The developers who make the game do it. In the programming of the game they’ll tweak values for damage, cooldown timing, animation length, etc. They usually do so when one character or another is performing significantly better or worse than average, or when something in their ability kit isn’t working like the developers want it to.
For example, if Character A through G win between 49% to 51% of the games they participate in, that’s close enough to average. But if Character H is winning 53% of all the games played with that character, and Character J is only winning 46%, they are straying a bit too far from average. H will likely get a slight nerf and J will get a slight buff.
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