Credit: Original article published by Crypto Briefing Blog.

A recent Balancer Labs proposal will pay users 7,500 BAL per week to help cover their gas costs.

While users pay the gas cost in ETH, the reimbursements will be given out in BAL tokens and can be claimed by the users every week.

Free BAL to Cover Costs

A recent Balancer proposal that would pay users BAL tokens to cover their gas costs has just passed. Put forth by rabmarut, the proposal earned ~1.06 million BAL in support and ~253,610 against.

The program will run from Jan. 25 to Feb. 22 and hand out a total of 30,000 BAL, worth $589,200 at press time, to cover users’ gas costs (Ethereum network fees). If the program is successful in its endeavor, then it may be extended until Balancer launches its V2 upgrade.

Users who swap between WETH, WBTC, USDC, DAI, or BAL and trading directly via the interface are eligible for this reimbursement. On average, users can expect to save anywhere between 40-50%.

Source: Mike McDonald

Since the gas costs incurred are denominated in ETH, and the reimbursement is made in BAL, the median price from CoinGecko’s BAL/ETH pair will be used for conversion.

The Balancer Ecosystem Fund will supply the reimbursements.

Reimbursements will be reduced if more than 7,500 BAL are needed per week, but this is unlikely, according to Balancer. The team has budgeted a surplus in case of an influx in the number of transactions, surges in gas fees, and other unforeseen costs.

Users who route their trades through DEX aggregators like Matcha, 1inch, Paraswap, and others will not be eligible for the reimbursement.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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