Balancer is a protocol for multi-token automated market-making. It enables portfolio owners to create Balancer Pools and traders to trade against these pools. Balancer Pools contain 2 or more tokens each with arbitrary weights of the total pool value. The pools provide the Balancer Protocol with liquidity, and charge traders a trading fee in return. Pools can be considered automated market-makers since anyone can trade between any two tokens present in any pool.