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Cryptocurrency News Articles
Balanced Integrates Injective (INJ) to Enhance Cross-Chain DeFi
Aug 22, 2024 at 06:00 pm
Balanced, a cross-chain DeFi platform, integrates with Injective, introducing the bnUSD stablecoin and expanding DeFi capabilities.
Cross-chain DeFi platform Balanced has integrated with Injective (INJ), introducing the overcollateralized bnUSD stablecoin to the Injective ecosystem. This integration enhances Injective's cross-chain DeFi capabilities.
Balanced enables users to borrow, swap, and bridge native assets across any network connected to the ICON Network. Now, with the integration, users can perform these functions on the Injective mainnet.
This integration allows users to borrow Balanced's native stablecoin (bnUSD), swap assets cross-chain, and transfer assets to Injective from any network integrated with Balanced. Moreover, users can expect near-instant transaction finality and minimal fees, which are characteristic of Injective's decentralized applications (dApps).
Upon borrowing bnUSD, users can deploy it across supported Injective DeFi protocols. The platform levies a fixed 0.2% loan fee and a 2% annual interest rate. The debt is linked to the collateral's value and can be repaid from any chain at any time, leveraging bnUSD's native cross-chain functionality.
Cross-Chain Asset Swapping
In addition to borrowing bnUSD, users can also perform cross-chain asset swaps through Balanced. For example, a user holding ETH on Arbitrum can seamlessly swap to INJ on Injective in a single click. Liquidity providers will share in 50% of the fees generated from traders.
Traders will encounter a variable bridge fee based on trade size and a 0.3% swap fee for each step in the trade route.
Cross-Chain Asset Transfer
Any supported native asset can be sent cross-chain to be used within the Injective ecosystem. Users simply select the desired asset and destination chain, completing the transaction in one click.
Impact on the Injective Ecosystem
The integration with Balanced significantly expands the Injective ecosystem by introducing a cross-chain stablecoin and decentralized exchange (DEX) to the network. This integration will likely attract new users and liquidity to the Injective ecosystem.
About Injective
Injective is a fast, interoperable layer one blockchain optimized for building premier Web3 finance applications. It provides developers with powerful modules for creating unmatched dApps. INJ is the native asset powering Injective and its ecosystem. Injective is incubated by Binance and supported by investors such as Jump Crypto, Pantera, and Mark Cuban.
About Balanced
Balanced hosts the Balanced Dollar stablecoin (bnUSD) and includes an exchange servicing all blockchains connected to the ICON Network. Governed by its community through the Balance Token (BALN), Balanced allows users to earn BALN when borrowing bnUSD or supplying liquidity. The platform operates on Arbitrum, Archway, Avalanche, Base, BNB Chain, Havah, ICON, and Injective.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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