Balancer launched on Polygon to cut down on the Gas fees, joining the fight against high fees by launching on the Layer-2 solution as we can see more in our latest Altcoin news.
The popular Defi project Balancer Protocol joined the fight against the high fees by launching on the Layer 2 solution and with the transition from Ethereum, Balancer announced new token incentives that came into effect a few days ago in June. Balancer launched on Polygon and promised to “turn the concept of an index fund on its head.” Balancer is a DeFi project that enables users to collect fees from the traders instead of the portfolio managers. The protocol announced the latest development in a press release. The statement reads that Balancer launched support on the Layer 2 solution Polygon to reduce the gas costs.
Balancer Labs CEO and co-founder Fernando Martinelli explained that the decision to choose Poly came after a review of all other options. However, the growth of the project known as MATIC in terms of adoption from names like SushiSwap and Aave is what tipped the scale. He added:
“Polygon has become one of the preferred L2’s for Ethereum. We have noticed the amount of traction that Polygon has been getting and the transaction experience that it provides, and Balancer wants that experience for our community and users. Polygon will enhance Balancer’s ability to scale to more L2’s.”
Apart from the low fees for traders, the partnership between the two will increase liquidity in DeFi and make the space accessible for everybody. Sandeep Naiwal who is the co-founder of Polygon said:
“We are 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.”
The PR outlined a few key differences for Balancer users which came after the launch on Polygon and those include joint incentives on the network which were approved in a recent vote. More specifically, the project will distribute 25,000 bAL tokens per week from Balancer and 375,000 MATIC coins per week from Polygon. 30,000 QI per week has been committed by the Q1 DAO per pool for the two pools of which they will be a part. The two parties will make available several index-like pools including the ones with deeper liquidity for Balancer.
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