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- Balanced is now live on Injective, enabling seamless cross-chain swaps and borrowing of bnUSD stablecoin.
- Balanced supports cross-chain transactions across eight blockchains, with six more expected by 2024.
Balanced has officially launched on the Injective blockchain, marking an important milestone in the decentralized finance (DeFi) industry.
This invention allows users to seamlessly swap and move cryptocurrencies across seven distinct blockchains, as well as borrow a cross-chain stablecoin by depositing INJ tokens as security. The integration is intended to improve the user experience by making the platform more accessible and easy to explore.
Balanced is live on @injective.
You can use it to swap and transfer crypto between 7 other blockchains, and deposit INJ as collateral to borrow a cross-chain stablecoin.https://t.co/6OE3Fh79fD
— Balanced (@BalancedDAO) August 20, 2024
Effortless Cross-Chain Borrowing and Trading with Balanced
Balanced, noted for its user-friendly DeFi platform, hosts the bnUSD stablecoin and provides a cross-chain exchange that enables users to connect with native assets like INJ, ETH, and AVAX without the use of wrappers.
This means that users can borrow billions of dollars in USD, trade and transfer assets between blockchains, and supply liquidity without any added complexity.
Borrowing billions of dollars is a basic operation. Users must first deposit INJ tokens in the collateral area of the Balanced Home page before borrowing bnUSD from the Loan section. Borrowing costs are fixed at 0.2%, with debt increasing at a 2% annual rate.
This adaptable loan system enables customers to receive and return bnUSD from any blockchain, offering a high level of convenience and flexibility.
In addition to borrowing, the Swap tab allows users to exchange assets across multiple blockchains. The steps are as follows: choose the assets to be swapped, specify the destination blockchain, input the desired amount, and click Swap to complete the transaction.
Each swap carries a 0.3% fee for each stage of the trade route, in addition to the regular 0.009 INJ bridge fee. Balanced transactions complete between 12 and 60 seconds, providing users with a fast and efficient experience.
Balanced’s platform presently enables cross-chain transactions on eight different blockchains, with plans to add six more by the end of 2024. This extension will increase the platform’s versatility and appeal by enabling users to participate in a greater range of cross-chain activities.
On the other hand, as we previously reported, Injective has been making waves in the industry with its plug-and-play modules that enable developers to quickly build decentralized apps (dApps) with features such as prediction markets and decentralized insurance.
Furthermore, Injective’s recent integration with the TON blockchain has improved asset accessibility while also introducing additional on-chain utilities like trading and lending.
One of the most notable parts of Injective’s technology is its gas compression function, which allows more than 3,000 transactions to be executed for a single dollar, dramatically cutting transaction costs and making crypto more affordable and accessible to a larger audience.
As of the time of writing, the INJ token is trading at around $19.78, up 5.82% over the last 24 hours. INJ’s market value has also risen, hitting approximately $1.937 billion.