Decentralized finance (DeFi) has been gaining more popularity with every proceeding time, with the latest trending platform being Compound. Another DeFi platform dubbed Balancer is heading to the limelight, despite the fact that it was recently launched. Today, its governance token has been listed on FTX exchange.
FTX exchange list Balancer token (BAL)
According to a report on Thursday, Hong Kong-based digital currency exchange said it had listed the Balancer token, which trades with “BAL” ticker. It’s worth noting that the Balancer token distribution was officially conducted a few days ago. Perhaps, it’s one of the governance tokens that will be earned by DeFi app’s users.
The listing of Balancer token adds to the available governance tokens on FTX, which includes COMP, the native token of Compound. While explaining the reason behind the listing of the Balancer token, the founder of FTX exchange said they see high interest and demand for BAL trading.
DeFi is gaining more attention
Balancer is a portfolio manager and a decentralized crypto exchange (DEX). The platform was launched sometime in March 2020; however, it has grown to become one of the popular DeFi platforms on Ethereum. As mentioned earlier, the Balancer tokens were only distributed this week.
The trading of BAL was supported on Balancer’s exchange, including Uniswap, later after the distribution. At that time, the token’s price surged a digit mark ($7) to double digits ($22), per the report. However, BAL price has dropped to $12 at the time of writing.
Similarly, the governance token of DeFi platform, Compound posted decent volumes on FTX, which was reportedly the first exchange to list COMP. Later, other popular cryptocurrency exchanges such as Binance, and Coinbase Pro went on to list the token.