$BAL
Locking BAL tokens can earn veBAL, which provides governance rights within the Balancer protocol
veBAL holders can also earn a share of the protocol's trading fees
Holding veBAL can also provide access to certain Balancer features and benefits, such as liquidity mining opportunities

$LP tokens
Balancer allows for the creation of customizable liquidity pools, which can be composed of multiple tokens
Holders of these pool tokens can earn trading fees from the pool, as well as potentially benefit from arbitrage opportunities
These tokens can also be used as collateral in lending and borrowing protocols, or traded on other platforms for potential profit.

Governance & Voting Power:
Holders of $BAL tokens have the power to vote on important protocol decisions such as treasury management, fee structure, and liquidity mining rewards. Additionally, veBAL holders receive 75% of the protocol fees, incentivizing long-term holding and active participation in governance.

Liquidity Provision:
Liquidity providers can earn $BAL tokens by providing liquidity to Balancer pools. The more liquidity provided, the more fees earned and $BAL tokens received as a reward. This creates a strong incentive for users to hold $BAL tokens and provide liquidity to Balancer pools.

DeFi Ecosystem Integration:
Balancer protocol has gained significant traction in the DeFi 

The value created by the Balancer protocol lies in its ability to provide a flexible AMM solution that allows for the creation of custom pools with multiple tokens. This leads to a more efficient trading experience with increased liquidity and minimal slippage. Additionally, the introduction of ve-BAL with fee share incentivizes users to hold Balancer's governance token, creating a strong community and aligning the interests of all stakeholders. 

Value accrual to token:
veBAL receives 75% of fees. This mechanism helps to increase the value of BAL due to reduced circulating supply, in essence, it's an incentive to lock up more BAL and thus map value onto the token. Token holders also have a say in the usage of the fees collected.

Value accrual to the protocol:
The Balancer protocol captures value through fees collected from trades and withdrawals in the pools with 25% going to the treasury. This mechanism helps to increase the value of the treasury.

The business model for Balancer protocol:

Revenue comes from:
Fees collected from trades and withdrawals in the pools
Since users have to lock ETH-BAL liquidity positions in order to receive veBAL, this reduces the circulating supply of BAL and thus also increases the value of the treasury.

Revenue is denominated in:
Whatever assets pool is denominated in

Revenue goes to:
25% to Balancer treasury
75% distributed to veBAL holders, who also earn BAL emissions for locking up ETH-BAL liquidity position.
Token holders decide the usage of fees collected.