One of the Top Ethereum-based DeFi Protocols, Balancer, to Build on NEAR Blockchain
Balancer Labs becomes the second decentralized finance (DeFi) platform available on NEAR Protocol following the latter blockchain’s mainnet last week. NEAR Protocol is an Ethereum competitor aiming to provide users with a cross-chain platform allowing DApps to migrate functions across blockchains.
Balancer, token symbol BAL, is a decentralized protocol that allows users to create programmable liquidity and financial building blocks for DeFi apps. Providing an automated market-making (AMM) platform further enables a decentralized swap of assets, liquidity pooling, smart contract treasury management, automated index funds, and token distributions across platforms hosted on the blockchain.
NEAR Protocol provides a competitive platform with low fees, low latency, and a highly scalable chain to direct more DApps from Ethereum. Speaking on joining the NEAR Protocol, Jeremy Musighi, Head of Growth at Balancer Labs, showed excitement at the partnership, looking forward to developments on the NEAR Protocol. Musighi said,
“While the Balancer Labs team remains focused on Ethereum-based development of the Balancer protocol, we welcome the opportunity to support building on-chain liquidity on NEAR.”
“[This] while observing and learning from how Balancer’s technology performs when paired with the lower gas fees and low latency that the NEAR protocol offers.”
In addition to the partnership, the two firms will offer developers two grants totaling $10,000 – payable in BAL and NEAR tokens. One of the grants sets up a $6,000 bounty to integrate the BAL token on NEAR protocol’s wallet and another $4,000 grant to create a Balancer frontend for the NEAR protocol to accelerate the development of Balancer apps.