{JSON.stringify(data, null, 2)}
+ + Last Updated: October 2023 +
++ Balancer is an open source, permissionless, decentralized protocol. The smart + contracts that power the ecosystem may be used by anyone. This website is the + Balancer Foundation's front-end to the ecosystem and it is also open-source. + You are free to fork it on Github and modify it as you wish. +
+This website uses the following 3rd party services:
++ Last Updated: October 2023 +
++ This Cookies Policy (“Policy”) applies to your interaction with the Balancer + Foundation, its subsidiary, Balancer OpCo Limited, and material service providers + operating under a legal agreement (“Balancer Foundation,” “Balancer,” “we,” “our,” + or “us”). +
++ Cookies are pieces of data stored on your device. Browser cookies are assigned by a + web server to the browser on your device. When you return to a site you have visited + before, your browser gives this data back to the server. Mobile applications may + also use cookies. +
+ ++ We do not generally use cookies; however our third party vendors do. We do not + intentionally collect information to customize your experience on the website or the + Balancer.fi user interface (UI) to the Balancer Protocol. (“Sites” or “Site”). +
++ Industry standards are currently evolving, and we may not separately respond to or + take any action with respect to a “do not track” configuration set in your internet + browser. +
++ Other parties that collect information about your web browsing behavior when you use + our Site are generally limited to service providers who only use any information + collected to provide services for us and not to provide services or advertising for + any other party. Note, however, that we also provide certain widgets or tools on our + sites that allow you to interact with third parties who provide these features, such + as tools that allow web surfers to easily share information on another platform. At + other times, information from a third party may be embedded on our Site, such as a + map. These widgets, tools, and informational items often function through the use of + third-party cookies utilized by the third party site. As a result, these third + parties may have access to information about your web browsing on the pages of our + Site where these widgets, tools, or information are placed. You may wish to review + information at third party sites, where you have an account, to determine how these + third parties treat data that they obtain through the use of cookies. +
++ You may be able to set your browser to reject cookies. If you set your browser + options to disallow cookies, you may limit the functionality we can provide when you + visit our Site. The latest versions of internet browsers provide cookie management + tools, such as the ability to delete or reject cookies. We recommend that you refer + to information supplied by browser providers for more specific information, + including how to use these tools. +
++ We do not typically use additional technologies such as pixel tags, web beacons, and + clear GIFs. We permit third-party service providers to use these technologies. They + use these technologies for purposes such as determining viewing and response rates. +
++ In addition to the uses described above, we may use information for purposes as + allowed by law such as: servicing; communicating with you; improving our Site, + products, or services; legal compliance; risk control; information security; + anti-fraud purposes; tracking website usage, such as number of hits, pages visited, + and the length of user sessions in order to evaluate the usefulness of our sites. +
++ We share information with service providers with whom we work, such as service + providers and companies that help us service you better. When permitted or required + by law, we may share information with additional third parties for purposes + including response to legal process. As applicable, please see our{' '} + Privacy policy for more information on how we may + share information with affiliates and third parties. +
++ Last Updated: October 2023 +
++ + This Privacy Policy explains how the Balancer Foundation, its subsidiary, Balancer + OpCo Limited (“Balancer Foundation,” “Balancer,” “we,” “our,” or “us”) collects, + uses, and discloses information about you. This Privacy Policy applies when you + use our website, Balancer Protocol user-interface or application and other online + products (collectively, our “UI”), engage with us on social media, or otherwise + interact with us. + +
++ + We may change this Privacy Policy from time to time. If we make changes, we will + notify you by revising the date at the top of this policy and, when material, we + will provide you with additional notice by adding a statement to our website and + consent as required under applicable law. Your continued use of this UI after we + make changes is deemed to be acceptance of those changes when permissible. We + encourage you to review this Privacy Policy regularly to stay informed about our + information practices and the choices available to you. + +
++ We do not typically request, collect or use personal information from you except + under limited circumstances as described herein. With the exception of your wallet + address, there is no reason for you to provide personal information when you use the + UI. Your use of the UI will not be customized and this policy reflects that + practice. +
++ Balancer is not directed to children under the age of 16. If a parent or guardian + becomes aware that his or her child has provided us with personal information + without your consent, please contact us at + + privacypolicy@balancer.finance + + . If we become aware that a child under the age of 16 has provided us with personal + information, we will take reasonable efforts to delete such personal information. +
+ ++ When you access or use our UI, we may automatically collect certain information, + including: +
++ We do not typically obtain information from third-party sources in order to provide + business services. We do not sell information we collect. +
+ ++ We may derive limited information or draw inferences about you based on the + information we have access to or receive, most importantly, from our service + providers. Your wallet and IP address is accessible to Balancer and its vendor(s). + We may make inferences about you based on your wallet or IP address. +
++ We do not collect your personal information, other than wallet address, to customize + the UI for your use. However, we reserve the ability to use information we collect + to provide, maintain, administer and/or improve the UI. We may also use the + information we collect to: +
++ We do not have access to or share personally identifiable information, other than as + described herein, in the normal course of Balancer business. However, when Balancer + has access to personal information, such as your wallet and certain IP addresses, it + may share that information in the following circumstances or as otherwise described + in this policy: +
++ We do not work with third parties to serve ads to you as part of customized + campaigns on the UI or third-party UIs. +
++ Balancer Foundation is headquartered in the Cayman Islands with a subsidiary in the + British Virgin Islands (BVI). Therefore, we and our service providers may transfer + your personal information to, or store or access it in, jurisdictions that may not + provide levels of data protection that are equivalent to those of your home + jurisdiction. We will take steps to ensure that your personal information receives + an adequate level of protection in the jurisdictions in which we process it. +
++ Balancer and its third party vendors may use any cookies to affect the availability + and functionality of the UI. For more information about cookies and how to disable + them, see our Cookies policy. +
++ In the preceding 12 months, we or our vendors may have collected the following + categories of personal information: identifiers, internet or other electronic + network activity information and inferences. For details about the data points we + collect and the categories of sources of such collection, please see the Collection + of Information section above. We collect personal information for the purposes + described in the Use of Information section above. In the preceding 12 months, we + have disclosed the following categories of personal information for business + purposes to the following categories of recipients: +
+ +| Category of Personal Information | +Type of Information & Categories of Recipients | +
|---|---|
| Identifiers | +
+ + We share with vendors, such CloudFlare and Fathom Analytics: certain IP + addresses, device identifiers or other similar identifiers. + + ++ With our compliance partner, TRM Labs, we only share wallet addresses used to + connect a wallet to our UI (all other user information like IP addresses, + device identifiers and location are not shared). The code for the UI is open + source, and can be reviewed by anyone at any time. + + |
+
| Internet or other electronic network activity information | ++ We share with vendors: information regarding an interaction with an UI/website + | +
+ Balancer does not “sell” personal information to advertise our products to you or + otherwise. +
+ ++ Subject to certain limitations, you have the right to (1) request to know more about + the categories and specific pieces of personal information we collect, use, and + disclose, and sell, (2) request deletion of your personal information, (3) opt out + of any “sales” of your personal information that may be occurring, and (4) not be + discriminated against for exercising these rights. You may make these requests by + emailing us at + + privacypolicy@balancer.finance + + . If we receive your request from an authorized agent, we may ask for evidence that + you have provided such agent with a power of attorney or that the agent otherwise + has valid written authority to submit requests to exercise rights on your behalf. If + you are an authorized agent seeking to make a request, please contact us. +
+ ++ Balancer does not share such information with third parties for direct marketing + purposes. +
+ ++ Our Services do not respond to “Do Not Track” signals communicated by your browser. + We do not knowingly retain or sell tracking information collected about your online + activity. For more information about Do Not Track, please visit{' '} + + www.allaboutdnt.com + + . +
++ If you are located in the European Economic Area (EEA), the United Kingdom, or + Switzerland, you have certain rights and protections under the law regarding the + processing of your personal data, and this section applies to you. +
++ Balancer does not typically process user personal data. If Balancer processes data, + such as a wallet address and certain IP addresses, it will do so in reliance on the + following lawful bases: +
++ We do not maintain customer accounts or store personal data. Our vendor will store + your wallet address in order to provide requested services. +
++ Subject to certain limitations, you have the right to request access to the personal + data we hold about you and to receive your data in a portable format, the right to + ask that your personal data be corrected or erased, and the right to object to, or + request that we restrict, certain processing. Balancer does not typically hold or + store such personal data. +
++ If you have any questions about this Privacy Policy, please contact us at{' '} + + privacypolicy@balancer.finance + + . +
++ Last Updated: May 2024 +
++ + There are many inherent risks developers accept when working in DeFi and using the + Balancer Protocol. This page aims to summarize the top risks to help you with your + risk decisions. It is important to note that this list is not exhaustive, and + there may be additional risks not explicitly mentioned here. As the risk + environment is fluid, we expect to periodically update this summary. + +
++ Smart contract risk is a general risk when using DeFi protocols, including Balancer. + Smart contracts are self-executing pieces of code that run on certain blockchains, + like Ethereum. Although they are designed to be secure, they can be vulnerable to + bugs and exploits. +
++ If there is a flaw in the smart contract code, it can be exploited by attackers to + steal funds from the protocol. This can result in the loss of funds for liquidity + providers and swappers who are using the protocol. Smart contract risk is a major + risk for all DeFi users, and it is important to carefully evaluate the security of + the protocols before using them. +
++ The main architectural change between Balancer V1 and Balancer V2 is the transition + to a single vault that holds and manages all the assets added by all Balancer + pools. This separates the AMM logic from the token management and accounting. Token + management/accounting is done by the vault while the AMM logic is individual to each + pool. This provides many advantages, including flexibility and gas efficiency. +
++ One critique of this approach is that the Balancer Vault could be a single point of + failure—i.e. hack the vault, get all the tokens of the protocol. This Balancer Vault + architecture was heavily audited prior to launch and has now been battle-tested + since May 2021, securing over $3b. It has also been forked by other teams across + different networks, including Beethoven X on Fantom, without issue. +
++ An mechanism or economic exploit of a DeFi protocol occurs when an attacker is able + to manipulate the economic incentives of the protocol to their advantage, resulting + in a loss of funds for other participants. This can happen even when there are no + smart contract bugs or other unintended logic errors. +
++ For example, an attacker could take advantage of a liquidity pool's pricing + mechanism to intentionally cause the price of an asset to deviate from its true + value, allowing them to buy or sell that asset at a profit. +
++ In addition, the composable nature of DeFi means that a pool on Balancer may contain + tokens that may be manipulated by an attacker on a third party protocol, which + further increases risk. +
+These types of economic exploits are difficult to detect and prevent.
++ A liquidity pool is only as good as its weakest token. This is because liquidity + pools typically sell the winners (tokens moving up in price) and accumulate the + losers (tokens moving down in price). If a pool contains a toxic token, the value of + the BPT (LP tokens) of the liquidity pool could go to zero. This is the case even if + the other pool tokens remain good and would otherwise not be affected. +
+
+ A toxic token could be seeded into a liquidity pool by a malicious pool creator or
+ an otherwise good token could become toxic (similar to Terra’s stablecoin{' '}
+ UST).
+
+ Rebasing tokens are a type of cryptocurrency that adjusts the supply of the token + based on a predetermined formula. This formula is usually designed to keep the price + of the token stable relative to some external metric, such as the price of a + particular asset or a specific index. When the external metric changes, the token + supply is adjusted, which in turn affects the price of the token. +
++ For example, if a rebasing token is designed to maintain a price of $1 per token and + the price of the external asset goes up by 10%, the token supply would decrease by + 10% to maintain the $1 price point. Similarly, if the external asset price goes down + by 10%, the token supply would increase by 10%. +
+
+ Some examples of rebasing tokens include stETH and
+ AMPL.
+
+ Unfortunately, rebasing tokens generally don’t work well in liquidity pools + since LPs may suffer losses when rebasing occurs. +
+ +wstETH
+ —a wrapped token which includes the accumulated yield from Lido ETH staking and
+ does not rebase like
+ stETH.
+ + DeFi composability refers to the ability of different DeFi protocols and + applications to work together seamlessly in endless combinations, allowing + developers to create more complex financial transactions and applications. This is + sometimes referred to as DeFi lego building blocks, since they can be combined and + connected to created interesting new structures and applications. +
++ While composability offers many benefits, layering on protocols and applications on + top of each other comes with additional risks. For example, risks get compounded + when multiple protocols are composed together, as a vulnerability in one contract + could impact others. The interconnectivity of DeFi protocols can amplify risks, + turning isolated incidents into systemic threats. For example, if a major protocol + fails or suffers from an exploit, it could lead to a domino effect, impacting other + protocols and users in the ecosystem. +
++ Other risks could cascade if a protocol within a composability stack has a liquidity + crisis, an unfavorable governance decision or regulatory outcome. +
++ Balancer currently uses off-chain voting mechanisms to signal the will of veBAL + token holders (vote-escrow BAL). This off-chain voting is done via{' '} + Snapshot + —originally developed in-house by Balancer Labs. +
+A summary of the immutability of the Balancer Protocol’s smart contracts:
++ Note: The system of Balancer Governance may change in the future. For example, + Balancer community members have expressed interest in moving from the Multisig + towards on-chain governance execution by veBAL token holders. +
++ The main risk with this setup consisting of off-chain voting executed by MultiSigs: +
++ A Flash Loan is a type of loan where a user borrows assets with no upfront + collateral and returns the borrowed assets within the same blockchain transaction. + Flash Loans use smart contracts which requires that a borrower repays the loan + before the transaction ends. They are typically used for arbitrage opportunities, + collateral swaps and to lower transaction fees, across potentially multiple + protocols. It’s a powerful new financial primitive, native to DeFi. +
+Flash Loans may be used on Balancer and interact with the Balancer Vault.
++ While Flash Loans offer many benefits, they also comes with certain risks. Flash + Loans have also been used for multiple DeFi exploits resulting in losses worth + millions of dollars. Flash Loan exploits are relatively new with the full range of + attack surfaces still being discovered. +
++ Balancer is a flexible AMM that allows people to create different types of liquidity + pools, including those with immutable and/or mutable pool attributes. +
++ For pools with immutable attributes, LPs can be assured that the rules are designed + so they cannot change once they have provided liquidity since no pool attribute + should be changed by anyone at any time. +
+For pools with mutable attributes, LPs should understand:
++ When joining a pool, LPs should be aware of the price impact from adding tokens to + the pool. In general, adding liquidity in proportional amounts to the token weights + of the pool incur low price impact. Adding custom token amounts (non-proportionally) + causes the internal prices of the pool to change, as if you were swapping tokens. + The higher the price impact the more you'll spend in swap fees. +
++ LPs should also consider the effect of slippage when adding liquidity to a pool. + Slippage occurs when market conditions change between the time your order is + submitted and the time it gets executed on Ethereum. Slippage tolerance is the + maximum change in price you are willing to accept. +
++ Slippage tolerance is a setting in both the Add/Remove liquidity flows on the + Balancer App UI. Setting a low slippage tolerance protects you from front-running + bots and miner extractable value (MEV). +
++ Gas on the Ethereum network refers to the unit that measures the amount of + computational effort required to execute specific operations. Gas fees in Ethereum + are the transaction costs users pay to have their transactions processed and + validated by the network's miners. Gas fees vary depending on network + congestion, transaction complexity, and the amount of gas a user is willing to pay. +
++ Gas fees can be particularly high during periods of network congestion. As a result, + LPs might face increased costs when adding or removing liquidity, making adjustments + to their positions, or claiming liquidity mining incentives. If the gas fees are + higher than the returns they get from providing liquidity, LPs may end up with a net + loss. +
++ Impermanent loss is a risk that liquidity providers (LPs) face when providing + liquidity to an automated market maker (AMM) like Balancer. It is the difference + between the value of holding assets in a pool versus holding them outside of the + pool. +
++ If the price of the assets in the pool changes, LPs may experience a loss compared + to holding the assets outside of the pool. This can happen because the AMM algorithm + rebalances the pool to maintain a constant ratio of the assets in the pool. If the + price of one asset increases, the algorithm will sell some of that asset and buy + more of the other asset to maintain the ratio. This means that LPs will sell the + asset that is increasing in price and buy the asset that is decreasing in price, + resulting in a loss. +
++ This risk is particularly relevant for pools with volatile assets where token prices + are likely diverge over time. +
++ DeFi users, including liquidity providers and swappers, typically interact with + front-end user interfaces to interact with a protocol’s smart contracts. An + example is the app.balancer.fi front-end UI instance which interacts with Balancer + Protocol smart contracts. +
+ +A few risks of using front-ends to manage liquidity positions in DeFi:
++ The regulatory frameworks applicable to blockchain transactions in connection with + tokens and stablecoins are still developing and evolving. In addition, the + increasing complexity of DeFi applications and their interactions can make it + difficult to assess and regulate them effectively. This could potentially lead to + increased regulatory scrutiny or even a regulatory crackdown, which could have + negative consequences for participants, our efforts to mitigate risks and the entire + DeFi ecosystem. +
++ It's also possible that the Balancer App UI may be wholly or partially + suspended or terminated for any or no reason, which may limit your access to your + tokens via this website. In this scenario, you may be able to recover funds by + forking the open-source code on{' '} + Github and running your own + local instance, or by using a third party website, like{' '} + Etherscan. +
++ Balancer is designed to be infinitely extendible to allow for any conceivable + pool type with custom curves, logic and parameters, and more. The general risks + of the most popular pool types are listed below. +
++ Weighted Pools use{' '} + + Weighted math + + , which makes them great for general cases, including tokens that don't + necessarily have any price correlation (ex. DAI/WETH). Unlike weighted pools in + other AMMs that only provide 50/50 weightings, Balancer Weighted Pools enable + users to build pools with more than two tokens and custom weightings, such as + pools with 80/20 or 60/20/20 weightings. Some risks of weighted pools include: +
++ Stablecoins are tokens whose value is intended to be pegged or tied to that of + another asset, which could be a currency, commodity or financial instrument. + There are many types of stablecoins, some are risky than others depending on + product design including evidence of reserves to support the peg in times of + stress. Some example types of stablecoins include: +
++ Depegging occurs when a stablecoin losses its peg to the target asset. In stable + pools, if a stablecoin depegs, LPs may incurs losses. This is because liquidity + pools typically sell the winners (tokens moving up in price) and accumulate the + losers (tokens moving down in price). In the case of a USD-pegged stable pool, + if an asset permanently loses it’s peg to $1 and goes down in value, the + pool will sell any pegged assets and accumulate the asset which has lost + it’s peg, leading to an overall loss of funds for LPs. +
++ Composable Stable Pools are designed for assets that are either expected to + consistently trade at near parity, or at a known exchange rate. Composable + Stable Pools use Stable Math (based on StableSwap, popularized by Curve) which + allows for trades of significant size before encountering substantial price + impact, vastly increasing capital efficiency for like-kind and correlated-kind + swaps. They are ideal for: +
++ Note: Composable Stable Pools are a superset of all previous Stable-type pools + (Stable Pools, MetaStable Pools, StablePhantom Pools, and StablePool v2) and + therefore obsolete all previous pools. +
++ Composable Stable Pools (including MetaStable Pools) carry the all of the same + risks as stable pools, including the potential depegging of constituent + stablecoin tokens. In addition, there are risks associated with the involvement + of rate providers. +
++ Rate Providers are contracts that provide an exchange rate between two assets. + These exchange rates can come from any on-chain source, whether that may be an + oracle, a ratio of queryable balances, or another calculation. +
++ This introduces risks around the rate provider being able to supply accurate + and timely exchange rates between pool tokens. +
++ Oracles are data providers which supply external information to smart + contracts. Oracles, like Chainlink, may be used to source exchange rates + between pool tokens for a rate provider in Balancer MetaStable pools. The + risks of using Oracles to supply exchange rates include: +
++ Pools may use rate providers that are bridged between blockchain networks. +
++ For example, some pools on Polygon zkEVM use a rate provider that is bridged + from Ethereum Mainnet via the Layer Zero (an omnichain messaging service). In + these pools, LPs are exposed to risk of significant losses if an incorrect + rate is received via the omnichain messaging service. +
++ Typically, only 10% or less of the liquidity deposited into an AMM pool is being + utilized by traders because the trade sizes are much smaller than the available + liquidity. Boosted Pools allow the remaining portion of liquidity to be sent to + lending protocols where the liquidity can earn additional yield for accepting + inherent risks. +
++ Since boosted pools deposit excess liquidity into lending protocols, like Aave, + to generate yield, LPs must fully understand the risks of the underlying lending + protocol since a portion of their funds will be exposed to the risks of that + protocol. Some of the risks of the underlying lending protocol may include smart + contract bugs, economic attack vulnerabilities and counterparty risk from the + protocol’s borrowers. Lending platforms may also use{' '} + + Oracles + {' '} + which face additional risks (described above). +
+ ++ Also note, some Boosted pools, like those by Tetu and Idle may use strategies + that utilize multiple yield protocols in order to maximize yield. Since these + strategies may change exposure to the underlying yield protocols at any time, + LPs must accept the risk that the protocol utilizing these strategies carefully + vets all third party protocols to reduce composability risks. +
+ ++ If the underlying lending protocol were to get hacked, LPs in a boosted pool + that deposits liquidity in that protocol could lose funds. +
++ Individual stablecoin tokens within Boosted Pools are subject to{' '} + + depegging risks + + , as described above. +
++ Gyroscope’s ‘Concentrated + Liquidity Pools’ (CLPs) are a class of AMMs that price the exchange of + assets within a defined range. As such, any CLP only provides liquidity for + trading activity restricted to this specific region. The goal is to use the + pool’s capital efficiently. There’s a few different types of CLPs: +
++ Other risks: +
+ Sidechains and Layer 2 networks can offer advantages over Ethereum Mainnet, like + faster transaction times and lower fees. However, they come with their own set + of risks and trade-offs. +
++ For example, sidechains and Layer 2 networks often have a different security + models. They may rely on a smaller set of validators or different consensus + mechanisms, which could potentially make them more susceptible to attacks or + centralization risks. +
++ In addition, there are bridging risks when user’s move funds between + networks. Asset bridges rely on smart contracts to facilitate transfers between + Ethereum Mainnet and Layer 2/sidechains. These contracts may have + vulnerabilities, which could expose users' funds to risks during the + bridging process. +
++ This list of networks below is not updated regularly and may not reflect all + networks supported by this UI. +
++ Optimism is a Layer 2 scaling solution for + Ethereum that uses Optimistic Rollups to improve transaction throughput and reduce + fees. Although, the Balancer App UI doesn’t support Optimism, the Balancer + Protocol smart contracts are deployed on Optimism and currently used by{' '} + Beethoven X. +
++ View the risks of using Optimism on{' '} + L2Beat. +
++ Polygon PoS is Proof-of-Stake (PoS) + sidechain scaling solution that runs in parallel to Ethereum Mainnet. Its validators + are solely responsible for validating Polygon transactions. It does not derive + security from Ethereum Mainnet. +
++ Polygon is subject to the same risks of other PoS chains. In particular, it has a + smaller pool of capital and validator set to gain consensus compared to Ethereum + Mainnet. +
++ Polygon zkEVM is a + EVM-compatible ZK Rollup built by Polygon Labs. Polygon zkEVM harnesses the power of + ZK proofs to reduce transaction costs and massively increase throughput, all while + inheriting the security of Ethereum L1. +
++ View the risks of using Polygon zkEVM on{' '} + L2Beat. +
++ Gnosis Chain, formerly known as xDai Chain, is + a sidechain for Ethereum focused on providing fast, stable, and cost-effective + transactions. It uses a PoS consensus mechanism and is secured by a set of + independent validators. It does not derive security from Ethereum Mainnet. +
++ The Gnosis chain is subject to the same risks of other PoS chains. In particular, it + has a smaller pool of capital and validator set to gain consensus compared to + Ethereum Mainnet. +
++ Avalanche is a Layer 1 blockchain that is + completely independent from the Ethereum blockchain. It's actually a + heterogeneous network of blockchains which allows separate chains to be created for + different applications. +
++ A Subnet is a sovereign network which defines its own rules regarding its membership + and token economics. The security of assets within a specific subnet is directly + tied to the security and integrity of its validators.{' '} +
++ Since Avalanche is independent from Ethereum, user's may face additional risks + around briding assets.{' '} +
++ Navigating these challenges calls for active engagement and open communication + within the community. Sharing insights, feedback, or concerns can contribute to + building a safer and more inclusive environment for all. Please feel free to reach + out with any questions, suggestions or propose changes for this page directly via + the{' '} + + Balancer Github + + . +
++ Last updated: August 2024 +
++ + Do not access this site where such access is prohibited by applicable law. Please + carefully read these terms of use before using the site. These terms apply to any + person or entity accessing the site and by using the site you agree to be bound by + them. The terms of use contain a mandatory individual arbitration and class + action/jury trial waiver provision that requires the use of arbitration on an + individual basis to resolve disputes, rather than jury trials or class actions. If + you do not want to be bound by these terms of use, you should not access the site. + By using the site in any capacity, you agree that you have read, understood, and + agree to be subject to these terms of use. + +
++ This Balancer Terms of Use document (“Terms” or “agreement”) (“Balancer ”, “we” and + “us” refers to the Balancer Foundation and its subsidiary Balancer OpCo Limited) + covers the website, Balancer Protocol user-interface and free application + (collectively “the Site”) we own and administer, at times in conjunction with others, + which provides the ability to access the decentralized Balancer Protocol. + Additionally, you can access the Balancer Protocol through third-party web or mobile + interfaces. These Terms apply to you (“You” or “you”) as a user of our Site including + all the products, services, tools and information, without limitation, made available + on the Site. +
++ To avoid any confusion, you agree a) you retain full control, at all times, over your + cryptocurrency assets, b) there are no intermediaries involved when you interact with + the Balancer Protocol and c) the online interface (UI) is a mere graphical interface + for you to interact with the Balancer protocol, which can be accessed through other + means, including other interfaces. +
++ You must be able to form a legally binding contract online either as an individual or + on behalf of a legal entity. You represent that, if you are agreeing to these Terms on + behalf of a legal entity, you have the legal authority to bind that entity to these + Terms and you are not indirectly or directly included on any sanctions list and at + least 18 years old or the age of majority where you reside, (whichever is older) can + form a legally binding contract online, and have the full, right, power and authority + to enter into and to comply with the obligations under these Terms. +
++ You are advised to periodically review these Terms so you understand any changes to + the Terms. Balancer in its sole discretion, reserves the right to make changes to our + Terms. Changes are binding on users of the Site and will take effect immediately upon + posting. As a user, you agree to be bound by any changes, variations, or modifications + to our Terms and your continued use of the Site shall constitute acceptance of any + such changes, revisions, variations, or modifications. When we make changes, we will + make the updated Terms available on the interface and update the “Last Updated” date + at the beginning of the Terms accordingly. +
++ You accept such changes, by continuing to use the Site and by doing so you agree that + we have provided you with sufficient notice of such change. Our{' '} + Privacy policy and{' '} + Cookies policy also apply to your access and use of + the Site. You are entering into a binding Agreement. Any failure by us to exercise any + rights or provisions of the Agreement shall not constitute a waiver of such right or + provision. +
++ As part of the Site, Balancer provides access to a decentralized finance application + (“Application” or “Balancer Protocol app”) on the Ethereum blockchain, that allows + swappers or liquidity providers of Ethereum assets (“Cryptocurrency Assets”) to + transact using smart contracts (“Smart Contracts”). Use of the Balancer Protocol may + require that you pay a fee, such as gas charges on the Ethereum network to perform a + transaction. You acknowledge and agree that Balancer has no control over any + activities, transactions, the method of payment of any transactions, or any actual + processing of payments of transactions. You must ensure that you have a sufficient + balance to complete any transaction on the Balancer Protocol before initiating such + transaction. You should not take or refrain from taking any action based on any + information contained on the Site or any other available information at any time. + Before you make any legal, technical, or financial decisions involving the Services, + you should seek independent professional advice from a licensed and qualified + individual in the area for which such advice would be appropriate. +
++ + You acknowledge and agree that Balancer has no control over any transactions + conducted through the Balancer Protocol, the method of payment of any transactions + or any actual payments of transactions including use of any third-party services + such as Metamask, or other wallet services. + + Likewise, you must ensure that you have a sufficient balance of the applicable + cryptocurrency tokens stored at your Balancer Protocol-compatible wallet address + (“Cryptocurrency Wallet”) to complete any transaction on the Balancer Protocol or the + Ethereum network before initiating such transaction. +
++ You acknowledge and accept the material potential risks associated with using the + smart contracts that can be accessed via the Balancer user interface including, + without limitation, the smart contracts for Balancer Pools. Before using these + features or Pools, please confirm you understand the functionality and risks. For more + information about the risks, please carefully read risks. +
++ ACCESS TO THIS SITE AND THE PRODUCTS HEREIN ARE PROVIDED ON AN `'`AS IS`'` + AND `'`AS AVAILABLE`'` BASIS WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS + OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, + FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. NO WARRANTY IS PROVIDED THAT + THE SITE OR ANY PRODUCT WILL BE FREE FROM DEFECTS OR VIRUSES OR THAT OPERATION OF THE + PRODUCT WILL BE UNINTERRUPTED. YOUR USE OF THE SITE AND ANY PRODUCT AND ANY MATERIAL + OR SERVICES OBTAINED OR ACCESSED VIA THE SITE IS AT YOUR OWN DISCRETION AND RISK, AND + YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE RESULTING FROM THEIR USE. SOME JURISDICTIONS + DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES, SO SOME OF THE ABOVE LIMITATIONS MAY + NOT APPLY TO YOU. TRANSACTIONS THAT ARE RECORDED VIA THE SITE MUST BE TREATED AS + PERMANENT AND CANNOT BE UNDONE BY US OR BY ANYONE. +
++ We do not guarantee or promise that the Site, or any content on it, will always be + available, functional, usable or uninterrupted. From time to time, access may be + interrupted, suspended or restricted, including because of a fault, error or + unforeseen circumstances or because we are carrying out planned maintenance or + changes. You acknowledge and agree that you will access and use the site at your own + risk. By using the Site, you will be solely responsible for conducting your own due + diligence into the risks of a transaction. +
++ We reserve the right to limit the availability of the site to any person, geographic + area or jurisdiction in our sole discretion and/or to terminate your access to and use + of the site, at any time and in our sole discretion. We may suspend or disable your + access to the Site for any reason and in our sole discretion, including for any + intentional or unintentional breaches of these Terms. We may remove or amend the + content of the Site at any time. Some of the content may be out of date at any given + time and we are under no obligation to update or revise it. We do not promise or + guarantee that the Site, or any content on it, will be free from errors or omissions. +
++ We will not be liable to you for any issue, loss or damage you may or have suffered as + a result of the Site being unavailable at any time for any reason. You will comply + with all applicable domestic and international laws, statutes, ordinances, rules and + regulations applicable to your use of the site (“Applicable Laws”). Likewise, we are + not liable for any third-party services and are not responsible for the content or + services of these party’s. +
++ As a condition to accessing or using the Site, you agree and represent that you will: +
+As a condition to accessing or using the Site or the Services, you will not:
++ You agree and acknowledge that if you use the Site and its Services to engage in + conduct prohibited by applicable law, we reserve the right to completely or partially + restrict or revoke your access to the Services at our sole discretion. We reserve the + right to investigate violations and prosecute any suspected breaches of this + Agreement, including the Terms. Any information may be disclosed to satisfy any new + regulation, law, government request, or legal process. +
+ +Accordingly, you expressly agree that:
++ The Site may contain hyperlinks or references to third party websites or content. Any + such hyperlinks or references are provided for your information and convenience only. + We have no control over third party websites and accept no legal responsibility for + any content, material or information contained in them. The display of any hyperlink + and reference to any third-party website does not mean that we endorse that third + party`'`s website, products or services or opine on the accuracy or reliability + of such information. Your use of a third-party site may be governed by the terms and + conditions of that third-party site. +
++ Certain areas of our website may record and collect information about you. You can + find more information about how we will process your personal information in our{' '} + Privacy policy. +
++ When you use the Site, we may collect information about your computer and your + interaction with the Site. See our Cookies policy{' '} + for more information. +
++ Balancer is the owner of all intellectual property rights in the Site and the material + published on them. To the extent practical, these works are protected by copyright + laws and all such rights are reserved. www.Balancer.fi is the uniform resource locator + (`'`URL`'`) of Balancer. You will not make use of this URL (or any other URL + owned by us) on another website or digital platform without our prior written consent. + Any unauthorized use or reproduction may be prosecuted. You will retain ownership of + all copyright in data you upload or submit by, through or to the Site. You grant us a + worldwide, royalty-free, irrevocable license to use, copy, distribute or publish and + send this data in any manner. +
++ + Under no circumstances shall we or any of our officers, directors, employees, + contractors, agents, affiliates, or subsidiaries be liable to you for any indirect, + punitive, incidental, special, consequential, or exemplary damages, including (but + not limited to) damages for loss of profits, goodwill, use, data, or other + intangible property, arising out of or relating to any access or use of the Site + including the user-interface, nor will we be responsible for any damage, loss, or + injury resulting from hacking, tampering, or other unauthorized access or use of the + Site including the user-interface or the information contained within it. + +
++ + We assume no liability or responsibility for any: (a) errors, mistakes, or + inaccuracies of content; (b) personal injury or property damage, of any nature + whatsoever, resulting from any access or use of the Site including the + user-interface; (c) unauthorized access or use of any secure server or database in + our control, or the use of any information or data stored therein; (d) interruption + or cessation of function related to the Site; (e) bugs, viruses, trojan horses, or + the like that may be transmitted to or through the Site; (f) errors or omissions in, + or loss or damage incurred as a result of the use of, any content made available + through the Site; and (g) the defamatory, offensive, or illegal conduct of any third + party. + +
++ + Under no circumstances shall we or any of our officers, directors, employees, + contractors, agents, affiliates, or subsidiaries be liable to you for any claims, + proceedings, liabilities, obligations, damages, losses, or costs in an amount + exceeding $100.00. This limitation of liability applies regardless of whether the + alleged liability is based on contract, tort, negligence, strict liability, or any + other basis, and even if we have been advised of the possibility of such liability. + Some jurisdictions do not allow the exclusion of certain warranties or the + limitation or exclusion of certain liabilities, but your acceptance of these Terms + constitutes an agreement to limit the liability of Balancer and our officers, + directors, employees, contractors, agents, affiliates, or subsidiaries to the + maximum extent possible under any applicable laws. + +
+We do not guarantee that the Site will be secure or free from bugs or viruses.
++ You are responsible for configuring your information technology, computer programs + and/or platform in order to access the Site. You should use and deploy your own virus + protection and security software. We cannot promise that the use of the Site, or any + content taken from the Site, will not infringe the rights of any third party. +
++ The content and materials available on the Site are for informational purposes only + and are not intended to address your particular requirements or needs. In particular, + the content and materials available on the Site do not constitute any form of advice, + referral or recommendation by us, should not be regarded as an offer, solicitation, + invitation or recommendation to buy or sell tokens or any other financial services and + is not intended to be relied upon by you in making any specific decision to buy or + sell a token. + + We recommend that you seek independent advice from financial, legal and tax advisors + before making any such decision particularly in light of the risks associated with + digital assets. + +
++ Nothing included in the site constitutes an offer or solicitation to sell, or + distribution of, investments and related services to anyone in any jurisdiction. +
++ From time to time, reference may be made to data we have gathered. These references + may be selective or, may be partial. As markets change continuously, previously + published information and data may not be current and should not be relied upon. +
++ You agree to indemnify and hold Balancer and our officers, directors, employees, + contractors, agents, affiliates, or subsidiaries harmless from any claim or demand, + including attorneys’ fees and costs, made by any third-party due to or arising out of + 1) your use of the site or 2) this agreement. +
++ We may perform any of our obligations, and exercise any of the rights granted to us + under these Terms, through an affiliated or unaffiliated third-party. We may assign + any or all our rights and obligations under these Terms to any third-party. +
++ If any clause or part of any clause of these Terms is found to be void, unenforceable + or invalid, then it will be severed from these Terms, leaving the remainder in full + force and effect, provided that the severance has not altered the basic nature of + these Terms. +
++ No single or partial exercise, or failure or delay in exercising any right, power or + remedy by us shall constitute a waiver by us of, or impair or preclude any further + exercise of, that or any right, power or remedy arising under these terms and + conditions or otherwise. If any of the provisions in these Terms are found to be + illegal, invalid or unenforceable by any court of competent jurisdiction, the + remainder shall continue in full force and effect. +
++ All disclaimers, indemnities and exclusions in these Terms shall survive termination + of the Terms and shall continue to apply during any suspension or any period during + which the Site is not available for you to use for any reason whatsoever. +
++ These Terms and the documents referred to in them set out the entire agreement between + you and us with respect to your use of the site, Balancer and the services provided + via the site and supersede any and all prior or contemporaneous representations, + communications or agreements (written or oral) made between you or us. +
++ + Any dispute, controversy, or claim arising out of or in relation to these Terms, + including the validity, invalidity, breach or termination thereof, shall be settled + by arbitration in accordance with the Cayman Islands Arbitration Law, 2012. There + shall be one arbitrator; the appointing authority may be based on mutual agreement, + be chosen by the parties or in the absence of such agreement, the court may + designate an appointing authority. The seat of the arbitration shall be the Cayman + Islands and the language of the arbitration shall be English. The applicable law + shall be Cayman Islands law or another choice of law determined in Balancer’s sole + discretion. + +
++ + With respect to all persons and entities, regardless of whether they have obtained + or used the site for personal, commercial or other purposes, all disputes, + controversies or claims must be brought in the parties’ individual capacity, and not + as a plaintiff or class member in any purported class action, collective action or + other representative proceeding. This waiver applies to class arbitration, and, + unless we agree otherwise, the arbitrator may not consolidate more than one person’s + claims. You agree that, by entering into this agreement, you and Balancer are each + waiving the right to a trial by jury or to participate in a class action, collective + action, or other representative proceeding of any kind. + +
++ + There is a Cayman Island International Arbitration Centre expected in the near term, + but in the meantime there is the modern Arbitration Act, 2012. + +
++ There is a risk that transactions effected through the Site may be affected by system + failures resulting from adverse events, natural disasters, pandemics and other + emergencies, as well as unforeseen significant changes in the external environment. + With regards to opportunity loss (e.g., loss of opportunity to place a payment + instruction, resulting in loss of profits which could have been obtained) due to + occurrences such as emergency situations and force majeure events, Balancer is under + no obligation to take any corrective action or measure and shall no under + circumstances be liable for any lost profits or other swapping losses. +
++ Balancer is a foundation company organized in the Cayman Islands with an operating + company organized in the British Virgin Islands (BVI). Please contact us if you have + any questions about these Terms or other topics, by sending an email to{' '} + + termsofuse@balancer.finance + + . +
+