Business News Report Technology
April 22, 2024

ICON Integrates Its Cross-Chain DEX Balanced With Injective, Announces Regular INJ Token Purchases

In Brief

ICON announced that its cross-chain DEX and lending platform Balanced has been integrated with the Injective blockchain.

ICON Integrates Its Cross-Chain DEX Balanced With Injective, Announces Regular INJ Token Purchases

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 Injective’s native token, INJ, as a component of the network’s 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.

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 Token’s 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 Bitcoin’s halving events.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Alchemy Pay Teams Up With BounceBit To Support Bitcoin Restaking Ecosystem
Business News Report Technology
Alchemy Pay Teams Up With BounceBit To Support Bitcoin Restaking Ecosystem
May 17, 2024
Top 5 Liquid Restaking Protocols Built on Top of EigenLayer
Digest Markets Software Technology
Top 5 Liquid Restaking Protocols Built on Top of EigenLayer
May 17, 2024
Magic Square Unveils IDO Platform Magic Launchpad To Democratize Retail Access For Web3 Investors
Business Markets News Report
Magic Square Unveils IDO Platform Magic Launchpad To Democratize Retail Access For Web3 Investors
May 17, 2024
Binance Partners with Taiwanese Authorities to Unveil Massive $6 Million Crypto Money Laundering
Opinion Business Markets Software Technology
Binance Partners with Taiwanese Authorities to Unveil Massive $6 Million Crypto Money Laundering
May 17, 2024