Since the beginning of 2021, the cryptocurrency product that has garnered the most amount of user-base, trades, and value “Decentralized Finance (DeFi)”. It is the DeFi sector that has been one of the most empowering projects in the entire crypto-verse.
However, recently, another product that seems to offer the same potential has emerged. The name of the product is “Non-Fungible Token (NFT)” which has also gained an enormous fan-following and trade volume since the start of 2021.
There are several digital artwork designers and legacy auction houses that have started swarming towards the NFT sector in masses. Because of the NFT sector, the decentralized finance (DeFi) had taken the backseat and was enjoying the show.
On the other hand, this time has provided NFT industry the opportunity to regroup, make necessary plans, and go all-out in providing more innovative and reliable products to the users.
One such project on the decentralized finance (DeFi) sector is Balancer that has taken all the advantage from the recent gap and is in the process of improving its services and products for the users.
Ever since the launch, Balancer has contributed to the DeFi sector by creating a user-friendly, interoperable, and secure DeFi ecosystem.
A couple of cryptocurrency data analyzing firms have conducted their research on the price of Balancer. The on-chain data analyzing firms, TradingView and Cointelegraph Markets have revealed the price surge that BAL observed within 30-days.
The firms have revealed that on February 23, 2021, the price of Balancer Protocol Governance Token was $28.95. From then until March 18, 2021, the price of the BAL token had reached an all-time high of $64.99.
The firms have revealed that Balancer is one of the luckiest assets that has managed to not be impacted much from the recent slump that was experienced by almost the entire DeFi industry. The reason Balancer managed to make it through the downtime was because of the changes and upgrades the protocol had made in recent times.
Ever since the beginning of the year, the project had introduced several upgrades for its protocol. Furthermore, the protocol underwent some very huge and promising partnerships that helped it boost its prices over to the top.
The firm has been making constant efforts to introduce upgrades that would help lower the transaction fees on the Ethereum networks.
It was towards the end of January 2021, when Balancer had announced the new service of Reimbursements for the Balancer Exchange Gas. The main purpose of the launch of the protocol was to lower the cost of the gas fees that the users would incur when making transactions.
It was the reimbursement protocol that helped it attract huge investor crowds towards the platform and ended up surging its prices to all-time highs.