Balancer V2

BAL Governance Token

Ethereum Contract Address: 0xba100000625a3754423978a60c9317c58a424e3d


As Balancer Protocol moves to decentralize and diversify its governance, it will use the Balancer Governance Token (BAL) to grant voting power. Alignment between governance token holders and protocol stakeholders is crucial for successful decentralized governance, and BAL tokens are the vehicle to drive this alignment. BAL tokens are not an investment; BAL token holders should be people who interact with the protocol in some way, are committed to its future development, and want a seat at the governance table.

Contract Address

Supply and Distribution


When BAL was launched, the inflation started as a constant 145,000 BAL per week. At the launch of the veBAL system, however, a halving schedule was introduced: every 4 years, the inflation should be halved, with gradual steps every year starting one year after the launch of the new tokenomics system. This means the final BAL supply will be about 94,000,000 BAL. Detailed calculations can be seen on this public spreadsheet.
This new inflation schedule is immutable and follow the below chart:


This chart outlines the allocation amounts. More details below.
BAL Recipient/Fund
BAL Amounts
Liquidity Providers
(Up to) 65M
Founders, Options, Advisors, Investors
Ecosystem Fund
Fundraising Fund


Currently, 145,000 BAL tokens, or approximately 7.5M per year, are distributed every week through the Liquidity Mining program. At this rate, it would take a total of 8.666 years to distribute the remaining 65M BAL before reaching the 100M cap. BAL Governance has power over Liquidity Mining, and can choose to keep or change this system.

Founders, Options, Advisors, Investors

25M tokens were allocated to founders, options, advisors, and investors, all subject to vesting periods.

Ecosystem Fund

5M were allocated for the Ecosystem Fund. This fund will be deployed to attract and incentivize strategic partners who will help the Balancer ecosystem grow and thrive. BAL holders will ultimately decide how this fund is used over the coming years.

Fundraising Fund

5M were allocated for the Fundraising Fund. Balancer Labs raised a pre-seed and seed round. This fund will be used for future fundraising rounds to support Balancer Labs' operations and growth. BAL tokens will never be sold to retail investors.
For full transparency, the seed series price of one BAL token was $0.60.