Te Aratohu Katoa ki Balancer

Te momo puna taketake. He taumaha tō ia tohu (hei tauira 80/20, 60/20/20 rānei) e whakatau ana i tōna wāhanga o te uara o te puna. Ka pupuri te invariant o te puna i te hua taumaha o ngā toenga tohu kia tū tonu.

An 80/20 ETH/USDC pool aims to keep 80% of its value in ETH and 20% in USDC. As market prices move, arbitrageurs trade against the pool until it is back at those weights, and LPs earn a swap fee on each trade.

The SOR queries Balancer pools to find the best path for a trade. For large swaps it can split the order across several pools to reduce price impact. Traders get a better price and more pools see volume.

Ko nga kaiwhakawhiti penei i a 1inch, ParaSwap me CoW Protocol ka whakawhiti i etahi o a raatau hokohoko ma roto i nga puna Balancer, no reira ka whiwhi nga puna i te rōrahi mai i nga kaiwhakamahi kaore ano kia whakatuwhera i te taupānga Balancer.

Introduced in Balancer v2 in 2021, the Vault is a single contract that holds and accounts for the tokens of every Balancer pool. Pool contracts only hold the pricing logic. Per the Balancer docs, this split is what makes the rest of the design possible.

A multi-hop swap through the Vault only transfers the net difference at the end of the transaction, which lowers gas costs. The Vault also offers flash loans: tokens borrowed and repaid within one transaction.

Batch swaps run several swaps in one transaction and settle only the net token transfers. This makes routes with many hops cheaper than running each hop separately.

Flash loans let arbitrageurs borrow tokens from the Vault for the length of one transaction, use them to close a price gap between pools, and repay them before the transaction ends. This keeps pool prices close to the wider market. The flash loan fee is set by governance, per the Balancer docs.

When token prices move away from the ratio at which you deposited, your pool share is worth less than holding the tokens. The loss becomes permanent if you withdraw at that new ratio. Volatile pairs carry the most IL. Correlated pairs (stablecoins, LST/ETH) and weighted pools that lean toward your preferred asset reduce it.

Balancer's contracts have been audited by firms including Trail of Bits, OpenZeppelin and Certora (reports are in the GitHub repositories, see Sources), and the protocol runs a bug bounty. Audits do not remove risk. In August 2023 a flaw in some v2 boosted pools was exploited, and in November 2025 a rounding flaw in v2 Composable Stable Pools was exploited for more than $100 million across several networks, per the post-mortems on the Balancer forum. Check which pool version you use and read the latest security notices.

Pool creation is permissionless: anyone can create a pool. Some pools hold tokens with malicious contracts, rebasing supply or fee-on-transfer logic that behave badly inside the Vault. Verify each token contract in a pool before you deposit, and prefer pools that Balancer governance has approved for a gauge.

Ka taea e ngā kaipōti veBAL te neke i ngā tukunga BAL atu i tō puna, ka tapahia tōna APR utu. Ko te nuinga o te hua o ngā puna maha ka puta mai i ngā whakatenatena BAL, nā reira ki te heke te utu BAL, ka heke tahi taua hua, ka taea e te waiwai te wehe, ka whānui haere ngā mokowhiti.