Liquidity providers deposit funds into Balancer and receive trading fees from traders (supply-side fees). In addition, Balancer provides liquidity providers with additional yield using boosted pools.

Balancer is a non-custodial exchange protocol built on Ethereum. Balancer was founded by Fernando Martinelli and launched in 2018.

BAL tokenholders own and govern the protocol. They currently take a cut of the total trading and yield fees (revenue). Balancer's investors include DeFiance Capital, Three Arrows Capital, Alameda Research, etc.

governance

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website

Exchanges (DEX)

Balancer

# Balancer Maximum token supply Methodology

## 1. Overview

The Balancer token supply maximum metric represents the hard cap on the total number of BAL tokens that can ever exist. This is a protocol-level constant defined in Balancer's tokenomics, set at exactly 96,150,000 tokens. Unlike circulating supply metrics that change over time based on token minting and burning events, the maximum supply is a fixed value that remains constant throughout the protocol's lifetime. This metric answers the question: "What is the absolute maximum number of BAL tokens that can ever be in circulation?"

## 2. Data sources

This metric is derived from:
- **Protocol specifications**: Balancer's official tokenomics documentation that established the maximum supply cap
- **Governance records**: Protocol governance decisions that defined the token supply parameters
- **Token contract specifications**: Smart contract parameters that enforce the maximum supply limit

Unlike most blockchain metrics, this does not rely on transaction data, event logs, or external price feeds, as it represents a fixed protocol parameter rather than dynamic blockchain activity.

## 3. Step-by-step calculation

### Component A: Maximum supply definition
- **Purpose**: Establishes the fixed maximum supply of BAL tokens as defined in the protocol specifications
- **Logic**: The calculation sets a hardcoded value of 96,150,000 as the maximum possible supply of BAL tokens. This value is anchored to the token launch date of June 23, 2020, when the protocol's tokenomics were established. The timestamp is set to 00:00:00 UTC on the launch date to mark when this maximum supply specification became effective.
- **Key fields**: The `token_supply_maximum` field contains the value 96,150,000, representing the absolute cap on BAL tokens that can ever exist

### Final aggregation
- **Combining components**: Since this is a single hardcoded value, no combination of multiple components is required
- **Currency conversion**: No currency conversion is needed as this metric represents a token count rather than a monetary value
- **Time aggregation**: The calculation uses a 'fill forward' strategy, meaning the maximum supply value established on June 23, 2020, is propagated to every subsequent day, creating a complete daily time series where each day shows the same maximum supply
- **Final calculation**: The final metric value is exactly 96,150,000 BAL tokens for every day from the launch date forward, representing the unchanging maximum supply cap established in the protocol's tokenomics

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Maximum number of tokens that can exist under the current token economics.

BalancerBAL

Maximum token supply

Maximum token supply

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