Stellar Community Fund

By Balanced

Connecting Balanced to Stellar

SCF #25

$50.0K

Legacy v5.0 Activation Award

Awarded

Balanced is a cross-chain DEX and stablecoin that enablesnative cross-chain DeFi primitives for any ecosystem.

Products & Services

Balanced is a cross-chain DEX and CDP-style stablecoin. You can connect your native wallet, deposit native collateral, borrow bnUSD, and swap native assets cross-chain with Balanced. A portion of the ICON network's monthly ICX emissions go towards liquidity in cross-chain liquidity pools.

You can see the benefits to the user from user reviews here: https://balanced.network/reviews/, the app itself here: https://app.balanced.network/, and the on-chain statistics here: https://stats.balanced.network/. We also have an active Discord community here: https://discord.gg/ru2bJ6JRxG.

There are 4 main services in this project. Balanced smart contracts - these are the DEX operations. xCall smart contracts - While our focus is on Balanced and the end user, this connection also provides the infrastructure for anyone to easily make arbitrary cross-chain function calls to any of the chains ICON is connected to. The ICON blockchain serves as a router if it is not the source or destination chain of these calls. Centralized relay - This relays messages between ICON and Stellar. We have implemented a variety of cross-chain protocols, ranging from trusted to trustless. Trustless bridging takes a lot more work and is a lot more expensive to verify source chain messages on the destination chain, so for the scope of this project we are focused on higher speed and lower transaction cost. There are currently two entities that operate the centralized relays, the ICON Foundation and Lydia Labs, and their on-chain messages must agree in order for a transaction to execute. Frontend user interface.

In this activation phase, we will translate the existing JVM/EVM/CosmWasm Balanced and xCall smart contracts to Soroban.