24h Change-0.56%
All Time HighMay 4, 2021$74.45
All Time LowJun 4, 2026$0.12
Market Cap$7.68m
Fully Diluted Valuation$11.44m
Circ. Supply64.58m BAL
Max Supply96.15m BAL
Outstanding FDV$8.61m
CEX Volume$560,000
DEX Volume$113,297
Balancer V2 · Ethereum$37.54m
Balancer V2 · Gnosis$923,215
Balancer V2 · Polygon$588,587
Balancer V2 · Arbitrum$84,867
Balancer V2 · Avalanche$36,871
Uniswap V3 · Polygon$13,750
Majors$2.7m
Stablecoins$6.74m
Own Tokens$429,763
Others$3.29m
| Q2 2026* | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | Q1 2020 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gross Protocol Revenue | $896.62K | $1.30M | $4.35M | $5.65M | $4.01M | $7.66M | $11.15M | $4.82M | $5.85M | $6.16M | $4.52M | $6.22M | $4.24M | $8.67M | $6.73M | $9.25M | $15.16M | $10.96M | $21.36M | $14.29M | $44.10M | $37.27M | $13.70M | $48.24M | $1.16M | $29 |
| Token Swap Fees | $560.32K | $342.50K | $1.52M | $640.25K | ||||||||||||||||||||||
| Assets Yields | $295.25K | $509.55K | $1.25M | $210.97K | ||||||||||||||||||||||
| Protocol Fees | $19.92K | $15.67K | ||||||||||||||||||||||||
| Flashloan Fees | $0 | $0 | ||||||||||||||||||||||||
Cost of Revenue | $596.50K | $876.43K | $2.72M | $3.08M | $1.82M | $3.81M | $5.61M | $2.44M | $2.99M | $3.29M | $2.60M | $3.21M | $2.23M | $4.75M | $2.85M | $3.81M | $5.94M | $3.65M | $8.34M | $3.72M | $588.90K | $0 | $0 | $0 | $0 | $0 |
| Token Swap Fees | $94.02K | $124.47K | $761.47K | $320.13K | ||||||||||||||||||||||
| Assets Yields | $265.72K | $458.60K | $1.12M | $189.87K | ||||||||||||||||||||||
| LP Fees | $215.63K | $54.61K | ||||||||||||||||||||||||
Gross Profit | $300.12K | $432.53K | $1.65M | $2.38M | $1.79M | $3.73M | $5.53M | $2.37M | $2.85M | $2.87M | $1.91M | $2.89M | $2M | $3.92M | $2.85M | $3.81M | $5.99M | $3.63M | $8.34M | $3.72M | $588.90K | $0 | $0 | $0 | $0 | $0 |
| Token Swap Fees | $1M | $640.25K | ||||||||||||||||||||||||
| Assets Yields | $411.72K | $210.97K | ||||||||||||||||||||||||
| Protocol Fees | $215.63K | $54.61K | ||||||||||||||||||||||||
Incentives | $38.42K | $325.25K | $879.12K | $1.38M | $1.18M | $2.53M | $3.23M | $2.87M | $5.13M | $7.03M | $5.81M | $6.14M | $8.70M | $12.19M | $10.87M | $11.69M | $14.72M | $28.29M | $39.25M | $45.26M | $79.42M | $69.59M | $25.19M | $34.69M | $0 | $0 |
| Liquidity Providers | $38.42K | $325.25K | $879.12K | $1.38M | $1.18M | $2.53M | $3.23M | $2.87M | $5.13M | $7.03M | $5.81M | $6.14M | $8.70M | $12.19M | $10.87M | $11.69M | $14.72M | $28.29M | $39.25M | $45.26M | $79.42M | $69.59M | $25.19M | $34.69M | $0 | |
Earnings | $261.69K | $107.28K | $772.60K | $998.52K | $612.10K | $1.20M | $2.29M | -$496.42K | -$2.28M | -$4.15M | -$3.90M | -$3.25M | -$6.70M | -$8.26M | -$8.02M | -$7.87M | -$8.73M | -$24.65M | -$30.90M | -$41.54M | -$78.84M | -$69.59M | -$25.19M | -$34.69M | $0 | $0 |
Token Holder Net Income | $110.54K | $294.63K | $625.23K | $991.94K | $1.08M | $2.29M | $3.40M | $1.46M | $1.75M | $1.76M | $1.17M | $1.76M | $1.23M | $2.41M | $1.75M | $2.34M | $3.65M | $2.23M | $5.13M | $2.28M | $362.18K | $0 | $0 | $0 | $0 | $0 |
| Protocol Fees | $71.20K | $33.58K |
How much debt can be issued against BAL as collateral across lending protocols.
Maximum possible exposure to BAL
$284,487
$6,024 (max additional borrows against BAL) + $278,463 (bad debt if BAL was hacked now)
Morpho V1
$59,604 at-risk exposure = $53,580 bad debt if hacked + $6,024 additional borrowable against BAL
Aave V3
$224,883 at-risk exposure = $224,883 bad debt if hacked + $0 additional borrowable against BAL
Showing collateral exposure for BAL on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for BAL as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
BAL0xba100000625a3754423978a60c9317c58a424e3d | $6,024 | $53,580 | ||
BAL0xba100000625a3754423978a60c9317c58a424e3d | $0 | $80,796 | ||
BAL0x9a71012b13ca4d3d0cdc72a177df3ef03b0e76a3 | $0 | $144,087 |
Risk-management actions published about BAL by tracked risk managers and governance contributors, newest first.
A sharp 60% drop in BAL price over two hours, triggered by the liquidation of major holder humpy.eth, caused a $30K deficit and shrank the BAL market by over 95%, prompting recommendations for further deprecation to reduce exposure.
BAL falls into the Rate Strategy Volatile One category for volatile cryptocurrencies, prioritizing liquidity with a 45% optimal utilization threshold to support liquidations and mitigate volatility risks.
Supply caps increased on V3 Ethereum and Arbitrum based on Gauntlet’s risk simulations indicating sufficient liquidity and stable market conditions.
July financials note a $2m treasury purchase of B-80BAL-20WETH as part of large offsetting inflows and outflows.
BAL added to Ethereum V3, with borrow cap increased and interest rate upgraded to enhance borrowing incentives and protocol revenue from Balancer ecosystem integration.
Additional BAL was acquired to extend DAO holdings for ecosystem growth via veBAL opportunities; interest rate parameters were upgraded to improve capital efficiency in BAL pools, boosting TVL and revenue on Polygon v3.
BAL's restrictive borrow factors currently make borrowing unviable despite its role in longer-tailed assets; raising them improves capital efficiency for borrowers and shorts. Chainlink oracles reduce oracle manipulation risks, maintaining Euler's overall risk profile.
Treasury holds strategic $1m position in BAL from Balancer DAO partnership; excluded from runway modeling to conservatively treat non-stables as liquid stables.
BAL experienced lower overall market liquidity following the FTX fallout, leading to a temporary freeze to safeguard the protocol from rapid price declines and bad debt accumulation.
Aave executed the acquisition of 100k BAL through a bonding curve following AIP-115, bolstering treasury holdings for strategic partnerships and potential revenue growth.
Balancer Governance Token (BAL) is the core token behind the Balancer protocol, now carrying voting weight in governance decisions. Previously, veBAL was used for voting but has been phased out as of March 2026.
Governance transitions to a dual voting system where both veBAL and unlocked BAL tokens carry voting rights. This means any BAL holder can participate in protocol governance without needing to lock tokens, while existing veBAL holders retain their voting power for the duration of their lock. The specific mechanics of this dual system (vote weighting, quorum thresholds, and implementation details) will be defined in a dedicated governance proposal. The Balancer restructure consolidates all operations under Balancer OpCo Limited as an agent of the DAO following the wind-down of Balancer Labs. Balancer OpCo established an annual operating budget of $1.9M. The team maintains V3 smart contracts, the frontend, backend, SDK, and integrations across active deployments.
The Balancer Foundation is an agent of the DAO. It has no shareholders, and its Directors are legally bound to governance resolutions. The Foundation and its subsidiaries exist as legal wrappers to execute what governance decides. Existing veBAL retains voting power until lock expiry, unlocked BAL carries voting rights.
The Treasury Safe is overseen by the Treasury Council. DAO multisig holds admin permissions.
veBAL will no longer receive a share of protocol fees, voters decide revenue deployment.
Pre-2026, most protocol fees were routed to veBAL holders. Now 100% of protocol fees are routed to the DAO treasury.
Value accrues to the DAO Treasury.
The revamp & tokenomics proposals passed, meaning zero BAL emissions, upcoming BAL buyback & burn program, and all fees going to the DAO treasury.
100% of protocol fees are routed to the DAO treasury upon passing of BIP-919. Also included in BIP-919 is an offer to buy back and burn BAL at NAV once veBAL unlocks are complete. Under BIP-919, all BAL emissions are halted.
The Treasury Council will earmark 35% of treasury holdings and set aside the buyback allocation in stablecoins. After 12 months (once veBAL locks begin expiring), a 12-week claim window opens for holders to burn their BAL against that allocation. The specific claim mechanism (smart contract design, eligibility verification) is TBD and will be implemented by the core team prior to the window opening. If the buyback is not fully exercised, remaining stablecoins reintegrate into the Treasury when the window closes.
No dividend or revenue distribution is currently active
The buyback and burn offer will begin when veBAL locks begin expiring.
An is required to view token usage.
An is required to view token unlocks.
Showing 10 of 11 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabBAL-WETH | $4.64m | 0% | 0% | 1.19% | |||||
| open in new tabUSDC-BAL-TEL | $167,593 | 0.03% | 0.03% | 339% | |||||
| open in new tabWMATIC-USDC-WETH-BAL | $135,424 | 2.57% | 2.57% | 444% | |||||
| open in new tabBAL | $99,506 | 0% | 0% | ||||||
| open in new tabBAL-TEL | $98,652 | 0% | 0% | 0.01% | |||||
| open in new tabBAL | $52,604 | 0.32% | 0.32% | 0.43% | |||||
| open in new tabWETH-BAL | $36,857 | 0.01% | 0.01% | 1.02% | |||||
| open in new tabUSDC-LINK-WETH-BAL-AAVE | $33,603 | < 0.0001% | 167% | ||||||
| open in new tabLINK-WETH-BAL-AAVE | $11,944 | 0.64% | 0.64% | 433% | |||||
| open in new tabAURA-WSTETH-BAL | $10,239 | 0% | 0% | 1.03% |
