BOSTON (APRIL 6, 2021) — Algorand, a leading blockchain platform accelerating the convergence of decentralized and traditional finance, today announced that Balancer, one of the largest automated market makers (AMM), will soon be available on Algorand to expand liquidity to its growing community. This initiative explores how the Balancer platform can work in different environments, given the different trade-offs and characteristics of other innovative blockchains like Algorand.
Traditionally, exchange and liquidity has been a time-consuming and expensive endeavor, and the market depth is not always justified. However, Balancer brings the type of innovation and decentralization in financial infrastructure that continues to drive service costs lower. As a trusted pillar of the Ethereum community, Balancer has played a key role in providing this decentralized liquidity for its users since inception.
Balancer will be the first automated market maker (AMM) available for use by the Algorand community. By leveraging Balancer’s services on Algorand, exchanges will have the ability to create trading pairs with any Algorand Standard Asset (ASA). As the number of assets issued on Algorand’s high performing blockchain accelerates, this represents a huge opportunity for mass adoption.
Balancer is being built on Algorand by Reach, utilizing their safe and easy DApp programming language. The Reach platform provides a high level language and a specialized compiler that lowers the bar of entry for Algorand development. DApps written in Reach also apply formal verification to the deployed application, ensuring that applications like Balancer provide extra safety guarantees for users.
“We are excited to provide support to the Algorand and Reach teams via the Balancer Ecosystem Fund, and to observe how this new implementation will work and how it may grow in the future to be a source of liquidity for the Algorand ecosystem,” said Jeremy Musighi, Head of Growth at Balancer Labs.
“Algorand is uniquely positioned at the convergence of traditional and new financial models, which both require decentralized core infrastructure that is transparent and efficient. Balancer’s decentralized infrastructure on Algorand brings increased throughput and scalability in programmable liquidity to the growing number of assets on Algorand,” said W. Sean Ford, COO at Algorand.
Balancer is an automated portfolio manager and liquidity provider turning the concept of an index fund on its head: instead of paying fees to portfolio managers, you collect fees from traders who rebalance your portfolio by following arbitrage opportunities. Developers leverage Balancer as a permissionless building block to innovate freely and create new treasury management systems. This opens up possibilities for dynamic fees and allows for liquidity bootstrapping pools (LBPs) which are excellent for launching a new token and so much more. Balancer Lab’s mission is to become the primary source of DeFi liquidity by providing the most flexible and powerful platform for asset management and decentralized exchange.
To learn more, please visit https://balancer.finance/.
About Algorand Inc.
Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for defi, financial institutions and governments to smoothly transition into FutureFi. The technology of choice for more than 500 global organizations, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value. For more information, visit www.algorand.com.
Reach is building the next generation blockchain development platform that will completely transform the paradigm of decentralized application (DApp) development. DApps have enormous potential, but are impractical today because of barriers that have kept blockchain development risky and limited to specialists, like cryptographers. The Reach platform is a comprehensive environment that enables every developer to build useful and safe DApps without years of experience and easily deploy them on a variety of different blockchain networks.For more information, visit https://reach.sh/.
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