Balancer is a decentralized automated market maker protocol that enables customizable liquidity pools with flexible token ratios, unlike traditional 50/50 AMMs. Launched in 2020, it supports pools with up to 8 tokens in arbitrary weight ratios, enabling portfolio-like index structures. Balancer introduced features like smart order routing, flash loans, and composable pool types. The protocol operates across Ethereum, Polygon, Arbitrum, Avalanche, Base, and other networks. Its BAL governance token is used for protocol governance and incentivizing liquidity. Balancer V2 introduced a single vault architecture for improved capital efficiency and reduced gas costs.
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