Tag: Bal

Binance to Delist Ten Margin Pairs, Including ANT, RVN, FIRO, BAL, on September 14, 2023

by Blockchain News

Binance Margin, a feature of the Binance cryptocurrency exchange, has announced that it will delist ten isolated margin pairs effective September 14, 2023, at 06:00 (UTC). The pairs to be removed are ALPHA/BUSD, ANT/BUSD, BAL/BUSD, COS/BTC, DGB/BUSD, FIRO/BUSD, OOKI/BUSD, QI/BTC, RVN/BUSD, and TWT/BUSD.

Timeline of Events

The delisting process will follow a structured timeline:

September 4, 2023, at 06:00 (UTC): Suspension of isolated margin borrowing for the affected pairs.

September 14, 2023, at 06:00 (UTC): Automatic settlement of users’ positions and cancellation of all pending orders on the specified pairs.

Users are strongly advised to close their positions and transfer their assets from Margin Wallets to Spot Wallets before September 14, 2023, at 06:00 (UTC). Binance has stated that it will not be responsible for any potential losses incurred during the delisting process.

Implications for Users

The delisting of these margin pairs could have various implications for traders. For one, it limits the options for leveraging assets in the short term. It also necessitates the reallocation of assets for those who have existing positions in these pairs.

Binance delisting actions are generally taken due to low trading volume, regulatory concerns, or technological issues with the assets involved.

Risk Management

The announcement also serves as a reminder for traders to exercise caution and risk management. Users are unable to update their positions during the delisting process, making it imperative to act before the deadline.

Image source: Shutterstock

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DeFi Protocol Balancer (BAL) Unveils Capital-Efficient Stable Pools

by Btcmanager

Leading DeFi protocol Balancer (BAL) has launched capital-efficient stable pools on Balancer V2.

Balancer V2 Introduces Stable Pools

In a bid to stand out in the competitive decentralized finance (DeFi) landscape, Balancer today announced the launch of stable pools which makes the protocol the first AMM with at least three different type of pools – weighted, Element, and now stable pools.


Notably, stable pools are highly capital-efficient in nature and leverage the Vault architecture of Balancer V2 via the use of batch swaps and internal balances.

Stable pools bring with them a plethora of benefits for traders and liquidity providers (LPs).

As their name might indicate, stable pools are designed specifically for digital assets that trade at a similar price which naturally capital efficiency for swaps involving similar assets. This not only benefits traders as they get to enjoy tighter spreads with low slippage but also ensure that LPs earn an attractive yield with minimal impermanent loss.

Focusing on Making Trades Efficient

Balancer’s newly unveiled stable pools offer a variety of advantages over other AMMs that only offer stable pools or traditional two-token weighted pools. For instance, Balancer’s stable pools are plugged into the same protocol as weighted pools. This means that all the tokens exist inside the same single vault leading to much more efficient trades.

Balancer allows users and traders to execute trades that route via both pools at the same time with minimal increase in gas costs compared to a trade that, say, routes through Uniswap or Curve. The best part about these Balancer V2 Vaults is that it extends these advantages as an increasing amount of assets are supplied as liquidity which, subsequently, paves way for more competitive trading opportunities.

At present, Balancer Labs has created two initial stable pools for traders and LPs – namely staBAL3-BTC – WBTC/renBTC/sBTC and staBAL3-USD – DAI/USDC/USDT.

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Balancer Labs Unveils Balancer V2 to Offer Users Lower Gas Costs

by Btcmanager

Balancer Labs has successfully rolled out Balancer V2 after more than one year in development. The team says Balancer V2 comes with a new, more welcoming user interface and significantly reduces gas costs for users.

Balancer V2 Now Live

Balancer Labs, the team in charge of decentralized finance (DeFi) protocol Balancer (BAL) has successfully launched the second iteration of the automated market maker (AMM), Balancer V2, to provide liquidity providers with a vast array of exciting benefits.

According to the team, Balancer V2 comes with a brand new, more welcoming user interface that allows liquidity providers to invest in pools with “any combination of tokens” and “any amounts” provided the tokens are supported by the pool.

Notably, the team says those entering the Balancer ecosystem can now access valuable information via Balancer.fi just as before, however, it now has an added functionality, which is to route trade through the most efficient protocol.

Commenting on the launch of Balancer V2, Fernando Martinelli, CEO of Balancer Labs said:

“We decided to refresh the brand now to better reflect our values and customer promises of being flexible, efficient, and secure. A clean and simple user interface was one thing that was missing in earlier iterations of Balancer and this updated experience makes it much simpler for traders and liquidity providers to use the platform.”

More Features

Unlike Balancer V1, assets from all pools are stored in a single vault, enabling users to enjoy very low gas costs and a better experience. 

Martinelli added:

“Some may say there is more intrinsic risk to having funds in a single smart contract. Security is our number one priority, so we had many discussions on this point. Throughout the design process, we discussed every trade-off in-depth to ensure security at every step.”

In addition to offering users cost-efficient swappings, dynamic fees and a more colorful, easy-to-use interface, the team say Balancer V2 governance has transitioned to a multi-signature system made up of  11 transaction signers including Alexander Lange, David Hoffman, and Synthetix’s Kain Warwick, amongst others.

The team has made it clear that liquidity will soon be migrated from Balancer V1 to V2 and the entire Balancer protocol will move to a new and more trustless program for BAL liquidity mining.

As reported by BTCManager earlier in April 2021, Balancer Labs rolled out a $2 million bug bounty program to incentivize ethical hackers to root out loopholes in the Balancer V2 vault. However, Martinelli has made it clear that bugs are yet to be found in the system.

At press time, the total value locked (TVL) in Balancer protocol sits at $3.49 billion, according to DeFiLama, while BAL token is exchanging hands for $63.14, as seen on CoinMarketCap.

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Balancer (BAL), Gnosis, Join Forces to Launch New DeFi Protocol

by Btcmanager

Balancer (BAL) and Gnosis have come together to launch the Balancer-Gnosis-Protocol (BGP). The team says the new protocol combines the strengths of both protocols, offering users a capital-efficient decentralized exchange (DEX) that protects them from Miner Extractable Value (MEV) manipulation, according to a blog post on April 28, 2021.

Balancer-Gnosis Fighting the Competition via Cooperation 

In a bid to offer traders better trading experience, capital efficiency, and protection against gas fee manipulation, Balancer Labs, the team behind Balancer (BAL), the 10th-largest decentralized exchange and automated market maker (AMM) in the world, has forged alliances with Gnosis to launch Balancer-Gnosis-Protocol (BGP).

As stated in the team’s blog post, the Balancer-Gnosis-Protocol (BGP) combines the strengths of both protocols, enabling users to enjoy the Balancer V2’s flexible liquidity pools and Gnosis V2’s MEV protection, as well as its robust price finding mechanism.

In addition to fostering capital efficiency and users’ protection against MEV, the team has hinted that the new protocol also aims to bring in upgradeable and dynamic rules to the ecosystem, thereby making it possible for parameters to be adjusted according to market conditions at any given time.

“These changeable rules are applied to market makers and traders with the primary objective of keeping the value from the miners while distributing it across BGP users in the form of better prices. For example, governance can decide to establish a flexible liquidity fee or a variable fee for professional solution submission to set tight slippage on the trades,” explained the team.

BGP to Go-Live in Three Stages 

Notably, the team says Balancer-Gnosis-Protocol will be rolled out in three major phases to ensure it’s as frictionless as possible. The first stage is the CowSwap alpha (GPv2), which will offer users a 90 percent fee reduction.

Stage 2 involves CowSwap beta (GPv2) and Balancer V2, which is designed to incentivize traders to seamlessly migrate liquidity from Balancer V1 to V2.  The last stage is scheduled to go live in June this year. Stage 3 involves the integration of Balancer V2 with Gnosis Protocol V2 in the BGP dApp.

In related news, the Balancer team launched a $2 million bug bounty program earlier this month, as part of plans to ensure there are no exploitable loopholes in its V2 Vault architecture.

At press time, the price of Balacer’s BAL token is trading at $59.31, with a market cap of $411.88 million, as seen on CoinMarketCap.

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Balancer Labs Kicks Off Largest DeFi Bug Bounty Program

by Btcmanager

Balancer Labs, the foundation behind the Balancer Protocol, has offered the largest bug bounty prize on record in its attempts to root out vulnerabilities in its V2 Vault architecture. The foundation contributes to the Balancer protocol, which provides liquidity and offers users automated portfolio management.

The announcement of the record bounty program with a top prize of 1000 ETH (over $2M) comes as Balancer launches its most significant upgrade to date — the Balancer V2 Vault. 

The V2 Vault

The V2 Vault is a single vault that manages and holds all user funds entrusted to the Balancer protocol. The upgrade should help streamline transactions and reduce transaction fees on the protocol.

V2 smart contracts were made available to developers on April 20th. They offer the tools required for anyone to leverage capital efficiency in new and innovative ways. Since there is so much at stake, the Balancer team deemed it prudent to allocate ample resources to guarantee the security of V2.

To this end, the team has kicked off their lucrative bounty reward program to incentivize ethical hackers to identify any vulnerabilities in the V2 smart contracts. The Balancer Labs vulnerability tests are scheduled to take place in late April of 2021.

Building a Better and More Secure Balancer Protocol

The latest effort to fortify the V2 vaults by deploying a team of tech-savvy hackers to find bugs in the system shows that Balancer has learned from the past. 

In June 2020, the protocol suffered a devastating attack where hackers managed to siphon a half-million dollars in tokens by manipulating the smart contract of a staking pool.

The hack highlighted a worrying trend where malicious actors increasingly target Defi platforms. The latest example is DODO DEX, a DeFi project that suffered an exploit to its smart contract in March 2021.

A study done by CipherTrace revealed that 50% of attacks that occurred in the crypto sphere in H2 of 2020 were targeted explicitly toward DeFi Projects. The hacks on DeFi resulted in losses of up to $47.7 million.

These worrying statistics seem to have prompted Balancer Labs to intensify their efforts to safeguard their protocol. Balancer Labs CEO Fernando Martinelli noted:

“The more there is at stake, the higher we believe our bug bounty rewards should be. The bug bounty program empowers everyone in the developer community to help us build a better Balancer.”

Tech Firms Are Increasingly Using Bug Bounties 

Bug bounties are emerging as a creative way for security researchers to identify weaknesses in various systems. 

Tech-savvy developers are also cashing in big on these reward programs, which require them to find and report software and system flaws for tech companies. As per a recent BBC report, nine ethical hackers raked in a record $40m from bug bounties in 2020 alone.  

The Ethereum Foundation rolled out a bounty program that offered prizes of up to $50K last year. The process aimed to sniff out critical vulnerabilities found in the imminent ETH 2.0 network.

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