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Balancer is a protocol for programmable liquidity

#### Generalized AMM

Customizable number of assets and weights within a pool

#### Global Liquidity

Trade against all pools in the Balancer ecosystem for best price execution

#### Smart Pools

Pools controlled by smart contracts can implement any arbitrary trading strategy or logic

## Easily swap ERC20 tokens

Exchange tokens without deposits, bids / asks, and order management. All on-chain.

Preview an expected trade price for two assets given existing liquidity and slippage.

#### Smart Order Routing

Trades are split through an SOR which performs an optimization across all pools for best price execution.

#### Unstoppable Interface

Frontends are open-source and will be made available through IPFS. Trade any tokens without need for whitelisting or approval.

## Flexibility built into the base protocol

Up to 8 tokens. Any weights. And programmability through smart-contract owned pools.

### Use Balancer Pool Tokens within new pools for liquidity exposure

#### What is an AMM?

An AMM, or Automated Market Maker is a general term that defines an algorithm for creating and managing liquidity. Learn More

#### What is the difference between Balancer and other AMMs?

Many existing AMMs use a constant product (x * y = k) formula. Balancer generalizes this using a constant mean $V = \prod_{t}B_t^{W_t}$ formula which allows for more than 2 assets and weights outside 50/50. Learn More

#### What are fees on a pool?

Balancer pools charge a percentage of the input amount traded for each trade. The fee is customizable per pool and goes entirely to the pool liquidity providers.

#### Is Balancer decentralized?

Balancer makes every effort to be as trustless as possible. There are no admin controls, upgradeability, or shutdowns built into the smart contracts.

#### What is Balancer useful for?

Instead of paying fees to portfolio managers to rebalance your portfolio, you collect fees from traders, who rebalance your portfolio. You can earn returns by providing liquidity or as a trader swap between any assets in the global liquidity pool.

#### What are the risks?

Balancer is a very new protocol. Although we are taking every precaution and doing extensive audits, this is still very much a beta product. Use small amounts of funds to start.