The popular decentralized automated market maker has attracted two huge investing firms Alameda Research and Pantera Capital to invest and purchase its BAL tokens.
The price of the token surges 10% but still below its all-time high.
Balancer attracts investments
The popular decentralized automated market maker has just attracted a fresh infusion of funds from two huge and high-valued investment firms. Balancer Labs is a DeFi protocol that allows users to create or add liquidity to customizable pools and in turn earn trading fees. As per the reports two very big investment companies, Pantera Capital and Alameda Research have bought the stockpiles of native BAL tokens from the Balancer Labs treasury.
The new funding will act as a major boost to its initiatives as it will help the company direct it to the ramping up of Balancer V2. The new V2 iteration will modernize and reconstruct the present systems that will introduce a whole lot of benefits that include transaction costs reduction, easy developer integration, and an expansion in the overall user experience.
Fernando Martinelli, CEO of Balancer Labs has stated that the partnership was in sync with the company’s overall vision of incessantly building programmable liquidity in order to further augment the functionings and offerings of the new financial order. Joey Krug, Co-CIO of Pantera Capital, poured in his comment by adding that Balancer has created the most basic forms of financial products that were not in the picture previously. This makes it one of the most exciting parts of DeFi.
“The magic of Balancer is that its smart pools provide value to all parts of the liquidity ecosystem — as a self-balancing portfolio for asset owners, a deep liquidity source for traders, and a bootstrapping tool for issuers.”
Price of BAL tokens surge
The news has done a world of good to the price of BAL token. As can be expected, the news has driven the BAL prices up north. The token is currently priced at $12.32 with trends showing a slow and steady march towards the high. With a 24-hour trading volume of $50,234,101, BAL price is up 13.8% in the last 24 hours The good 13% surge has benefitted BAL adding to the 30% growth figures it has observed since November from a low of $8.76. But despite the encouraging trend, the token is still away from its all-time high of $35 which it experienced on September 1 which is a 70% crash.
The total value locked as of now is $270 million which is down from $1.5 billion.
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