Balancer's BAL token gets listed on FTX exchange

Crypto exchange FTX has listed the Balancer protocol’s governance token BAL on its spot and futures trading platforms.

FTX founder and CEO Sam Bankman-Fried told The Block that the exchange is seeing “lots of interest and demand” to trade BAL, given the growing popularity of decentralized finance (DeFi) in general.

Balancer is a decentralized or non-custodial automatic market maker protocol that was launched in March of this year. Earlier this week, the protocol officially deployed the BAL token on Ethereum.

Soon after the deployment, the token started trading on Balancer's own exchange as well as Uniswap and saw its price jump from $7 to as high as $22 at the time. It is currently trading at about $12.

Notably, FTX was also the first major exchange to list Compound’s governance token COMP last week. Bankman-Fried said the token listing went “quite well,” referring to decent volumes.

High-profile crypto exchanges Coinbase Pro and Binance followed next and listed the COMP token. It remains to be seen whether BAL follows COMP and gets listed on major exchanges.

About Author

Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.