Balancer has launched a new program for its users to avoid high network charges. A new Balancer Labs offer will pay users 7,500 BAL per week to help cover gas costs.
While users pay the gas price in ETH, refunds will be given with BAL tokens and can be requested by users every week.
Free BAL to cover costs
A new Balance proposal to pay users BAL tokens to cover gas costs has been approved. Rabmarut’s proposal was accepted with ~ 253,610 BAL against ~ 1.06 million BAL support.
The program will run from January 25th to February 22nd, and a total of 30,000 BAL will be distributed at the time of writing to cover users’ gas costs (Ethereum network charges) If the program is successful in its efforts, it can be extended until you initiate the Balancer V2 upgrade.
This refund will be available to users who have exchanged between WETH, WBTC, USDC, DAI or BAL and traded directly through the interface. On average, users can expect to save anywhere between 40-50%.
Since the gas costs incurred are in ETH and the refund is in BAL, the median price of CoinGecko’s BAL / ETH pair will be used for the conversion.
Balance Ecosystem Fund will cover repayments
If more than 7,500 BAL is needed per week, repayments will decrease, but this is unlikely, according to Balance. The team set aside a budget for a surge in transaction count, increased gas fees, and other unforeseen costs.
Users who direct their transactions through DEX collectors such as Matcha, 1inch, Paraswap and others will not be able to receive refunds.