Balanced, a cross-chain DeFi app on ICON, has integrated Solana as its 11th blockchain connection, enabling users to swap SOL, transfer assets cross-chain, use SOL and JitoSOL as collateral to borrow bnUSD, and supply liquidity on ICON. This expands Balanced's reach to Solana's 5 million daily active users with audited smart contracts and low fees. The integration leverages ICON's GMP protocol, which also connects to Stellar and other chains.
Balanced has launched on Solana, allowing seamless cross-chain DeFi interactions including swapping SOL for assets on other chains, transferring to ICON for liquidity provision, and using SOL or JitoSOL as collateral to borrow the bnUSD stablecoin at up to 67% LTV with a 0.2% fee and 2% annual debt increase. Powered by ICON's General Message Passing (GMP), this marks Solana as Balanced's 11th connection, following integrations with Arbitrum, Archway, Avalanche, Base, BNB Chain, Havah, Injective, Stellar, and Sui, with more like Optimism and Polygon upcoming. Solana smart contracts are externally audited, and 297 SOL (~$70k) is available for trading from launch via economic enshrinement. Transactions finalize in 60 seconds for 0.0006 SOL (~$0.14), offering wrapper-free native asset use across chains. Liquidity providers earn 50% of trade fees, with direct Solana pools planned for January 2025. Users can access all features via app.balanced.network with any supported wallet.
