Balancer Launches on Ethereum Layer 2 Network

Decentralized exchange Balancer has launched on the Ethereum Layer 2 scaling solution, which seeks to reduce fees and address network congestion.

Source: Crypto Briefing

BAL is down 6.27%, while ETH is down 6.00%.

The latest development is Balancer’s third Ethereum virtual machine, following its expansion into the Layer 2 network Aribtrum and Ethereum sidechain Polygon.

Balancer Labs Chief Executive Officer Fernando Martinelli said the launch recognizes the firm as a leading L2 solution that commits to lower transaction fees and network congestion.

Martinelli said Balancer is excited to bring its technology to the Optimism ecosystem, which launched its OP governance token through an airdrop to select users earlier this week.

The front-end deployment will be led mainly by Balancer’s Beethoven X update on the Fantom blockchain, which will contribute its technical capacities to boost the protocol’s decentralized finance operations.