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Balanced has launched on BNB Chain and Arbitrum, bringing these ecosystems new options for native cross-chain swaps and stablecoin loans. BNB Chain and Arbitrum, joining Avalanche and Archway, are the latest cross-chain connections for the platform, made possible through ICON's Cross-Chain Framework and its General Message Passing (GMP) standard.
This launch follows the ICON Network's initial acquisitions of over $600K of Network Owned Liquidity (NOL) across the two chain’s assets, with continual acquisitions of BNB and ETH planned through direct acquisition and through compounding of pool fees. This increasing NOL liquidity is provided by the ICON Network to ensure a continued positive user experience for the platform's cross-chain functionality.
To assist in acquiring the necessary assets for NOL, users can sell their LP tokens to the network using our LP Rewards App. In return for their contribution, users engaging in selling their LP to the ICON network will receive a 1% premium on the value of their LP tokens.
Aligned with ICON’s vision of promoting cross-chain development, Balanced will continue to extend its services across additional blockchains as they become available through ICON GMP. Stay tuned for updates on these new cross-chain features as they become available on Balanced. For more details on today’s BNB Chain and Arbitrum releases, refer to this update from the Balanced team.