The automatic market maker (AMM) running on top of Ethereum, Balancer, announced that Version 2 of its platform is already live. It promises lower gas costs, a redesigned interface, and an enhanced user experience.
Built on Ethereum, Balancer is a DeFi protocol enabling users to trade ether and ERC-20 tokens in a trustless, permissionless environment. By providing liquidity to a Balancer pool, they can also earn a portion of the trading fees paid to the network for the use of their funds in the form of the native token BAL.
The team behind Balancer announced the arrival of its long-anticipated Version 2 platform in a press release shared with CryptoPotato. It comes with a new user interface, indicating that the user experience has been simplified.
The statement outlined there will be an easy-to-follow migration procedure for users to transfer their funds from Balancer V1 to V2, and it will be released as a full tutorial later.
The team believes that V1 will continue to “provide the best price until a substantial amount of liquidity migrates to V2.” At that point, Balancer expects trades to be routed through V2’s Protocol Vault resulting in “lower gas costs and better pricing.” The project’s estimations envision the fee reduction to be up to 50%.
The upgrade has signified Balancer Protocol’s transition to a community multi-sig for its governance execution. As a result, the new signers include Alexander Lange (Inflection), Fabien Marino (Snapshot Labs), Kain Warwick (Synthetix), Kevin Owocki (Gitcoin), Trent McConaghy (Ocean Protocol), and Mariano Conti (Ethereum).
They will be responsible for “executing all transactions passed as Snapshot as Balancer continues to be run by those who care most – the community.”
V2 will also provide a new and “more trustless program” for BAL liquidity mining. Upon its launch, liquidity providers (LPs) will be able to stake positions in different pools and receive BAL tokens.
Each pool will be assigned to one of three different tiers, with each tier slot getting a pre-determined amount of coins per week.
The team also informed that it will release further details in the following weeks on the “changing Balancer landscape.”