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Balanced has launched on Base, bringing new options for native cross-chain swaps and stablecoin loans. Base joins BNB Chain, Arbitrum, Avalanche, and Archway in the current suite of cross-chain connections for the platform, made possible through ICON's Cross-Chain Framework and its General Message Passing (GMP) standard.
This launch follows the ICON Network's initial acquisitions of Network Owned Liquidity (NOL) for ETH, with continual acquisitions planned through direct acquisition and through compounding of pool fees. This increasing NOL liquidity is provided by the ICON Network to ensure a continued positive user experience for the platform's cross-chain functionality.
To assist in acquiring the necessary assets for NOL, users can sell their LP tokens to the network using our LP Rewards App. In return for their contribution, users engaging in selling their LP to the ICON network will receive a 1% premium on the value of their LP tokens. For users selling their LP to the ICON network, it's advantageous to acquire ETH across both Base and Arbitrum and sell it to the ICON network. Doing so ensures sufficient ETH is locked on these chains, supporting robust and efficient cross-chain ETH swaps.
Aligned with ICON’s vision of promoting cross-chain development, Balanced will continue to extend its services across additional blockchains as they become available through ICON GMP. Stay tuned for updates on these new cross-chain features as they become available on Balanced. For more details on today’s release, refer to this update from the Balanced team.