Polygon announced another new member for its ecosystem. Balancer is the latest DeFi platform to launch on this blockchain. The decentralized asset management platform is now live on the blockchain with lower gas fees and faster transactions.
Balancer follows a list of many decentralized platforms that have decided to launch a version on Polygon or completely migrate to this layer two solutions. All of the DeFi services of Balancer are now accessible to Polygon users.
Expanding the User Base for Decentralized Services
Many blockchain projects have decided to launch a new version of Polygon or completely migrate to it. They want to benefit from the lower gas fees and faster transactions of these layer two solutions. It has resulted in the fast expansion of the Polygon ecosystem.
Balancer is the latest DeFi platform to launch on this blockchain and will bring all of the services to it because of the possible interoperability that Polygon has with Ethereum.
Balancer is a self-balancing weighted protocol that mainly focuses on asset management in a decentralized manner. It has been successful in attracting a big user base to the Ethereum ecosystem. The latest decision to launch the platform on Polygon now helps it attract more users because of the benefits that Polygon brings. Besides, it can benefit from the growing ecosystem of Polygon and find new users here.
AMM is apart from the stock in Balancer. It’s a unique feature that has resulted in more interest in the platform from traders and investors. Multiple financial services like liquidity and price-sensitive services are other reasons for the growth of the Balancer platform. It offers many trading pools for investors so they can earn fees by providing liquidity to these pools. The variety of supported assets on Balancer have resulted in great yield earning strategies from the investors.
Polygon believes that Balancer can benefit a lot from the features of the layer two solutions. According to the announcement blog post:
“Liquidity providers can bundle up to 8 tokens in a pool. LPs get rewarded with BAL tokens for the liquidity contributed. Polygon’s full-stack scaling is set to provide opportunities for users to benefit from faster transactions and lower gas prices. Balancer can act as super-prudent portfolio manager to give the best out of the available trades with an optimized gas price, boosting your take-away!”
The launch of famous projects on Polygon has mutual benefits. These projects can benefit from the growing ecosystem of Polygon. Besides, more liquidity will come to the Polygon blockchain for investing in new platforms.
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