Balancer (BAL)

A new era for Balancer starts now.

The revamp and tokenomics proposals (BIP-918 & BIP-919) just passed.

This means zero BAL emissions, BAL buyback and burn program, and all protocol fees going to the DAO treasury.

All operations move under the DAO. The protocol keeps building. https://t.co/8klBBKpduA

Earlier this year, I decided to upskill and move into blockchain data.

I found @SageAnalytics and joined their SQL program, which I recently completed.

For my final project, I used Dune to analyze @Balancer’s on-chain data and built a comprehensive dashboard.

The goal was to understand trading activity, liquidity pools, user participation, and protocol revenue.

Balancer stands out as both a DEX and a weighted portfolio manager, currently operating across 3 versions.

Key findings:

1. Volume concentration

• Balancer processed $4B over the 30-day period analyzed, but most activity is concentrated in a single pool

• An AAVE GHO USDT USDC pool drives the majority of total volume.

2. v2 vs v3 dynamics

• Version 2 has more individual trades, while Version 3 handles significantly more value.

• v3 processes 84x more volume, suggesting larger players are using the newer version.

3. The March spike

• In early March, volume increased while trade count stayed flat.

• This suggests larger trade sizes rather t