DeFi crypto project Balancer upgrades to v2

The decentralised finance cryptocurrency project Balancer has upgraded to version two of its protocol after more than two years of testing.

The project is a generalised protocol for automated market makers, the process in which decentralised exchanges such as Uniswap set pricing of tokens.

Balancer says the upgrade will mean lower gas fees and a simpler user interface.

Liquidity providers will be able to invest in liquidity pools with any combination of tokens, rather than just two.

There’ll also be asset managers who can manage each liquidity pool’s tokens and lend out tokens that aren’t being used to provide liquidity.

Balancer has already partnered with Aave to do so.

Yesterday evening (AEST) Balancer tokens were trading at US$61.97, down 10 per cent from yesterday. The project is the No. 140 crypto.