Balanced Network (the decentralized bank of ICON) which is designed to bring decentralized finance (Defi) to the masses of excluded people continues to evolve and grow on the third day of its launch on ICON network. Balanced addresses the issues related to high fees, slow transactions, and complex interfaces of other Defi platforms. Balanced is fast, cheap, and doesn’t require advanced technical skill to use. It’s the next generation of Defi, and will serve as the cornerstone of finance for the ICON ecosystem. The users seem to have realized that balance tokens give you the power to vote on how the platform evolves. Add more Balanced assets, direct the DAO fund into new initiatives, adjust the Balance Token allocation, and more. To earn BALN token, borrow Balanced Dollars (bnUSD) or supply liquidity from launch.
As shown in the diagram below, more than $10 million bnUSD has been created so far and the pool continues to grow.
In this article we look at some good videos to get inducted into the world of balanced. These videos give the background of balanced, also address the many of the questions and concerns raised by many ICONists as they jump into the world of balanced. It also prepares them for ways to get maximum returns and rewards on their staking and warns them of the pitfalls and how to avoid them. The videos are put in order based on their usefulness to the newcomers in the world of balanced.
A good introductory video of balanced by holaicon
This video which is just 2 minutes 38 seconds long introduces the newbie to the world of balanced on ICON. Without any voiceover and only soft music playing in the background, it is a very appealing video to get inducted into the world of balanced.
It introduces the decentralized bank of ICON, why it is the best place to stake ICX, borrow synthetic assets, swap them, and supply liquidity. The final tagline ‘the future is here, the future is DeFi and the future is balanced’ is quite a powerful statement.
Balanced – How to use guide- a quick walkthrough on the use of Balanced protocol.
Video Link: Balanced – How to use guide by Crypto Setups
This is a Crypto setups tutorial powered by ICON plus. This is one of the videos with the highest number of viewings around 4000+ on the last count. In this episode of Crypto made easy video Fez from Crypto setups gives an overview of how to use the balanced protocol with a walkthrough of different features like adding collateral, minting bnUSD, supplying liquidity to available pools, swapping Icx to Staked icx (sICX). Even though done on the test net it is a comprehensive step-by-step process on using the balanced. Anyone new to balanced can look at this video and learn to use collateral, loans, wallet, position details, rewards, and other features of balanced. This video is about 16 minutes long and quite informative.
ICON Massive things are coming
Video Link: ICON – Massive things are coming
This video talks about the projects that have been going on and upcoming projects in the ICON world with a special focus on balanced. Also, it gives a background on the Integration of ICON with orbit, bridge, ICONFI, blockchain transmission protocol. The video is a good introduction to ICONFI and hyper-connecting the world and interoperability. It also mentions Polkadot and its integration to ICON. ICON’s endeavor at cross-chain application and BTP to become the blockchain of blockchain is also mentioned along with cross-network smart contract transfers.
According to the video, Rosetta integration brings ICON closer to Coinbase. ICX could be one of the hundred currencies traded in Coinbase. It details the perfect match between Balanced and ICON network. How it is easy to use balanced with the application of a slider. Towards the end of the video, the highlight is on Airdrip which will start from Sunday May 2nd. It walks through how one can vote for 5 favorite p-reps. This is really to learn about the rewards in the form of balanced token. It also gives a passing mention to ICON 2.0 vaccine passport, bridge release, equality exchange release, ICON token swap launch etc.
This is an interesting episode where Hashoshi talks with Scott Smiley (benny_options) one of the co-founders of balanced about how and why he got into the blockchain after leaving his investment banking career and without any technological background. There has been a lot happening since April 2018, when he co-founded ICX station in San Francisco and Scott enthusiastically mentions the journey with ICON to discuss ICON’s burgeoning reach and the prospects for Balanced. With 13k views, this is one of the most popular videos on ICON and Balanced.
Have you ever provided liquidity to a liquidity pool just to realize that some of your coins have gone missing? In this video, there is a good explanation about the difference between holding an asset and providing assets on that liquidity pool and it also talks about the associated risks of staking and how it can affect one’s expected returns. This video is a good lesson on the technical and financial nature of impermanent loss which many ICONists are likely to encounter. This is a good stepping stone to the high-tech financial world of balanced.
Balanced Preview – How to add liquidity to trading pairs on the Balanced DEX
Made by Cryptosetups, this Video shows how to add liquidity to various pairs on the Balanced DEX, which has observed to be one of the difficult tasks among ICONists. It also breaks down the sICX/ICX pool and what’s different about this compared to the other two pools. This video is also by Fez on the series Crypto made easy DeFi preview balanced DAO. He talks balanced protocol in more detail with how to add liquidity to the pool and get rewarded with the balanced tokens. This video is also on testnet so there is a warning at the start that not everything will be similar in main net as there is a limited supply of everything on testnet and it is a static environment compared to mainnet where the interaction among people creates a dynamic environment.
Supplying liquidity at the swap section, there are three pairs that can take in liquidity: ICX/SICX, sICX/bnUSD, BALN/bnUSD .The instant display of rewards as soon as you add liquidity is an interesting feature. It explains the granular features of ICX/SICX, sICX/bnUSD, BALN/bnUSD. This is a must-watch video to understand the highly technical application of providing liquidity and as per the most users, one of the most complicated features of the balanced platform.
Eye On ICON weekly news update (episode-7)
Video Link: Eye on ICON weekly news update
The highlight of the seventh episode of the weekly podcast by Fezbox is an extensive discussion about the launch of balanced and its pros and cons. The discussion between Fezbox and Iconographer is very comprehensive and informative about the happenings in the ICON world with different news stories related to blockchain. But at 50 minutes plus the podcast is a good company when you are doing something else.
ICON’s Airdrip Explained by ICON Guide Star
This video explains ICON’s airdrip in simple terms with examples and it is an excellent source to get the benefit of new feature of airdrip on balanced network. Over the years there have been many airdrops in the crypto world. For eg. If someone is holding ethereum and a new token is introduced in the ecosystem, the holder will automatically have some of these tokens as airdrops. These airdrops act as incentive for crypto holders to continue to hold onto their base tokens. It is mutually beneficial for newcomers and the ecosystem both as they can engage the existing customer base.
ICON Foundation has introduced a new term called airdrip. It is multiple airdrops of the same token on a regular interval for a stipulated period of time. The first airdrip planned for ICX holders is called balanced, which is a governance token for Balanced DAO. One must sign in with ICONEX or MyICONwallet, stake and vote ICX token, which is called ICX delegation to get the airdrip. The first drip will follow after a week of the launch of balanced on April 25 and it will run for the first three months of the launch. It is expected that there will set aside approximately 10% of the 100K balanced tokens minted everyday for airdrip (i.e. 10,000 per day and 70,000 per week) which will be apportioned to the total delegated ICX. If you don’t claim your balanced token each week, you will lose them. Total unclaimed tokens are added to the next week pool and apportioned.
By no means exhaustive, the videos mentioned above will well prepare the users as they get ready to stake their hard-earned ICX and get staking rewards and governance tokens as rewards. They can also get the maximum benefit from this simple but highly technical defi platform.
Check out the Balanced Network website.
Try the Balanced Network Defi App.
If you have any queries, head over to Balanced Network Telegram Group.