How it works

Learn how to deposit ICX as collateral, mint Balanced Dollars, claim rewards, swap assets, supply liquidity, participate in governance, and liquidate high-risk positions.

Sign in with Hana, ICONex, or a Ledger in a Chrome-based browser, or with the MyIconWallet mobile app.

For the smoothest experience, set your wallet to auto-sign, and always keep 2-3 ICX in your wallet to cover transaction fees.

Deposit collateral.

Before you can mint Balanced Dollars, you'll need to deposit ICX as collateral:

  1. Click Deposit in the collateral section and choose the amount.
  2. Check the loan section to see how much is available to borrow.
  3. Click Confirm and complete the transaction.

Your ICX will be staked, and the deposited ICX value will increase over time to reflect your staking rewards. You’ll receive sICX when you withdraw, which you can unstake from the wallet section or swap for ICX for a 1% fee.

Tip: If you only care about ICON staking rewards, swap your ICX for sICX on the Trade page instead.

Mint Balanced Dollars.

Borrow Balanced Dollars for a one-off, 0.75% fee. Use bnUSD for payments, leverage, or liquidity, and earn Balance Tokens (BALN) until you repay your loan.
Make sure you understand the risks before you start.

  1. Click Borrow in the loan section and choose the amount (minimum of 10 bnUSD).
  2. Use the position details section to assess your risk.
  3. Click Confirm and complete the transaction.

Some or all of your collateral will be locked until you reduce your loan. You can only repay the bnUSD held in your wallet, so go to the Trade page if you need to buy more.

Learn more about the Balanced stablecoin.

Monitor and adjust your position.

To earn Balance Tokens, keep your risk to the left of this threshold.

To withdraw any collateral, keep your risk to the left this threshold.

If your collateral ratio is above 900%, you have a low risk of liquidation.

If your collateral ratio falls below 150%, your position will be liquidated.

Traders can repay loans by selling bnUSD for $1 of ICX collateral. Your position will sometimes rebalance to accommodate.

Use the position details section to monitor your risk and make calculated adjustments to your collateral and loan. It includes the price ICX has to reach before all your collateral is locked and your position gets liquidated, so you can assess your risk compared to the current market conditions. These prices may fluctuate due to the effects of rebalancing, so you should still check in frequently.

What is rebalancing?

While you borrow from Balanced, your position may be used to keep the bnUSD price around US$1. If it's too cheap, some of your collateral will be sold for bnUSD, which is used to reduce your loan. If it's too expensive, your loan is increased and used to buy more collateral at a discount.
The rebalancing details show the effect it's had on your position; the impact is likely to be more significant during volatile market conditions. Learn more about rebalancing.

Claim Balanced rewards.

Earn Balance Tokens when you borrow Balanced Dollars or supply liquidity to an incentivised pool. Rewards accrue in real time, so you can claim them on the Home page whenever there's a balance available.

Stake your BALN from the wallet section to hold voting power in the network, and to earn a share of the network fees.

View and manage assets.

View your balances from the wallet, and use it to send assets, stake/unstake Balance Tokens, unstake sICX, track unstaking requests, and deposit sICX as collateral.

Click an asset to reveal the actions it has available.

Swap assets.

Exchange ICON assets on the Trade page for a 0.3% fee, or convert ICX to its staked counterpart, sICX, for free.

In the swap section:

  1. Select an asset to swap, then choose an asset to receive.
  2. Enter an amount for one of the assets. The other will automatically fill based on the current rate, with any fees factored in.
  3. Check the price impact and the minimum you’ll receive, then click the amount to view the exchange rate, trade route*, and fee, and adjust the slippage tolerance up to 10% if necessary.
  4. Click Swap and complete the transaction.

*If there’s no liquidity pool for the assets you want to swap, Balanced will route the trade through several other pools to get the best price. You’ll pay a 0.3% fee for each stop in the route.

Supply liquidity.

Supply assets to an incentivised liquidity pool to earn more BALN. All pools keep 50% of their swap fees, and non-Balanced pools may offer incentives elsewhere. Before you start, make sure you understand the risk of impermanent loss.

In the supply liquidity section:

  1. Choose which assets to supply. You can only use bnUSD, sICX, IUSDC, or USDS for the second asset.
  2. Choose the amount to supply. Aside from ICX, all existing pools require an equal value of two assets. If you're creating a new pool, you can set your own price ratio.
  3. Click Supply or 'Create pool'.
  4. Click Send to move each asset, then complete the transaction.

To earn BALN from incentivised pools, you'll then need to:

  1. Click to expand the pool in the liquidity pool section.
  2. Click 'Adjust stake' and use the slider to stake your LP tokens.
  3. Confirm the transaction.

You'll earn BALN as long as your LP tokens are staked, and you'll need to unstake them before you can withdraw your liquidity. The ICX pool doesn't require LP tokens: you'll earn BALN automatically. Learn more about the Balanced liquidity pools.

Participate in governance.

Have your say on the future of Balanced. To view and discuss potential changes to Balanced, join the Balanced forum. When a proposal is ready, it’s submitted on Balanced and you can vote to approve or reject it from the Vote page.

Voting lasts 5 days, but emergency 24-hour votes can be submitted via the smart contracts. If you want to participate, you’ll need to have BALN staked before the vote starts. For a change to be approved, at least 20% of the staked BALN needs to vote, and 67% need to be in favour.

Liquidate high-risk positions.

Set up a liquidation bot to earn even more from Balanced. In exchange for a 10% profit, you can use the bot to cover the debt and liquidate any position that crosses the liquidation threshold. Learn how to profit form liquidation events.