29.07.2021

Crypto News

Insider information in the world of cryptocurrencies.

The DeFi Balancer protocol will be launched on the Algoran blockchain

The DeFi Balancer protocol will be launched on the Algoran blockchain

The developers of the popular decentralized finance protocol Balancer plan to launch their project on the Algorithand blockchain. The launch is scheduled for the third quarter of 2021.

The Reach project will develop the Balancer version for the Algorand blockchain. The project provides an easier way to develop on the basis of the Algorithand blockchain thanks to a language that resembles JavaScript. Once launched, the Balancer protocol will allow users to create pools of liquidity with assets of the ASA Standard (Algorand Standard Asset).

“We are pleased to support the Algorand and Reach teams with the help of the Balancer Ecosystem Fund. We will carefully monitor the work of the new implementation of our protocol, which, hopefully, will become a new source of liquidity for the Algorand ecosystem,” said Jeremy Musighi, head of development at Balancer Labs.

Interestingly, Balancer Labs itself will not participate in the development of the implementation of the protocol based on Algorand. In a message on the social network Twitter, it is noted that now the developers of Balancer Labs are busy with the Ethereum ecosystem and the upcoming launch of the second version of the Balancer protocol.At the moment, Balancer is the fifth largest decentralized exchange in terms of trading volume. In March 2021, the trading volume in the protocol exceeded $2 billion, and the total trading volume on such platforms was $60.67 billion. In October last year, it was reported that the Balancer protocol will be launched on the NEAR blockchain.