Balancer is a Decentralised Finance (DeFi) platform built on the Ethereum blockchain that functions as a Decentralised Exchange (DEX), a global liquidity pool, and an Automated Market Maker (AMM). Balancer’s AMM offers a unique way for users to swap ERC-20 tokens by creating and running openly accessible on-chain liquidity for a variety of ERC-20 tokens. Balancer acts as a non-custodial portfolio manager, a price sensor, and liquidity provider. Balancer lets users provide liquidity for multiple digital assets simultaneously, and Balancer’s AMM allows for a customisable number of assets and weights within a pool. Pools controlled by smart contracts that can implement any type of arbitrary trading strategy or logic and users can trade against any pool in the Balancer ecosystem for the best price execution. Balancer also allows for custom ratios for the assets in each pool. BAL is the native token of the Balancer platform. The BAL token is used for governance of the platform, as well as incentivisation features like issuance of rewards and whitelisting of liquidity mining pools.