Balancer Becomes First AMM Available on Algorand
- Implementing Balancer will enable exchanges to create trading pairs with any asset issued on Algorand.
- Balancer will enable programmable liquidity that will drive Algorand’s service costs lower.
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According to the Algorand’s press release, leveraging Balancer’s services on the network will enable exchanges to create trading pairs with any Algorand Standard Asset (ASA). The company expects the number of assets issued on Algorand to increase, which represents a significant opportunity for mass adoption.
“As a trusted pillar of the Ethereum community, Balancer has played a key role in providing this decentralized liquidity for its users since inception,” Algorand said in the release.
The initiative will explore how the Balancer platform can work on Algorand, given the blockchain’s specific trade-offs and characteristics. Reach, a decentralized blockchain platform providing a specialized programming language and compiler, will build the implementation of Balancer on Algorand. The platform will provide extra safety guarantees for Balancer by applying formal verifications to the deployed application.
Balancer is set to bring innovation and decentralization to Algorand that will help the blockchain drive its service costs lower. Sean Ford, the COO at Algorand, said that the platform was uniquely positioned at the convergence of traditional and new financial models, both of which require transparent and efficient decentralized core infrastructure. Balancer will bring higher throughput and scalability in programmable liquidity to the assets launched on Algorand, he added.
- DeFi protocol Balancer confirmed it was exploited almost a week after disclosing a critical vulnerability affecting several of its boosted pools.
- The platform did its best to mitigate some of the risks but was unable to pause the affected pools, and an estimated $980,000 in DAI were stolen in an attack.
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- The Algorand wallet provider has warned users to withdraw their assets from mnemonic wallets after an attacker targeted a group of “high-profile MyAlgo accounts”.
- The root cause of the attacks remains unknown, with MyAlgo still investigating the issue, but reports have indicated that close to $9M were stolen so far.
- The blockchain has become the regional supporter in North American and Europe for the 2022 World Cup, and also the official sponsor of the Women’s World Cup in 2023.
- The partnership will see Algorand help FIFA further develop its digital asset strategy, and also provide it with an official wallet solution.