Balanced: bringing DeFi to the ICON ecosystem

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 Balanced Dollar, which is pegged to USD (formerly known as the ICON Dollar (ICD)).

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.

Why are we building it?

Native protocol tokens like ICX are too volatile for payments. If we use ICX as collateral instead, we can create stable tokens to pay one another within the ecosystem. DeFi is essential to the success of any decentralized public blockchain protocol, and we’re excited to work on the first piece of ICON’s DeFi ecosystem.

How can you use Balanced?

Most importantly, we would like to highlight how ICX holders can use Balanced in practice:

  1. Leverage — Deposit ICX into Balanced, borrow bnUSD, then buy more crypto.

What next?

The Balanced team is working on the technical specifications and a high-level roadmap, which we’ll release soon. For more information about Balanced, visit our website, read the white paper for more details on how this project works, follow us on Twitter, and join us on Telegram to stay up to date on our progress. Our next big announcement will likely be the release of a technical roadmap with some realistic milestones.

Thank you for reading and we look forward to building this product for the ICON ecosystem!

Balanced team

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