DeFi Balancer Service Goes Beyond Ethereum With NEAR Protocol Support Added
DeFi-service Balancer in addition to Ethereum will be available in the NEAR Protocol system. This was announced by the team of the latter, which launched its main network in the middle of the month..
Balancer is an automated market making service. It helps users swap assets and helps developers of other DeFi products expand their capabilities with mission-critical infrastructure. Balancer is currently the third largest Ethereum-based decentralized exchange in terms of monthly trading volume..
Balancer Labs development chief Jeremy Mushigi said they will continue to operate on the Ethereum system after adding NEAR support. “We welcome the opportunity to support liquidity generation on the NEAR blockchain while studying how Balancer technology will behave in the face of the reduced fees and delays offered by the NEAR Protocol,” he said..
NEAR developers note that they share common goals with Ethereum, while emphasizing practical features and performance for large-scale use cases in the real world.
“Native support for the Ethereum Virtual Machine (EVM) and NEAR’s Rainbow Bridge make it easier than ever before for Ethereum applications to take advantage of speed and lower costs without having to rebuild their codebase and abandon existing users. These two critical components allow Balancer to launch on NEAR in just a few months instead of a few years, ”explains NEAR..
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