Balancer Labs is the latest DeFi protocol to join the Open DeFi alliance. Balancer will contribute to the mission of Open DeFi through sharing insights and research in the DeFi market and will work collaboratively with other Open DeFi partners to further develop liquidity and innovation strategies through their respective tracks as Balancer continues its plans to expand globally.
The Open DeFi initiative kicked off in September 2020 aiming to solve issues in the DeFi ecosystem such as creating bridges across borders and markets with the goal of fostering the growth of DeFi through focuses on risk, liquidity, and innovation. Balancer will be a key addition in this alliance as they have proven to be one of the most prominent and dominating DApps to come out of the DeFi market in the recent year.
Balancer is a non-custodial portfolio manager, liquidity provider, and price sensor. The founding firm Balancer Labs was founded in 2019 and currently locks up over $220 in digital assets across their platform. The automated and decentralized portfolio manager closed their first funding round of $3 million back in March of this year followed by a deep audit by TrailOfBits.
“We are thrilled to add Balancer to the Western arm of projects in the Open DeFi alliance, with this addition we will have a better scope on one of the most dominant sectors of DeFi which is AMM DEXes. We believe initiatives such as Balancer Liquidity Pools (BLPs) which optimize modern token distribution is a great example of capturing and creating new digital assets in DeFi. Being able to receive input and expertise from a strong team like Balancer on the Open DeFi liquidity and innovation track will be key, and a valued opinion when we execute new experiments in the global decentralized finance ecosystem.”
— Eden Dhaliwal, Managing Director Conflux Network
With the majority of leading DeFi protocols such as Balancer mainly controlling the Western markets, Balancer Labs hopes that they can join forces with Open DeFi to begin exploration and strategize on how the DeFi market can become more accessible to the prolific China market. Although Balancer is in the top 10 DeFi protocols based on TVL, Balancer and Open DeFi partners will begin to develop new liquidity strategies that will ensure protocols can stay self-sustainable. Some strategies we are exploring with this track include how we can lure more liquidity from the CeFi market as well as working market-makers to bring more stability and liquidity to decentralized financial primitives.
About Open DeFi
Launched in 2020, Open DeFi is a global initiative that seeks to develop the decentralized financial ecosystem and advance the collaboration of DeFi projects across borders and blockchain networks. Through a unique program focused on risk management, new liquidity strategies, and innovation, Open DeFi brings together global CeFi and DeFi partners to drive the future of finance. Members include Conflux Network, Sequoia Capital, Blockpower Capital, Antelope Holdings, dForce, DeBank, MCDEX and Shanghai Science and Technology Committee.
For more information, visit: https://www.open-defi.com/