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Balancer is an automated market maker, decentralized exchange, and liquidity pool protocol built on Ethereum that allows users to provide liquidity for multiple assets simultaneously. Balancer's BAL token acts as a governance token to help the project set features such as issuance rewards and whitelisted pools for liquidity mining. When users trade, their orders are filled by multiple pools with better pricing and lower slippage. What makes Balancer unique is that the protocol supports up to eight assets per market (weighting of supported assets is arbitrary), along with custom trading fees set by the creator of the pool. Due to Balancer’s flexible parameters, pools can do much more than provide a place for crypto holders to exchange their assets. Balancer Labs has released pool schematics, such as one for Liquidity Bootstrapping Pools or one for pools that attempt to remove the risk of LPs losing their assets.