Ano ang Balancer? (BAL)

Ang Gabay ng Baguhan

Ang Balancer ay isang software na tumatakbo sa Ethereum na naglalayong magbigay ng insentibo sa isang distributed network ng mga computer na magpatakbo ng isang exchange kung saan ang mga gumagamit ay maaaring bumili at magbenta ng anuman cryptocurrency.

Isang umuusbong na protocol na decentralized finance (DeFi), ang Balancer ay gumagamit ng kumbinasyon ng mga crypto asset para magbigay ang serbisyong ito, na nagbibigay-daan sa pangangalakal nang walang tagapamagitan sa pananalapi tulad ng isang palitan.

Maaaring makatulong na isipin ang Balancer bilang isang uri ng index fund, kung saan ang mga user ay gumagawa ng mga pondo batay sa mga cryptocurrencies sa kanilang mga portfolio. Ang mga pondong ito ay kilala bilang mga Balancer pool, at sinumang user na gustong magbigay ng liquidity sa isang pool ay maaaring gawin ito sa pamamagitan lamang ng pagdeposito ng isang asset sa mga ito.

Ang mga user na nagbibigay ng liquidity sa isang Balancer pool pagkatapos ay makakakuha ng bahagi ng trading fee na binayaran sa network para sa paggamit ng kanilang mga pondo, at gagantimpalaan ng custom na cryptocurrency na tinatawag na BAL.

Ang mga deposito na ito ay mahalaga sa network, na nagbibigay ng pagkatubig na kailangan para sa mga user na bumili at magbenta ng mga cryptocurrencies sa platform.

Nangangahulugan ito na ang Balancer ay dapat magbigay ng insentibo sa parehong laki ng market nito upang gumana – mga gumagamit ng crypto na maaaring nais na gawing available ang ilan sa kanilang mga hawak para mai-trade, at mga mangangalakal na naghahanap ng pinakamahusay na posibleng presyo para sa isang asset.

Sa ganitong paraan, gumagana ang Balancer sa katulad na paraan sa iba pang mga desentralisadong palitan (DEX) tulad ng Uniswap (UNI) and Curve (CRV). Gayunpaman, nag-aalok ang Balancer ng mga karagdagang feature, kabilang ang kakayahang mag-bundle ng hanggang walong token sa mga pool.

Sino gumawa ng Balancer?

Balancer began as a research project at a software consulting firm called BlockScience in 2018, founded by Fernando Martinelli and Mike McDonald.

The project then independently raised $3 million in funding as Balancer Labs in 2020. The round saw some 5 million BAL tokens sold to investors and 25 million tokens awarded to shareholders and employees (out of a total supply of 100 million tokens).

An additional 10 million BAL were set aside, with half being reserved for a fund used for contributors to the Balancer ecosystem and half reserved for sales to future investors.

Paano Gumagana Ang Balancer?

Just as an index fund can be composed of different stocks, Balancer pools are composed of up to eight different cryptocurrencies.

A Balancer pool’s value is determined by the percentages of each token within it, a weight chosen during the pool’s creation.

Self-balancing index fund

Balancer uses custom programs called smart contracts to ensure each pool retains the correct proportion of assets even as the prices of individual coins in the pools might vary.

For example, a Balancer pool might start off with 25% ETH, 25% DAI and 50% LEND. If at some point, the price of LEND doubles, the pool automatically reduces the amount of LEND it holds so that it can retain 50% of the pool’s value.

So, where does the LEND go? Balancer’s smart contracts make them available to traders looking to buy LEND as prices go up.

Of note, liquidity providers still earn fees while their index funds get rebalanced, compared to traditional index funds where investors pay fees for the rebalancing services.

Balancer pools

Balancer offers private, public adn smart pools, aimed at users with different risk appetites.

Public pools allow any user to provide liquidity by adding or withdrawing assets. The parameters of public pools are set, and cannot be changed, before their launch.

This means they may be useful for users with smaller holdings seeking to earn fees from the most popular – and most liquid – pools.

Smart pools have flexible parameters and exist as an intermediate between public and private Balancer pools. This feature allows pools to be programmed to perform additional functions, such as changing weights, altering swap fees and limiting who can provide liquidity to it.

Liquidity Bootstrapping Pools (LBPs) are a type of smart pool that allow projects with relatively low capital to raise liquidity for their native tokens.

They work using a variable weighting system that can be altered over time. Typically, a project will launch an LBP and weight its native token much higher than its paired token. The sale starts off in favor of the project token and gradually lowers in price by changing its weight as time goes by to create constant downward pressure on the price. This process gains a competitive edge over bots and whales and allows for price discovery.

This system is designed this way to prevent bots and whales from manipulating the market. The first buyers will pay the highest price. It also helps projects to raise liquidity more efficiently than fixed-weighted public liquidity pools.

A private Balancer pool is one where only the pool creator can add or withdraw assets. The user can also adjust all the other parameters of the pool such as fees, weightings and the types of assets it accepts.

Private pools are useful to asset managers with a large portfolio seeking to earn fees on their specific assets.

Bakit may halaga ang BAL?

Balancer’s cryptocurrency, BAL, is essential for distributing its operations, ensuring that no central party can make decisions about how the platform operates.

Further, it also functions as an incentive mechanism, as users who deposit assets into Balancer pools earn BAL tokens. Leveraging Curve's veCRV mechanism, holders of BAL must now lock their Balancer Pool tokens (80/20 BAL/WETH) for up to one year to receive voting-escrow BAL, or veBAL tokens. These tokens provide boosted yields and voting powers.

Like many other cryptocurrencies, the supply of BAL tokens is limited, meaning that there will only ever be around 94 million BAL.

Balancer's issuance schedule was intially programmed to release 145,000 tokens a week to users as liquidity mining rewards. However, following the veBAL system activation in March 2022, routine halving events have now been introduced. This means the amount of new BAL tokens entering into circulation will be programmatically halved every four years.

Bakit Kailangan Kong Gumamit ng BAL?

Maaaring maging interesado ang Balancer kung isa kang kasalukuyang mamumuhunan ng cryptocurrency na may hindi nagagamit na portfolio na gusto mong gamitin.

Maaaring maging kapaki-pakinabang din ito kung ikaw ay isang aktibong mangangalakal o portfolio manager, dahil pinapayagan nito ang mga user na bumili ng mga unit sa malikhaing ginawang mga indeks na umiiral sa protocol.

Ang paghawak ng BAL ay kapaki-pakinabang sa pangmatagalang panahon kung nais mong maimpluwensyahan ang pagbuo ng platform sa pamamagitan ng pagboto sa mahahalagang desisyon tungkol sa ilan sa mga tampok nito.

Maaari ding mamuhunan ang mga user sa BAL kung naniniwala sila na ang desentralisadong pangangalakal ng mga cryptocurrencies ay magiging sikat sa hinaharap.

Simulan ang pagbili ng Balancer

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