Balancer is a non-custodial portfolio manager, liquidity provider, and price sensor. It has risen to prominence since its launch as a AMM-based DEX and it currently is one of the top DEXes in the world by Total Value Locked (TVL). Balancer is a generalization of the AMM idea that Uniswap pioneered, allowing end users more control over the pools that can be created. A key Balancer feature is the ability to create pools with multiple assets that can have different weights rather than the more traditional asset pair that is maintained in a 50/50 ratio. Balancer supports up to 8 assets that can be weighted in different ways to create asset portfolios to express different ideas and use cases. Trading activity on a given Balancer pool will maintain the asset allocations that have been setup. Other important features include the ability for users to set the trading fee for pools that are created, as well as specifying if the pools should be public or private.