Balanced Integrates Injective (INJ) to Enhance Cross-Chain DeFi
Luisa Crawford Aug 22, 2024 10:06
Balanced, a cross-chain DeFi platform, integrates with Injective, introducing the bnUSD stablecoin and expanding DeFi capabilities.
Balanced, a cross-chain platform enabling users to borrow, swap, and bridge native assets, has gone live on the Injective (INJ) mainnet. This integration introduces the overcollateralized bnUSD stablecoin to the Injective ecosystem, enhancing its cross-chain DeFi capabilities, according to the Injective Blog.
Enhanced DeFi Functionalities
With the launch, Balanced allows users to borrow its native stablecoin (bnUSD), swap assets cross-chain, and transfer assets to Injective from any network integrated with Balanced. Users can expect near-instant transaction finalization and minimal fees, a hallmark of Injective's dApps.
Users can borrow up to two-thirds of their collateral value in bnUSD, which can be utilized across supported Injective DeFi protocols. The platform imposes 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
Balanced also facilitates cross-chain asset swaps. For instance, 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.
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:
- Broader Asset Options: The inclusion of bnUSD to Injective diversifies the range of assets available for trading and yield farming strategies.
- Cross-Chain DeFi Capabilities: Users can now implement cross-chain DeFi strategies with INJ and bnUSD, thanks to seamless asset transfer between other ecosystems and Injective.
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.
Image source: Shutterstock