Interoperability layer ICON announced that its cross-chain decentralized exchange (DEX) and lending platform Balanced has been integrated with the Injective blockchain.
Balanced operates as a decentralized protocol at the core of the Balanced Dollar stablecoin, bnUSD, and includes an exchange designed to serve all blockchains linked to the ICON Network.
After the integration, ICON will initiate the regular acquisition of Injectiveâs native token, INJ, as a component of the networkâs liquidity pool (NOL). The NOL facilitates liquidity on Balanced DEX, allowing for cross-chain transactions with minimal price impact.
Balanced NOL allocation will undergo adjustments, with INJ receiving the highest allocation. An interface for trading the INJ-bnUSD pool is anticipated to launch shortly. Once the interface is operational, users can transfer their INJ tokens from ICON to Injective. Presently, users are advised to conduct Injective trading directly on the ICON platform.
@BalancedDAO has successfully integrated with @injective Cross-Chain liquidity will be enhanced through @helloiconworld's Network Owned Liquidity.ICON's Weekly Acquisitions of $INJ have begun pic.twitter.com/TyKJlAbawq
â ICON â Connecting Blockchains (@helloiconworld) April 22, 2024
ICON is designed to enable interactions among autonomous blockchains, which are often referred to as communities. In the ICON ecosystem, a community represents a network of nodes adhering to a unified governance structure.
Balanced entered into a collaboration with ICON to bolster its cross-chain DeFi protocol functionalities earlier this year. As part of the collaboration process, an economic enshrinement strategy was implemented. This strategy leverages network-layer inflation to incentivize behavior within an application. In return, the application allocates 50% of its revenue to purchase and burn the network token.
Injective Enhances INJ Tokenâs Deflationary Features
Functioning as an interoperable blockchain platform aimed at enabling the development of sophisticated Web3 financial applications, Injective enables developers to access a variety of customizable modules, such as a decentralized orderbook, binary options, and real-world asset (RWA) module, which empower them to create a diverse array of intricate applications.
Recently, Injective has proposed a reduction in the on-chain parameters associated with the creation of new INJ tokens, with the aim of enhancing its deflationary characteristics. By decreasing the inflation rate bounds of the INJ token, Injective seeks to position it as one of the most deflationary cryptocurrency assets, potentially rivaling Bitcoin in this aspect. This adjustment bears similarities to Bitcoinâs halving events.
The post ICON Integrates Its Cross-Chain DEX Balanced With Injective, Announces Regular INJ Token Purchases appeared first on Metaverse Post.
