{"document_id":"BLC-STUDY-0038","slug":"balancer","title":"Balancer: A non-custodial portfolio manager, liquidity provider, and price sensor","authors":"Fernando Martinelli and Nikolai Mushegian","year":2019,"date_label":"2019","publisher":"Fernando Martinelli and Nikolai Mushegian","paper_type":"Design paper","category":"Markets","topics":["Markets"],"source_url":"https://balancer.fi/whitepaper.pdf","source_label":"Balancer white paper","legacy_pdf_path":null,"sha256":null,"sha256_note":"No hash is published. This build does not store those PDF bytes, so a checksum would be invented. Where a legacy path exists, it points at the Internet Archive copy of the old library.","version":"Source cited by the 2019 study. The study is the reading. This page does not add a second essay.","doi":null,"rights_status":"Official external source only","source_status":"Official source","use_status":"Metadata and commentary only. The reading is the study page.","licence":null,"licence_label":"No licence recorded. Rights status under review.","full_text":null,"full_text_reason":"Full text is not published on this page. Public availability is not a licence to republish a document. Blockchain Lab has not recorded a licence that permits an HTML transcription, a training set, or a retrieval corpus of the paper. Text on this page is Blockchain Lab's own wording, or a pointer to a study that is also Blockchain Lab's wording.","editorial_line":"The Balancer paper generalises the two-asset constant-product pool to a weighted basket of several tokens. Traders rebalance the basket. Liquidity providers define target weights. The pool is both an index and a market.","canonical_url":"https://blockchainlab.com/whitepaper/balancer","record_url":"https://blockchainlab.com/research/corpus/papers/balancer","study_url":"https://blockchainlab.com/whitepaper/balancer","last_reviewed":"2026-10-01","last_checked":"2026-10-01","relationships":[{"rel":"Canonical reading","label":"Balancer study","href":"/whitepaper/balancer"},{"rel":"Related paper","label":"Uniswap","href":"/whitepaper/uniswap-v2"},{"rel":"Related paper","label":"Curve","href":"/whitepaper/curve-stableswap"},{"rel":"Related paper","label":"Uniswap","href":"/whitepaper/uniswap-v3"}]}