Decentralized exchange balancer presents its own token - price explodes and increases 200%

The currently most discussed topics on the crypto market are decentralized exchanges (DEX) and decentralized financial products (DeFi). Not only is the popularity of projects in these industries increasing, but the in-house tokens are also giving investors high profits. Once again, a new token was able to record enormous price gains in the area of ​​decentralized exchanges.

BAL token: short-term price increase of more than 200%

Balancer is a decentralized exchange protocol based on Ethereum. The decentralized exchange started on Tuesday, June 23, 2020, with its in-house governance token balancer (BAL). The token will allow users to have a say in future developments on the stock exchange or earn additional BAL by making liquidity available. According to the team, around 1,000 addresses received BAL tokens, trading was possible shortly afterwards on both their own balancer exchange and on Uniswap.

According to Defipulse, Balancer is the 7th largest DeFi platform. Assets under management reached a new all-time high today and are currently over $ 50 million in assets. For comparison, at the end of May it was $ 12,5 million USD. The governance token was launched at just the right time.

Because the current hype around DeFi projects of all kinds helped the token to a real course explosion. Starting at $ 6,95 USD, the price rose briefly to $ 21 USD - an increase of 200% within a few hours. Meanwhile, some investors took profits, selling their tokens, and the price recovered to just over $ 15 USD. For early beginners there is still an increase of more than 100%:

Source: coingecko.com

With a market cap of $ 98 million, BAL ranks 80th among all cryptocurrencies

The hype about DeFi tokens

The growing hype around DeFi projects keeps cryptocurrencies literally exploding. Because not only the token of the balancer protocol could rise several hundred percent within a very short time.

A few days ago, the token of the compound network made the headlines. While the crypto market was moving sideways, the cryptocurrency COMP came out of nowhere and put off a rocket launch. The course increase catapulted COMP to 24th place and even overtook the top dog maker (MKR).

The enormous growth was supported by the announced coinbase listing of the token:

Compound (COMP) explodes: 200% price increase after Coinbase listing announcement

 

Markus from Kryptokumpel.de
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