Balanced connects to Solana

Balanced has arrived on the Solana blockchain. You can now swap SOL for crypto on other chains, transfer it to the ICON blockchain to supply liquidity, and use SOL and JitoSOL as collateral to borrow the bnUSD stablecoin.

Learn more about Balanced’s cross-chain DeFi offering and why the Solana connection matters.

About the Solana connection

Balanced is a cross-chain DeFi app designed for ease of use. Home to the bnUSD stablecoin and a decentralised exchange, it uses ICON’s cross-chain technology to connect to a diverse range of blockchains.

Solana is Balanced’s 11th connection. It unlocks two new collateral types for bnUSD, and extends Balanced’s reach to a blockchain that boasts around 5 million active users per day.

Thanks to the economic enshrinement, 297 SOL (~$70k) is available to trade from launch.

And the Solana smart contracts have undergone an external audit for your protection – view the audit report (PDF) for the full details.

How to use Balanced on Solana

You can use Balanced on Solana to borrow bnUSD, swap crypto, and transfer cross-chain. Solana transactions finalise within 60 seconds, and the transfer fee costs 0.0006 SOL (~$0.14)

To get started, visit app.balanced.network.

Swap and transfer SOL cross-chain

You can use Balanced to swap between assets on different blockchains, and transfer crypto to a supported chain.

Balanced provides a native cross-chain experience, so your crypto remains wrapper-free. You can use SOL on Solana and ICON, and bnUSD is available everywhere.

Borrow bnUSD with SOL and JitoSOL

SOL and JitoSOL are available to use as collateral to borrow bnUSD. You can borrow up to 67% of the value for a 0.2% fee, and your debt will increase by 2% per year.

Balanced offers a flexible cross-chain loan experience, so if you open a loan on Solana, you can choose to receive bnUSD on any of the 11+ supported blockchains.

Loans are isolated, which means each collateral type (on every chain) has its own risk profile.

Supply SOL liquidity on ICON

If you connect an ICON wallet and add SOL and bnUSD to it, you can also supply liquidity to improve the trading experience. Liquidity pools earn 50% of the fee from each trade, and once cross-chain pools launch in January 2025, you can provide liquidity directly from Solana.

How does the cross-chain connection work?

Balanced’s blockchain connections are powered by ICON’s General Message Passing (GMP), a cross-chain messaging service that makes it seamless to interact between blockchains. GMP can relay messages using any interoperability protocol, and allows developers to use more than one protocol to reduce dependency on a single bridge.

GMP connects to a custom relay on Solana, which uses multiple relays – each managed by a separate entity – to ensure a secure connection.

Balanced has already used GMP to connect to Arbitrum, Archway, Avalanche, Base, BNB Chain, Havah, Injective, Stellar, Sui, and now Solana. Connections to Optimism, Polygon, Stacks, and more will follow soon.

Borrow, swap, and transfer cross-chain on Balanced

Balanced is a cross-chain DeFi hub, and it’s now available on Solana.

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.

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