product update

Roadmap update | August 2022

Multi-collateral preparations, app enhancements, and continuous network fees.

Balanced Official

Aug 3, 2022 • 4 min read

The Balanced contributors worked on a variety of projects during July. The main focus was the upgrade to support multiple collateral types, which is anticipated to launch on mainnet later this month. Network fees are now continuous instead of once every 24 hours, and the app has received numerous updates to enhance the performance and UX.

Here's what was accomplished in July:

Smart contracts

Deployed continuous network fees
Implemented a new oracle system for use in the multi-collateral upgrade, which includes an optional EMA to protect against temporary lapses in oracle service and price spikes
Added getPoolStatsByPair to the DEX contract
Removed the minimum token requirement for supplying liquidity
Fixed a bug with Pool ID 34
Fixed a bug with the bnUSD refund for successful votes
Added new variables to the feeHandler contract to track fees earned from different sources
Continued testing the multi-collateral upgrade

Front end / back end

Updated the app to support continuous network fees
Set up app.balanced.network/claim to claim old fees
Deployed a testnet version of the app to test multiple collateral types
Began work on a strategy to support additional tokens in the UI

Quality of life and code improvements

Fixed a bug with input fields on the Trade page that affected mobile users
Refactored the Stability Fund interface to improve performance of the Trade page
Changed the RPC calls from solidwallet to icon.community to use the latest ICON backend services
Enhanced the LP token staking UI
Fixed a bug related to the ICX-only pool
Removed the minimum token requirement for supplying liquidity
Reduced the number of decimal points shown in the supply liquidity section
Refactored the supply liquidity flow to speed up the process

Continuous network fees

June's continuous rewards upgrade enabled BALN rewards to accumulate in real time, rather than once every 24 hours. The claim experience was so improved that many asked, "why not network fees?".

Network fees had other issues the change would resolve, like high gas costs and the requirement to show and claim rewards in 10-day batches. So the smart contract developers added the ability to distribute network fees in real time, as well.

The Balanced app has been updated to support continuous network fees, so you can claim them whenever you like. But because it uses different smart contract functions, all fees earned between April 26, 2021 – July 21, 2022 are no longer claimable there.

To check for and claim any outstanding fees, go to app.balanced.network/claim and sign in with your wallet.

Multiple collateral types

Multiple collateral types will be the next major feature added to Balanced, and the early contributors plan to deploy this upgrade during August.

The multi-collateral upgrade will not launch with a new collateral type. Instead, the community will have the ability to submit proposals to add new collateral types with specific parameters. The parameters for each collateral type will include:

Liquidation LTV
Lock LTV
Oracle source (a Balanced DEX oracle or the BAND oracle)
Debt ceiling

The debt ceiling parameter will be introduced in the multi-collateral upgrade, and will apply to all collateral types, including sICX. It specifies the maximum amount of bnUSD that can be minted with each collateral type, as a way to protect against potential issues like an infinite mint attack.

Which collateral type should Balanced add first? If you're eager to get discussions underway, create a new topic on the Balanced forum.

Monthly performance

In the month from 4 July - 3 August, Balanced earned 1,431 bnUSD from loan fees and $11,291 from swap fees, for a combined value of $12,742.

Of that, $7,645 was distributed to staked BALN holders.

Balanced's income and expenses over the last 2 months.

The DAO Fund increased by $20,843 – a 1.23% gain – to leave a total balance of $1,709,314 based on current market prices.

The amount held in the Balanced DAO Fund compared to the previous month.

Balanced wallpapers and NFTs

This month's roadmap design, Synergy, has been added to the collection of Balanced wallpapers.

Along with Vibe and Bloom, an animated version of Synergy has also been added to a new Balanced collection on Craft.

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Synergy: the animated edition.

The Vibe auction has ended and Bloom has 2 days left. Synergy is up for grabs this week, but not as an auction. Going forwards, the NFT for each roadmap update will be given away to a community member instead.

Share your favourite update from the roadmap on Twitter, tag @BalancedDAO, then post a link to it in the new #balanced-nfts channel on Discord. After 7 days, the best submission will be receive the Synergy NFT.

Goals for August