Balanced Network Strategic Partnership With Band Protocol and Launch Review
Balanced, the first decentralized finance platform on the ICON Network and integrator of secure price oracles from Band Protocol to ensure safe and reliable collateral, risk ratio, and liquidation mechanisms has secured $225M TVL without incident in the 5 weeks it’s been live on Mainnet. Balanced would rank #25 on DeFi Pulse per the total value secured in smart contracts.
Balanced aims to be a decentralized bank, designed for regular people. With it, you can collateralize ICX to borrow Balanced Dollars (bnUSD), swap assets, and supply liquidity. For participating, you’ll earn BALN, the Balanced governance token, which entitles you to a share of the network fees.
Since the launch, Balanced has reported achievements like:
- 10 million Balanced Dollars minted within 50 hours
- 10% of the ICX circulating supply deposited as collateral within 16 days
- $135M locked in collateral and $90M in the DEX, for a total TVL of $225M
- ~$1M USD created through network fees
- Over 10,000 BALN holders
- Balanced is based on the ICON Network, so interoperability and cross-chain capabilities will soon be available through BTP: a standard that enables all blockchains to be interoperable — regardless of their consensus model and algorithm. This will make it easy to bridge assets to and from the ICON Network in a seamless manner, bringing in capital flow, new participants, and increased adoption of Balanced.
Expansion Into Traditional Stock and Equities
Band Protocol uses the ICX/USD price feed to secure the collateralization, liquidation, and risk ratios for Balanced. The data updates every 5 minutes or per 0.5% price deviation, with extensive market coverage from top exchanges and institutional-grade data providers, like Binance, OKex, Upbit, Huobi, and CoinGecko.
With BTP expected to launch in the coming months, both teams are working to support a genesis set of synthetic assets other than sICX (staked ICX derivative) and Balanced Dollars (synthetic USD).
This means participants could collateralize ICX or other supported assets, borrow Balanced Dollars (bnUSD), and exchange it for synthetic assets of all classes, including traditional stocks, equities, commodities, and foreign exchange.
As a strategic partner, Band Protocol is also working with Balanced on protocol design, economics, and optimizations, and provides valuable industry connections to leading DeFi projects, exchanges, and more. We look forward to working closely with Balanced and the ICON Network in this next stage of innovation, with highly secure and decentralized oracles.
Balanced is a DAO (decentralized autonomous organization) consisting of a decentralized balance sheet of ICX collateral, with the vision of creating a vibrant ecosystem of tokens pegged to the value of real-world assets.
It allows investors to mint, borrow, and retire pegged assets, while also providing market makers with clearly defined arbitrage opportunities. The initial version of Balanced will support the minting and retiring of a USD-pegged asset, referred to as Balanced Dollars (bnUSD).
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Blockchains are great at immutable storage and deterministic, verifiable computations — however, they cannot securely access data available outside the blockchain networks. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
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