Balancer is an automated portfolio manager and liquidity provider turning the concept of an index fund on its head: instead of paying fees to portfolio managers to rebalance your portfolio, you collect fees from traders who rebalance your portfolio by following arbitrage opportunities. Developers leverage Balancer as a permissionless building block to innovate freely and create new treasury management systems. This opens up possibilities for dynamic fees and allows for liquidity bootstrapping pools (LBPs) which are excellent for launching a new token and so much more.