The developers of the popular decentralized finance protocol Balancer plan to launch their project on the Algorand blockchain. The launch is scheduled for the third quarter of 2021.
Reach project will develop the Balancer version for the Algorand blockchain. Once launched, the Balancer protocol will allow users to create liquidity pools of ASA Standard (Algorand Standard Asset).
Jeremy Musighi, head of development at Balancer Labs said:
“We are pleased to support the Algorand and Reach teams with the help of the Balancer Ecosystem Fund. We will carefully monitor the work of the new implementation of our protocol, which, hopefully, will become a new source of liquidity for the Algorand ecosystem,”
1/ We're excited by support from @Algorand & @BalancerLabs to explore how Balancer can work on Algorand. To clarify today's news: Yes, we received a small Balancer grant. But we are motivated by the potential of a robust AMM like Balancer on a high performing network (@Algorand).
— Reach (@reachlang) April 6, 2021
Interestingly, Balancer Labs itself will not participate in the development of the implementation of the protocol based on Algorand.
In a message on the social network Twitter, it is said that Balancer Labs are busy with the Ethereum ecosystem and the upcoming launch of the second version of the Balancer protocol.
We would like to be clear: Balancer Labs issued a small $5K grant to @Algorand as a symbolic gesture of support.
The Balancer Labs team has zero involvement in the development of this project. Our attention is solely focused on Ethereum and the upcoming launch of Balancer V2.
— Balancer Labs (@BalancerLabs) April 6, 2021
At the moment, Balancer is the fifth largest decentralized exchange in terms of trading volume.
In March 2021, the trading volume in the Balancer exceeded $2billion, and the total trading volume on Defi platforms reached $60.67 billion.
In October last year, it was reported that the Balancer protocol will be launched on the NEAR blockchain.