Balanced Network Decentralized Exchange Review

Balanced Network is a decentralized autonomous organization built on the ICON network. It uses ICX as collateral for the minting of bnUSD, which is a token pegged to the USD. It was launched on April 25, 2021, but we don’t know where the company is based.

Balanced Network overview

Let’s look at the main features of this platform:

• Supported cryptocurrencies

Provided there is enough liquidity, you can swap between two assets on this exchange. Some of the supported crypto coins include ICX, BALN, bnUSD, USDS, and OMM.

• Native token

The native token of this exchange is known as BALN. You can earn it daily by holding a minimum loan amount and staying below the all collateral locked threshold. It is also possible to earn it by supplying a minimum of $50 in the liquidity pool. 

• Funding methods

For taking out loans, you need to deposit collateral in the form of ICX tokens. You can use bnUSD for earning BALN, leverage, liquidity, and payments. 

• Wallets supported

To carry out swaps, you must connect your wallet to the exchange. Supported wallets include ICONex, Hana, MylconWallet, and Ledger.

How does Balanced Network work?

You can do the following on this platform:

1. Borrow assets

Once you’ve deposited ICX as collateral, you can check how much you can borrow. You can borrow Balanced Dollars in exchange for a fee, earn tokens and use bnUSD for various purposes. In the position details section, you can keep an eye on the risk level and make adjustments as needed. You can close your position by repaying the loan and withdrawing collateral.

2. Swap coins 

On the Balanced Trade page, you can swap between different assets. If you wish to trade in a coin that the app does not support, you can add it by entering the contract details. 

3. Supply liquidity

By supplying assets to the Balanced-incentivized liquidity pool, you can earn Balance Tokens. Each liquidity pool gets half the trading fees generated by it. 

4. Take part in governance 

Those who hold Balance Tokens can vote on changes to the platform, deciding where the funds are allocated. Each vote remains active for five days and the voting weight depends on your BALN activity. In exchange for a fee, you can submit a proposal that BALN holders can vote on.

What can you buy on Balanced Network?

This DEX platform is built on the ICON blockchain network. It is able to achieve interoperability as an aggregator chain and allows independent blockchains to communicate with each other. Some of the most popular tokens on this exchange include ICX, BALN, bnUSD, CFT, FIN, USDS, GBET, and IUSDC.

Is Balanced Network safe?

There are certain inherent risks associated with this platform. Vulnerability in the smart contract can compromise your funds. There is liquidation risk, rebalancing risk, and the danger of impermanent loss. The smart contracts of this platform have been audited by SlowMist. There is also a bug bounty program offered through Immunefi.

User reviews

We were not able to find any user reviews for this exchange on third-party websites. Since it was released only last year, it is possible that it has a small user base.

Balanced Network fees, compatible wallets, and transactions

The swap fee depends on the assets you swap. While converting from ICX to sICX, there is no fee. There is a 1% fee from sICX to ICX conversion. For all other assets, there is a 0.3% fee. In case there is no liquidity pool for the assets you wish to swap, the exchange will route our trade through other pools to get the best price. Compatible wallets include ICONex, Hana, MylconWallet, and Ledger.

What are the ways to trade on Balanced Network?

To trade on this platform, you need to navigate to the Swap section where you can choose the asset to swap and the one to receive. You need to enter the amount for one asset and the other one will be filled automatically. By clicking on the amount, you can check the fee, trade route, exchange rate, and slippage tolerance.

Customer support

There is no dedicated support team, but you can join the official Telegram channel if you face any issues.

Should you trade with Balanced Network?