HomeCoinsBand Protocol (BAND)Balanced Network Strategic Partnership With Band Protocol and Launch Review | by...

Balanced Network Strategic Partnership With Band Protocol and Launch Review | by Kevin Lu | Band Protocol | Jun, 2021

- Advertisement -


Kevin Lu
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.

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.



Read the original article here

- Advertisement -
profile logo 500x500
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,485FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 43,341.00
ethereum
Ethereum (ETH) $ 3,064.24
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 546.73
litecoin
Litecoin (LTC) $ 160.42
eos
EOS (EOS) $ 4.26
okb
OKB (OKB) $ 17.10
tezos
Tezos (XTZ) $ 5.37
leo-token
LEO Token (LEO) $ 2.98
cardano
Cardano (ADA) $ 2.12
monero
Monero (XMR) $ 234.32
stellar
Stellar (XLM) $ 0.283348
chainlink
Chainlink (LINK) $ 23.85
huobi-token
Huobi Token (HT) $ 12.31
tron
TRON (TRX) $ 0.094298
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 174.75
neo
NEO (NEO) $ 41.56
iota
IOTA (MIOTA) $ 1.32
nem
NEM (XEM) $ 0.157834
zcash
Zcash (ZEC) $ 119.44
maker
Maker (MKR) $ 2,509.59
paxos-standard
Pax Dollar (USDP) $ 1.01
ethereum-classic
Ethereum Classic (ETC) $ 49.67
vechain
VeChain (VET) $ 0.095853
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 57.27
kucoin-shares
KuCoin Token (KCS) $ 10.38
waves
Waves (WAVES) $ 24.30