Balancer DeFi token up 200% shortly after trading began

06/24/2020

Alex Kondratyuk

Automated ProtocolBalancer Market Mapping has released its own management token on the Ethereum core network. The coin on the first day of trading showed significant growth.

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The project’s blog reports that BAL liquidity mining tokens have been awarded to nearly 1000 Ethereum addresses. In total, 35,435,000 Balancer tokens have been issued to date.

Soon after the release, tokens began to be traded on the Balancer platform and the leading non-custodian exchange Uniswap. On the first day, the price of BAL jumped from $ 7 to $ 22.

Data: CoinGecko

Balancer launches mining programliquidity ”June 1. Thanks to it, liquidity providers can earn BAL by increasing the supply of coins in the protocol. Then, the Balancer team emphasized that market participants can receive rewards only after a few weeks, since smart contracts still required a little refinement.

Within three weeks after launch, liquidity providers received 435,000 BAL. This rate of emission (145,000 BAL per week) will continue in the future.

A total of 65 million BALs will be issued, of which 25 million coins will go to Balancer team members and investors. 10 million coins will be used for further development of the project ecosystem.

In the CoinGecko ranking, the Balancer project is on67th line with a capitalization of $ 120 million. According to DeFi Pulse, the project ranks 5th in terms of the cost of blocked ETH, behind the new leader Compound, MakerDAO, Synthetix and Aave.

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According to the DeFi Market Cap, Balancer only lags behind Compound in terms of market capitalization among decentralized finance projects.

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The total capitalization of the DeFi segment is $ 6.5 billion.

Recall that, thanks to the release of its own management token, the Compound project overtook MakerDAO and became the leading DeFi protocol in terms of blocked funds.