Image for post
Image for post

We’re excited to share our progress for Q3 2020. Our goals included proof of concepts for sICX, ICD, and our decentralized exchange on the testnet, however, we decided to pivot away from an order book DEX (more details coming soon!) so we spent more time on the other smart contracts while designing the different DEX architecture.

Proof of Concept

The proof of concept includes 4 smart contracts deployed on the ICON testnet:

While there is no user interface, this proof of concept allows developers to test out the process of depositing ICX into the staking management contract to receive sICX, and deposit the sICX into the loans contract to be used as collateral to borrow ICD. …

Image for post
Image for post

With so much innovation and experimentation surrounding governance structures, we’d like to share our initial governance plans for the Balanced DAO.

We’ve introduced the concept of “worker tokens”, a simple and clearly defined governance process, and a fund of Balance Tokens owned and operated by token holders.

We’ve added these plans to the Balance Token Economics section of the Balanced white paper.

Balance Worker Tokens

Balance Worker Tokens are entitled to a share of Balance Token inflation. At launch, and unless Balance Token holders vote otherwise, Balance Worker Tokens will be entitled to 20% of the Balance Token inflation.

Balance Worker Tokens can be transferred by the BWT holders or through a vote by BAL holders. There will only be 100 BWT, with the initial allocation split evenly between the initial workers: ICX Station, PARROT9, ICONosphere, and Mousebelt. …

Image for post
Image for post

Before we released the Balanced white paper, we did extensive research into existing DeFi platforms so we could find pain points and solve for them.

Balanced won’t be the first DeFi platform, but we do plan on making it the best. Our competitive advantage comes from:

  1. An easier user experience

On top of everything mentioned above, Balanced is a product built by ICX holders, for ICX holders. …

Image for post
Image for post

After our recent white paper update, we saw a sharp increase in questions on Telegram about staking: how it works through Balanced and what the advantages are. Balanced offers a number of advantages for ICX holders, including staking, increased liquidity, automatic compounding interest, and the ability to leverage your staked ICX holdings. We’ll keep this (and future posts) short and to the point. If you have follow up questions, join our Telegram channel to discuss!

Staking without Balanced

If you stake without Balanced, you can’t just set and forget. …

Image for post
Image for post

Balanced is thrilled to announce that we’ve partnered with Band Protocol, and will integrate them as our oracle solution upon launch. We chose Band Protocol not only because of their secure and decentralized protocol, but also because of their willingness to work closely with us, almost acting as an extension of the Balanced team.

As the first DeFi project on ICON, there was an extensive due diligence process evaluating several oracle options for secure data feeds for pricing of Balanced pegged assets and collateral. …

Image for post
Image for post

True to our roadmap, the Balanced team is excited to announce that we’ve completed our deliverables for Q2. Today’s release includes the Balanced functional specifications and our first interactive prototype.

Functional specifications

The functional spec describes the front end, back end, and smart contracts required to support Balanced as it was defined in the white paper. It dives into the details in over 9,000 words, so go read it to find out more.

Read the Balanced functional specifications.

Interactive prototype

This is our first prototype of the full Balanced app. It’s not completely interactive yet, and some parts are still being designed, but it should provide a good sense of the direction we’ve taken. …

Financial markets were in turmoil on Thursday, March 12, 2020 as governments around the world scrambled to prevent the spread of COVID-19. The US stock market (Dow Jones) dropped 10% — the 5th-largest drop in history — Bitcoin dropped 37%, and Ethereum dropped 42%, leaving investors and consumers in shock as uncertainty about the pandemic and its impact on the economy dominated headlines.

The Dow Jones, Bitcoin, and Ethereum charts after the price plummeted on Black Thursday.
The Dow Jones, Bitcoin, and Ethereum charts after the price plummeted on Black Thursday.
The markets after Black Thursday

For decentralized finance projects, the drop was especially catastrophic. MakerDAO made headlines when their liquidation mechanism broke and they sold millions of dollars of ETH collateral for free. …

It’s been an exciting few weeks for the Balanced team with a lot of interest and support from the community. A huge thanks to RHIZOME, who’ve gone out of their way to cover Balanced extensively since the announcement. If you haven’t seen their write-ups, you can find them here:


We’ve just published the high-level roadmap for Balanced, which we expect to launch on the Mainnet by Q1 2021.

Q2: tech specs, design prototype. Q3: sICX PoC on Testnet, PoC for Balance Tokens & ICD. Q4: smart contract audit. Q1: Launch
Q2: tech specs, design prototype. Q3: sICX PoC on Testnet, PoC for Balance Tokens & ICD. Q4: smart contract audit. Q1: Launch

Increased scope

Balanced will initially create a USD-pegged stablecoin known as the ICON Dollar. Rather than limit our focus to fiat currencies, we’ve increased the scope to allow for tokens pegged to a range of liquid assets, including gold, stocks, property, and so on. We’ve made some minor tweaks to the website and white paper to reflect this. …

Image for post
Image for post

Hello from the Balanced Team,

We’re excited to announce Balanced, the first DeFi project on the ICON Network. Balanced is a collaborative effort between ICX Station, PARROT9, Galen Danziger of Mousebelt, and Dan Brehmer of iBriz-ICONosphere.

Our goal is to create the de-facto form of payment for the ICON ecosystem through giving ICX another use case: collateral.

What is Balanced?

Balanced is a DAO (Decentralized Autonomous Organization). It incentivizes people to deposit their ICX as collateral and borrow tokens pegged to the value of real world assets. The first token will be the ICON Dollar, which is pegged to USD.

There is no ICO and no pre-mine of tokens. Balanced contributors earn (mine) Balance Tokens, which entitle them to governance and rewards from network fees. Only Balance Token holders that actively contribute to the Balanced DAO receive these benefits. …



Balanced is a DAO on the ICON Network that creates tokens pegged to real-world assets.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store