Balancer Protocol, one of the popular decentralized exchanges (DEX), has launched on Polygon Layer 2 Network.
This follows a similar move by other projects like Aave, Sushiswap, and Curve, that have joined the layer 2 solution this year.
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Users and developers have continued to grow on Polygon because of its cheap transaction fees, coupled with fast block times. For example, in April 2021, Sushiswap had 15,000 users on Polygon, and 4,194 on Ethereum.
In a blog post, Fernando Martinelli, CEO, Balancer Labs, indicated that Balancer is looking to exploit the “near-zero” transaction fees on Polygon to enhance creativity around pool management.
Balancer is also drawn by the “great user experience” offered by Polygon, as a feature that will improve their service.
The move towards Polygon Layer 2 solution is expected to:
- Increase liquidity in DeFi
- Lower trading fees to zero
- Make DeFi accessible to everybody
Following the expansion, the Balancer community has agreed to include $10 million worth of incentives on Polygon.
Speaking about the launch, Sandeep Nailwal, CEO, Polygon, said:
“We’re extremely thrilled to have Balancer launch on Polygon. We’re sure the Polygon community will enjoy utilizing Balancer with near-zero fees and superior user experience.”
– CEO, Polygon
Balancer is an automated market maker that is innovating traditional index-funds. By leveraging the concept of liquidity pools, Balancer makes it possible for anyone to participate in an automated index-fund, with fees going to liquidity providers.
Because of Ethereum’s famously gas fees and inter-operability issues, scaling solutions like Polygon provide a framework with unique advantages that make it possible for applications like Balancer to grow their services.
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About Balancer
Balancer Protocol allows for automated portfolio management and providing liquidity 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.
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About Polygon
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Polygon’s scaling solutions have seen widespread adoption with 450+ Dapps, 350M+ txns, and ~13.5M+ distinct users.
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RECOMMENDED READING: Balancer, A Leading DEX, Rolls Out the Biggest Upgrade to Date, Offering Tooling for Efficient and Creative Leverage Efficiency
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