ICON recently revealed that its cross-chain decentralized exchange (DEX) and lending platform, Balanced, is now integrated with the Injective blockchain.
This integration enhances the interoperability capabilities of ICON’s ecosystem, allowing for seamless interaction between Balanced and Injective’s infrastructure.
ICON Enhances Liquidity with Injective Integration
Balanced, a decentralized protocol central to the Balanced Dollar stablecoin, bnUSD, has expanded its operations by integrating with the Injective blockchain. This integration enables Balanced to serve all blockchains connected to the ICON Network, promoting interoperability and facilitating cross-chain transactions.
Following the integration, ICON has announced its intention to regularly acquire Injective’s native token, INJ, for its network’s liquidity pool (NOL). The NOL is essential for providing liquidity on Balanced DEX, ensuring smooth cross-chain transactions with minimal impact on prices.
@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
— ICON – Connecting Blockchains 🌐 🔀 (@helloiconworld) April 22, 2024
As part of the adjusted NOL allocation, INJ will receive the largest share. An interface for trading the INJ-bnUSD pool will be launched soon, allowing users to effortlessly transfer their INJ tokens from ICON to Injective. Currently, users are advised to conduct Injective trading directly on the ICON platform. ICON’s ecosystem operates on a unified governance structure, facilitating seamless integration and collaboration between different blockchain networks.
Earlier this year, Balanced and ICON collaborated to enhance the functionalities of their cross-chain DeFi protocol. This partnership introduced an economic enshrinement strategy, utilizing network-layer inflation to incentivize desired behavior within the application. As a result, 50% of the application’s revenue is allocated to purchasing and burning the network token, thereby enhancing its value and sustainability.
Injective Proposes Reduction in INJ Token Creation Parameters
Injective, known for its interoperable blockchain platform for creating advanced Web3 financial applications, offers developers various customizable modules like a decentralized orderbook, binary options, and a real-world asset (RWA) module. These modules empower developers to craft a wide range of complex applications.
In a recent update, Injective has suggested reducing the on-chain parameters linked to the creation of new INJ tokens. This proposal aims to make the INJ token more deflationary by lowering its inflation rate bounds. Injective aims to position the INJ token as one of the most deflationary cryptocurrency assets, potentially rivaling Bitcoin in this aspect. This proposal resembles Bitcoin’s halving events, known to affect its supply dynamics and price trends.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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