Balanced: The Decentralized Bank of ICON

Balanced Network , a DAO( Decentralized Autonomous Organization ) is the first DeFi project in the ICON network  which incentivizes people to deposit their ICX as collateral and borrow balanced USD-bnUSD which is equivalent to USD. Balanced  is a collaborative effort between the ICX Station, Parrot 9, Mousebelt and iBriz.

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.

Balanced users can sign in using the ICONex extension in their browser, or through a DApp browser like the one in MyIconWallet. Users can lock up  ICX as collateral and burrow multiple assets based on how much ICX is locked. bnUSD is the first synthetic asset on Balanced, however Balance Token holders can vote to add new assets like Balanced Gold, Balanced BitCoin.

 Users can also supply assets to a liquidity pool. Doing so, users  get a reward as $BALN token which represents ownership. User with Balanced Tokens can vote for ICON P-Reps, the next Balanced asset, DAO fund initiatives, fee adjustments. Furthermore, users can also stake $BALN tokens to receive benefits of  income from network fees.