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ICON Balanced DeFi Protocol Votes For $1M Fee Distribution

·2 min read

South Korean blockchain platform ICON is making progress with its Balanced decentralized finance (DeFi) protocol which has just been upgraded.

According to a June 27 announcement, ICON’s Balanced platform (not to be confused with Balancer) has released an update titled the “Geometry Release.” The upgrade includes price charts, a statistics page, and transaction history, but the big news is the token distribution vote.

In its first DAO governance vote, the community will decide whether to distribute the more than $1 million of fees generated by the platform since it launched on April 25.

If approved, the protocol will distribute 60% of network fees to holders of its native token BALN, and 40% to the DAO fund each day, the announcement added.

ICON into DeFi synthetics

Balanced is a multi-purpose DeFi platform upon which users can take out 0% interest loans, swap assets, and supply liquidity. The protocol uses ICON’s native ICX as collateral, enabling the borrowing of a synthetic stablecoin called Balanced Dollars (bnUSD).

The protocol distributes BALN tokens to borrowers and liquidity providers each day to incentivize usage. The ethos behind the platform was the creation of something that is easy to use.

“Only 1% of crypto investors use DeFi products, so the Balanced team wanted to create a platform that’s easy for the other 99% to use, and makes DeFi accessible to people new to crypto.”

Balanced can facilitate the minting of any synthetic asset with sufficient liquidity and price discovery. These can include fiat currencies, commodities, and equities, all of which are backed by ICX tokens and secured by the ICON blockchain.

According to the newly launched Balanced stats dashboard, there is currently a total value locked of $106 million. The platform has generated $1,046,844 in fees since it launched and these may be distributed if the vote passes. It has generated 10.8 million in bnUSD loans since inception and there have been over 700,000 transactions.

ICX and BALN token price update

ICON’s native ICX token has failed to make a big impact even during the recent market surge.

At the time of press, ICX was trading down 2% on the day at $0.72. ICX is still way down from its January 2018 all-time high of over $13, though it hit a local high of $3 during the 2021 bull market.

The Balanced BALN token was trading down 0.5% on the say at $1.81 according to the stats dashboard.