Balanced Launches Cross-chain Stablecoin Loans

August 1, 2024 – Balanced, a decentralised finance (DeFi) platform, has extended its utility with the launch of cross-chain loans. You can deposit collateral from a supported blockchain and borrow bnUSD against it, which you can receive on the chain of your choice.

Key features:

• Multiple collateral types: Supports AVAX, BNB, BTC, ETH, INJ, and sICX across Avalanche, Arbitrum, Base, BNB Chain, and ICON.
• Isolated loans: Separate risk profiles for each asset and chain.
• Flexible borrowing: Deposit collateral on one blockchain and receive bnUSD on another.
• Low fees: Borrow bnUSD for a 0.2% fee and 2% annual interest.

bnUSD: a cross-chain stablecoin

bnUSD, also known as the Balanced Dollar, is a decentralised cross-chain stablecoin that tracks the price of 1 USD. It uses cryptocurrency as collateral to maintain its value, with support for assets from a variety of blockchains. It’s over-collateralised, so the total supply cannot exceed the value that backs it.

You can use bnUSD wrapper-free on every blockchain Balanced connects to. Use Balanced to swap bnUSD for other native cryptoassets, or transfer it cross-chain. If you transfer bnUSD to the ICON blockchain, you can also supply liquidity or earn a return from the Balanced Savings Rate, with rewards currently around 15%.

To learn more about bnUSD, visit the bnUSD stablecoin page.

How to open a cross-chain loan

• Visit app.balanced.network and sign in with your crypto wallet.
• Deposit a supported collateral type on your preferred blockchain.
• Choose the amount of bnUSD to borrow, and which blockchain to receive it on.

In addition to the 0.2% borrow fee and 2% interest, transactions that don’t originate on the ICON blockchain will include a cross-chain fee that varies for each blockchain.

After you borrow bnUSD, you can monitor your risk from the Position Details section.

For more about cross-chain loans and how to open one, view bnUSD: now available to borrow cross-chain.

About Balanced

Balanced is DeFi designed for adoption: it’s fast, affordable, and easy to use. Home to the bnUSD stablecoin and a decentralised exchange, it defies the industry’s carbon-copy complexity with an interface loved by crypto beginners and experts alike.

You can use Balanced to borrow bnUSD, swap assets, supply liquidity, and transfer crypto cross-chain. Its focus on providing a native experience means your crypto stays wrapper-free.

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This press release may contain forward-looking statements, which describe future expectations, plans, results, or strategies (including product offerings, regulatory plans, and business plans) and may change without notice. Such statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements.