Balanced, a DeFi platform on the ICON network, has announced strategic partnerships to help the platform’s growth. It has partnered with CMS Holdings and FBG Capital and Band Protocol’s lead engineers, Paul Nattapatsiri & Kevin Lu.
The team at Balanced tweeted the announcement:
“Balanced’s primary audience is the ICON community, so step 1 in the adoption strategy is to get $ICX holders to use it. Step 2 is to reach the rest of the #crypto space. Today, we’re thrilled to announce a strategic partnership that will help Balanced reach even further.”
Balanced is the first DeFi project on ICON, and with Band Protocol as its oracle solution, it offers the DeFi community unique value propositions to leverage.
Partnership To Open Many Doors For Balanced
CMS Holding and FBG capital have invested in notable projects such as Equilibrium, MakerDAO, Terra, REN, Coinlist, Ampleforth, Nervos, Alchemix, Vega, and DODO. Paul Nattapatsiri & Kevin Lu of Band Protocol are lead engineers of a top DeFi platform and together will be a contributing influence on Balanced.
The partnership brings in experience and value, along with the parents acting as advisors and liquidity providers. This will support Balanced in a long-term capacity with the many key industry projects the platform is involved with.
The partnership also boosts access to other geographies, idea generation, and governance participation from its community. The team further adds,
“There are also a handful of others who, for now, wish to remain anonymous. They include 2 lead engineers of a top DeFi protocol, and 3 others with a meaningful influence in the broader blockchain and VC communities.”
Finely Tuned Price Feeds Through Balanced And Band Integration
Balanced and Band Protocol provides secure and scalable price feeds for $ICX/USD along with synthetic assets such as BTC, gold, and oil. The platform allows users to borrow tokens pegged to real-world assets using $ICX as collateral.
The teams work together to secure and support the decentralized applications in the ICON ecosystem. Balanced uses Band Protocol to query the ICX/USD price feed from five trusted data sources: Binance, OKEx, Upbit, Huobi, and CoinGecko.
The proper value and collateralization ratio of ICON Dollars (ICD) are maintained using this price feed and further used to expose the user to various synthetic assets. Band protocol offers premium access and credentialed APIs, which provide accurate price feeds for various synthetic assets.
Balanced is a DAO on the ICON Network that creates tokens pegged to real-world assets. Users can mint and retire pegged assets while also providing market makers with clearly defined arbitrage opportunities.
Based on their contributions, users of the platform and traders on the Balanced DEX earn Balance Tokens. The initial iteration of Balanced supports the minting and retiring of USD-pegged assets referred to as ICON Dollars (ICD).
About Band Protocol
Band Protocol is a cross-chain data oracle platform. It aggregates and connects real-world data and APIs to smart contracts. Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on a centralized oracle.
Band Protocol stakeholders include Sequoia Capital, one of the top venture capital firms in the world, and renowned cryptocurrency exchange, Binance.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.