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Balancer V1 Review 2026: Original Ethereum AMM Pools

Balancer V1 is the original Ethereum version of Balancer's automated market maker, with about 5.5 million USD in TVL. It suits readers studying early multi-token pools more than anyone seeking the protocol's newest features.

Ethereum

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

6.5/10

Good

Visit Balancer V1

Our verdict on Balancer V1

6.5/10

Balancer V1 is best for readers who want to understand or use the original Balancer pool design on Ethereum. Its main strength is its place in the established Balancer family, with two audits listed and the BAL token behind it. The main caveat is size and age: TVL is about 5.5 million USD, fees are not published publicly, and newer Balancer versions may suit most users better. Check pool details and the audits before depositing.

Score breakdown

How Balancer V1 scores

Security: 7.0/10
Ease of use: 6.5/10
Fees: n/a
Features: 6.5/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Balancer V1?

Balancer V1 is the first version of Balancer, an automated market maker on Ethereum. DefiLlama files it under Dexs and describes Balancer as a protocol for programmable liquidity. Its homepage calls the wider suite DeFi's most extensive AMM product suite.

According to DefiLlama, V1 holds about 5.47 million USD in total value locked, up 3.7 percent over seven days. It lists the BAL token and two audits. The project does not state a launch date or current development status for V1.

The homepage says the Balancer protocol covers Ethereum and select EVM chains, but V1 itself is listed on Ethereum only.

How Balancer V1 works

Balancer is an automated market maker. Instead of matching buyers and sellers in an order book, users trade against pools of tokens that liquidity providers have deposited. Prices adjust according to the pool's formula as tokens move in and out.

Balancer is known for pools that can hold more than two tokens and be set up with custom settings, which fits its description as a protocol for programmable liquidity. The project does not give V1 pool details, so this is general background on how Balancer-style pools work.

Liquidity providers deposit tokens and earn a share of the swap fees paid by traders. In return they take on risks such as impermanent loss, where the value of their deposit can lag behind simply holding the tokens.

6 features

Key features

Programmable liquidity

Balancer describes itself as a protocol for programmable liquidity, meaning pools can be configured rather than fixed to a single design.

AMM token swaps

V1 is tracked as a decentralized exchange where users swap tokens against liquidity pools instead of an order book.

Yield-bearing liquidity

The homepage says Balancer delivers fungible and yield-bearing liquidity, which points to pools that can earn from trading activity.

Part of a wider suite

The homepage calls Balancer DeFi's most extensive AMM product suite, so V1 is one part of a larger family of products.

Audits listed

DefiLlama lists two audits for this entry, though details are not given publicly.

BAL token

BAL is listed as the protocol token on DefiLlama.

Pros and cons

What we like

Part of the established Balancer family, which describes itself as a broad AMM product suite.
Two audits are listed on DefiLlama.
Runs on Ethereum, with deep tooling and wallet support.
TVL grew 3.7 percent over the last seven days, per DefiLlama.
BAL is a listed protocol token, so governance and incentives exist at the Balancer level.

Watch out for

Version 1 is the oldest Balancer release, and the project does not say how actively it is maintained compared with newer versions.
TVL of about 5.5 million USD is small, so large trades may face thin liquidity.
Pool-based AMMs expose liquidity providers to impermanent loss, especially in multi-token pools.
Fee levels, audit details and pool lists are not public, so users must check them elsewhere.
Smart-contract risk applies, as with any on-chain protocol, even with audits listed.

Balancer V1 fees

The project does not publish swap fees, pool fees or protocol fees for Balancer V1. Each pool typically sets its own swap fee, so users would see the fee on the pool page or in the swap interface before confirming.

On Ethereum, users also pay network gas fees for every swap, deposit or withdrawal. These depend on network congestion and are not specific to Balancer.

Is Balancer V1 safe?

DefiLlama lists two audits for Balancer V1, but the project does not name the auditors or summarize findings. No hacks or incidents are mentioned publicly. Smart-contract risk remains, particularly for an older version that may receive less attention than newer releases.

Balancer V1 is a non-custodial protocol, so users keep control of funds in their own wallet but are responsible for approvals and transactions. Regulatory status is not covered publicly. Check the audit reports and your local rules before using it.

6 steps

How to get started with Balancer V1

1
Confirm you are using the official Balancer site and decide whether you need V1 or a newer version.
2
Set up an Ethereum-compatible wallet and fund it with ETH for gas fees.
3
Review the pool you are interested in, including its tokens, weights, swap fee and liquidity.
4
Read the audit information and understand impermanent loss before adding liquidity.
5
Start with a small swap or deposit to check how the interface and fees behave.
6
Track your position and withdraw when you no longer want exposure.

Open Balancer V1

Who Balancer V1 is for

Balancer V1 suits DeFi users who already hold assets on Ethereum and want exposure to Balancer's original pool design, as well as researchers tracking how AMMs evolved. Newcomers and anyone wanting the latest Balancer features should compare it with newer versions first.

Balancer V1 FAQs

What is Balancer V1?

Balancer V1 is the first version of Balancer, an automated market maker on Ethereum. DefiLlama describes Balancer as a protocol for programmable liquidity, and V1 is tracked as its own listing under the Dexs category.

Which blockchain does Balancer V1 run on?

DefiLlama lists Balancer V1 on Ethereum only. The Balancer homepage says the wider protocol covers Ethereum and select EVM chains, but that refers to the broader product suite, not V1.

Does Balancer have a token?

Yes. DefiLlama lists BAL as the token associated with Balancer. The project does not detail its utility or tokenomics, so check the official documentation for how it is used.

Is Balancer V1 audited?

DefiLlama shows two audits listed for this entry. An audit lowers risk but does not remove it, and the project does not name the auditors or findings. Review the audit reports and understand smart-contract risk before depositing funds.

How much liquidity does Balancer V1 have?

Public sources show about 5,471,082 USD in TVL, up 3.7 percent over seven days. That is modest for a DEX, so liquidity may be limited for larger swaps.

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