DeFi Platform Balanced Announces Updates Including First DAO Vote
In a new update titled Geometry Release, DeFi platform Balanced has published a new set of price charts, a statistics page, and its transaction history. More importantly, the platform has disclosed its first DAO (decentralized autonomous organization) vote to distribute more than $1 million generated from network fees to Balance token(BALN) holders and the DAO fund.
Balanced to Hold First DAO Vote to Distribute $1 Million
Launched in April, Balanced is a decentralized finance platform built on the ICON network. It allows users to borrow a synthetic asset called Balanced Dollars (bnUSD), which is pegged against one US dollar. Balanced rewards its borrowers and liquidity providers by giving them its native tokens regularly.
The Geometry Release revealed that Balanced is set to conduct its first vote, which upon approval will distribute 60% of the platform’s network fees among BALN holders daily. The remaining 40% will go to the DAO fund.
Balanced was designed for newcomers to the crypto sector who normally find DeFi services hard to navigate. As of now, only 1% of crypto investors opt for DeFi-related services owing to their slow transactions, substantial fees, and associated risks.
As per its findings, Balanced reported that within the first 12 days of its operations, the platform’s users had earned 25 million Balanced Dollars. At the time, the platform had a total locked value(TVL) of $259 million. Four days later, Balanced held 10% of ICX’s(ICON tokens) total circulating supply in its collateral pool.
An Overview of Balanced and Its Services
Balanced offers users an array of services including the option to borrow bnUSD against ICX deposits, mine BALN tokens from loans on deposited ICX, and make stable payments with bnUSD, which is tied to the value of 1 USD. Users can also earn BALN tokens by providing liquidity to the decentralized exchange(DEX).
The platform guarantees zero interest on borrowing Balanced Dollars, which can be exchanged with an Ethereum stablecoin that can be lent at a higher rate with Ethereum’s DeFi ecosystem.
Balanced is a result of a collaboration between ICX Station, iBriz-ICONOsphere, PARROT9, Mousebelt, ICONDAO, and Geometry Labs. The platform was designed on the ICON network for its attractively low gas fees, speed of settlement, and unexplored potential in the field of DeFi infrastructure.
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