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Balanced has launched on Sui, bringing new options for native cross-chain swaps and stablecoin loans. Sui joins Archway, Arbitrum, Avalanche, Base, BNB Chain, HAVAH and Injective, as cross-chain connections for the platform, made possible through ICON's Cross-Chain Framework and its General Message Passing (GMP) standard.
Native Cross-Chain DeFi with Balanced
Users can now enjoy seamless cross-chain swaps across all supported chains, right from their Sui wallet. All liquidity pools for cross-chain swaps are held on the ICON blockchain, with GMP ensuring a native experience on any supported chain. As Balanced continues to expand, Sui will benefit from immediate access to cross-chain swaps with newly supported blockchains.
Continuing in their commitment to a native-first experience, Sui users also benefit from Balanced’s cross-chain loans. Collateralise native Sui and unlock its value to borrow Balanced’s cross-chain stablecoin bnUSD. This over-collateralized stablecoin can then be; used across any supported chain wrapper-free, or supplied to the Balanced Savings Rate for 15% APR (at time of writing).
Commitment to Deep Liquidity
This launch follows the ICON Network's initial acquisitions of Network Owned Liquidity (NOL) for SUI, 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 bridge tokens (e.g. SUI) to the ICON blockchain, supply them as liquidity, and then sell them 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.
One Multi-Chain Wallet for Balanced
Sui users are able to connect to Balanced with their usual wallets, including Sui wallet and Suiet, to access all available features. For some chains supported by Balanced, another wallet may be required to receive assets or to do certain actions.
To ensure your wallet supports all of Balanced’s connected chains from a single account, we recommend Hana wallet. An address for any new chain you interact with through Balanced can be generated on the go, ensuring that you never miss an opportunity.
Try Balanced Today
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.
To learn more about Balanced and how to use it, visit the website, try the demo, and read the documentation. You can also follow Balanced on Twitter and join the Balanced community on Discord.