In addition to Ethereum, the balancer DeFi service will be available in the NEAR Protocol system. This was announced by the latter's team, which launched its main network in the middle of the month.
Balancer is an automated market-making service. It helps users exchange assets, and developers of other products in the field of DeFi-to expand their capabilities with the help of critical infrastructure. Currently, Balancer is the third largest decentralized exchange based on Ethereum by monthly trading volume.
The head of development at Balancer Labs, Jeremy Musigi, said that they will continue to work in the Ethereum system after adding support for NEAR. "We welcome the opportunity to support the formation of liquidity on the NEAR blockchain, while exploring how the Balancer technology will behave in the face of reduced fees and delays offered by the NEAR Protocol," he said.
The developers of NEAR note that they share common goals with Ethereum, while focusing on practical functions and performance for implementing large-scale application scenarios in the real world.
"Native support for the Ethereum virtual machine (EVM) and the near rainbow Bridge make it easier than ever before for Ethereum applications to enjoy the benefits of speed and reduced costs without having to rebuild their code base and abandon existing users. These two critical components allow you to launch Balancer on NEAR in just a few months instead of several years, " NEAR explains.