Balanced connects to Injective
Balanced is now available on Injective, its second Cosmos connection alongside Archway. You can use Balanced on Injective to borrow bnUSD, swap cross-chain, and transfer crypto to blockchains outside the Cosmos ecosystem, including Arbitrum, Avalanche, Base, BNB Chain, Havah, and ICON.
Learn more about Balanced’s cross-chain DeFi offering and how to use it on Injective.
How to use Balanced on Injective
Balanced is a cross-chain DeFi app designed for ease of use. You can use it on Injective to borrow the bnUSD stablecoin, swap crypto, and transfer between connected chains. Transactions finalise in 12-60 seconds, cost 0.009 INJ ($0.16), and your crypto stays wrapper-free.
Take out a loan
You can use INJ as collateral to borrow up to 67% of the value in bnUSD, a decentralised cross-chain stablecoin. There’s a 0.2% borrow fee, and your debt will increase by 2% per year.
Loans are isolated, which means each collateral type (on every chain) has its own risk profile. For example, if you deposit INJ as collateral on both Injective and ICON, you can borrow bnUSD against INJ on Injective without risking your INJ on ICON.
1. Deposit collateral
Go to app.balanced.network and sign in with your wallet(s). Then, from the Collateral section:
- Choose INJ as the collateral type, then choose to deposit from Injective.
- Click Deposit and enter the amount.
- Click Confirm and complete the transaction.
2. Borrow bnUSD
Make sure INJ on Injective is active in the Collateral section, then, from the Loan section:
- Choose which blockchain to receive bnUSD on.
- Click Borrow, then enter the amount.
- Use the Position Details section to assess your risk.
- Click Confirm and complete the transaction.
Your debt is linked to your collateral, so you can receive and repay bnUSD on any chain you’re connected to. Choose to receive bnUSD on ICON if you want to earn a return through the Balanced Savings Rate.
To learn more about bnUSD and cross-chain loans, see bnUSD: now available to borrow cross-chain.
Swap crypto
You can use the Balanced exchange to swap an asset on one chain and receive your new asset on another. In addition to the bridge fee, swaps cost 0.3% for each step in the trade route.
From the Swap tab on the Trade page:
- Choose which assets to swap, and where to send & receive them.
- Enter the amount, then click Swap and complete the trade.
Transfer cross-chain
You can send crypto directly to another blockchain from the Bridge tab:
- Choose which blockchains to transfer between.
- Choose an asset, then enter the amount.
- Click Transfer and follow the prompts to complete the transfer.
If you transfer INJ to ICON, you can use it to borrow bnUSD or combine it with bnUSD to supply liquidity.
How does the cross-chain connection work?
Balanced’s blockchain connections are powered by General Message Passing (GMP).
GMP is a cross-chain messaging service that enables seamless cross-chain interactions. It can relay messages between blockchains using any interoperability protocol, and allows developers to send messages across more than one protocol to reduce dependency on a single bridge.
To connect to Injective, GMP relays messages through IBC, the Cosmos interoperability protocol.
Balanced has already used GMP to connect to Arbitrum, Archway, Avalanche, Base, BNB Chain, Havah, and now Injective. Most of these connections launched in the last 3 months, and will soon be followed by Optimism, Polygon, Solana, Sui, Stacks, Stellar, and more.
Transact cross-chain with Balanced
The Balanced cross-chain DeFi hub is now available on Injective.
To borrow, swap, and transfer cross-chain, visit app.balanced.network and sign in with your favourite wallet(s).
To learn more about Balanced, check out the website, read the docs, and join the Balanced community on Discord.