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What does ICX mean to you? Prior to this year, ICX was principally the gas token for the ICON Network. A means of transaction for one chain out of an increasing number of them. This year that changed, with the enshrinement of Balanced DEX our gas token took on a new mission, focused on investment, growth and sustainability.
2024 has been a year of intensive development, bringing new features to Balanced, and additional products to leverage its core contracts. These rising applications Powered by ICX all contribute to ICX’s mission, and burn it as people interact.
Lets take a look back at how development has been Powered by ICX this year.
Enshrine & Burn with Balanced
The enshrinement of Balanced DEX was the first shift in ICX’s mission, and the first investment made for a future Powered by ICX. Foundation personnel were re-tasked with the development and growth of Balanced, and network emissions began acquiring desirable assets to become working capital as Network Owned Liquidity (NOL).
In return, 50% of Balanced’ trading fees began buying back and burning ICX. Creating a flywheel of value creation for the token which will gain strength with the growth of Balanced. This burn rate has continued to accelerate through this year, with us recently reaching a total ICX burn of 400K ICX.
This is only the beginning. The flywheel created by the burn mechanism has only begun to spin up. Trading volume on Balanced is now approaching $2M per day, we project that an 8-fold increase from here will remove similar ICX supply to that used to acquire NOL. An achievable goal based on similar products in the space and one that we intend to reach on our path to make Balanced a leading DEX. Free NOL acquisitions anyone?
Network Owned Liquidity (NOL)
Almost 50% of the Network’s ICX emissions are now directed to NOL acquisitions. Purchasing desirable, liquid assets and supplying them as working capital to Balanced’ liquidity pools. This functions as a sovereign wealth fund, a unique strategy in the space that reimagines the role of ICX to increase the network’s revenue-generating capacity, while maintaining resilience, even during stagnant markets.
Deeper liquidity means less slippage and more trade, increasing the ICX burn rate through Balanced’ fees. NOL continuously grows this deep liquidity through both direct acquisitions and through compounding of trading fees in NOL pools, creating enduring value for the Network. Value that grows with the market, and is resilient in downturns - unlike mercenary liquidity. NOL is unforkable, harder to replicate over time and provides a competitive edge in always providing a smooth trading experience, optimising Balanced for trading volume and ICX burn.
The multichain wallet, burning ICX
Hana products are powered by ICX, benefitting from its unique reach and amazing swapping infrastructure. Get to know the Hana product line below, all of which serve experiences through Balanced’ contracts and contribute to our flywheel of value creation:
Hana Wallet: A user-friendly crypto wallet offering direct on-chain asset management, swaps and direct support across devices.
Hana Swap (Coming Soon): a streamlined platform designed to offer a simple and secure way to move assets across multiple blockchains
Hana Rewards (Coming Soon): Rewarding XP points for users of apps that are powered by ICX.
As the powered by ICX ecosystem and infrastructure grows, Hana is determined to grow with it. Offering real on-chain products that are helpful, easy and fun to use. The feeling of exploring crypto with Hana in 2025 will have users coming back for more and contributing to the burn of ICX, without even knowing it.
Soft power through Intent-Based Trading
Looking for more products Powered by ICX? Intent-Based Trading is coming to ETH and SUI pairs. This allows users to submit trading intents to be fulfilled immediately through assets held in NOL. Solvers then rebalance the trade across integrated networks. You can consider Intents and the ICON Solver as more products powered by ICX.
This approach isn’t limited to the ICON blockchain. With continued rollout of intent-based trading, external liquidity venues on our integrated chains (AMM’s, DEXes), stand to become powered by ICX too. As the ICON Solver rebalances trades, it will leverage external liquidity pools and routes, increasing trading volumes abroad. These partnerships showcase how ICX can expand its influence beyond its native chain, becoming a critical player in the broader blockchain economy.
Looking Ahead
As the influence of ICX continues to expand, products powered by ICX offer a blueprint for sustainable growth. Balanced and Hana are just the beginning. Future developments, such as Intent-based trading, will further cement ICX’s role in generating lasting network value and powering DeFi innovation.
By embedding ICX at our core, we are creating a network where every interaction, from swaps to savings, enhances the token’s value. Let's make DeFi Powered by ICX.