated market maker Balancer (BAL) will soon be integrated into the network.
- Ethereum dApps leverage NEAR for better speed and cost, without having to rebuild the code and keeping their user bases
- Balancer and NEAR will both offer grants for developers to speed up the integration, with a focus on developing the Balancer frontend for NEAR and integrating Balancer into the NEAR wallet
- The Near team has said that its network offers lower gas fees, latency, and a more flexible account, with the purpose of being more scalable for real-world applications
- Users will be able to seamlessly migrate their assets between NEAR and Ethereum (ETH) to take advantage of higher scalability and lower transaction fees on the former
- No date for the completed integration has been provided
- In terms of total value locked in, Balancer is the third most valuable DEX in the market with $309.6 million locked in; besides the Balancer Exchange, the protocol also provides automated index funds and liquidity bootstrapping pools