Balancer: N Dimensional Automated Market Maker

Late 2018 and early 2019 has largely been defined by the development and maturation of Open Finance market structure. Exchange infrastructure continues to proliferate, with users offered various architectures including continuous order books via 0x, batched auctions via DutchX, and Automated Market Makers (AMM) via Uniswap. Other developments of note include synthetic stablecoin, Dai, which serves as the dominant medium of exchange, and money markets, such as Compound.

The innately interoperable nature of these protocols has now inspired more complex experimentation. Recent developments include: Uniswapex, an extension to Uniswap permitting users to execute limit orders through the AMM model; margin exchange venues like dYdX, and debt instruments — certificates of deposits and zero-coupon bonds.