What you can expect in this article
The future of the DeFi world: Balanced and Injective in interaction
In a significant development for the decentralized finance (DeFi) industry, Balanced recently launched its platform on the Injective blockchain. This new functionality allows users to exchange cryptocurrencies across multiple blockchains and borrow bnUSD stablecoins, making a significant impact on user experience and access to financial services.
A look at the possibilities of Balanced
Balanced offers users effortless borrowing and trading of various cryptocurrencies, using the bnUSD stablecoin as a safe haven. To borrow, users must deposit their INJ tokens as collateral. The borrowing cost is set at 0.2%, while debt increases at an annual rate of 2%. This allows customers to borrow and return bnUSD from any blockchain, promising great flexibility.
Crosschain transactions made easier
By supporting crosschain transactions on eight different blockchains to date, with plans to expand to six more by the end of 2024, Balanced is positioning itself as an essential platform for digital assets. The simple currency exchange flow, which consists of selecting assets, specifying the target blockchain, and confirming the amount, ensures that users can trade quickly and efficiently. Fees are manageable at 0.3% for each exchange plus a bridging fee of 0.009 INJ.
The relevance for the community
The introduction of such innovative features on the Balanced platform has the potential to significantly transform the DeFi ecosystem. This represents a significant ease of access, especially for users who are active in multiple blockchain environments. This development is expected to further promote the growth and spread of digital financial services.
A brief look at Injective
Injective itself is known for its innovative technologies that allow developers to quickly build decentralized applications (dApps) and significantly improve access to assets. The gas compression feature allows more than 3,000 transactions to be made for a single dollar. This not only makes transactions more cost-effective, but also more attractive to new users.
Market development and future prospects
Current market analysis shows that the INJ token, currently trading at around $19.78, is up 5.82% in the last 24 hours. With a market cap of around $1.937 billion, the future seems bright for Injective and Balanced.
Overall, the combination of Balanced and Injective represents an important step in the development of the DeFi industry, which not only attracts existing users but also inspires new people interested in the world of cryptocurrencies.
