ICX staking rewards. Swap ICX for sICX, or deposit ICX as collateral to earn ICON staking rewards. The ICX value will increase over time to reflect the rewards (currently around 10-12%/year), although it may increase at a slower rate than staking through a regular wallet.
Loan rewards. Borrow at least 50 bnUSD and keep your risk below the reward threshold to earn Balance Tokens daily. To earn rewards, you must be below the reward threshold around 1pm Eastern each day. Refer to the smart contract code for precise timing.
Liquidity rewards. Supply at least $50 of assets to a liquidity pool and earn Balance Tokens every day they're in there. To earn rewards, your assets must be in the pool around 1pm Eastern each day. Refer to the smart contract code for precise timing.
Network fees. Stake Balance Tokens to earn a share of the network fees each day. You'll also earn fees for BALN supplied as liquidity.
Liquidation rewards. Set up a liquidation bot to earn income from triggering liquidations and repaying bad debt.
In partnership with the ICON Foundation, ICX holders can participate in the ICON community airdrip to receive Balance Tokens. All BALN the ICON Foundation earns through Balanced will be redistributed in a weekly drip.
From the day Balanced launches, delegate (stake and vote with) ICX from a wallet you hold the private keys for, like ICONex, a Ledger, or MyIconWallet on your iOS or Android device. Then sign in to app.balanced.network/airdrip with your wallet every week after the launch to claim your drip of Balance Tokens. You have a week to claim each drip – if you forget, you’ll lose it.
If you use a supported wallet, like ICONFi, stake your ICX and relax. You'll automatically receive the airdrip every week after Balanced launches.
If you stake your ICX somewhere else, like Binance, they'll need to add support for the airdrip. They've shared no plans to do so at this stage, so you might want to use another wallet to make sure you receive BALN.
sICX is a share of an ICX staking pool. Users contribute ICX to the staking pool in exchange for sICX. The ICX is delegated, i-score is claimed, and the total ICX in the staking pool continues to grow, which increases the value of each sICX token. You can convert ICX to sICX for free on the Balanced exchange.
When you deposit ICX as collateral, it's first converted to sICX, and the value increases over time based on ICON's reward rate. You'll always see the ICX value in the UI, but you'll receive sICX when you withdraw it. You won't be able to use your sICX while it's in the collateral pool.
If you want to convert your sICX to ICX, there are two ways to do it:
Unstake it from the wallet section.
Swap it for ICX (unstake instantly – you'll receive 1% less ICX)
If you unstake sICX from your wallet, it's often faster than the unstaking period on the ICON Network. When people deposit ICX as collateral or convert their ICX to sICX, that ICX is first used to fill any pending unstaking requests.
To keep bnUSD close to $1, a rebalancing mechanism will be triggered whenever there’s a 5% price difference between the oracle and the Balanced exchange.
When triggered, a group of 50 borrowers will have some of their collateral sold on the exchange at a favorable price, and an equivalent amount of debt repaid.
A maximum of 0.1% of the group’s debt can be rebalanced in one transaction – the higher your debt within the group, the more your position is affected. After you’ve been rebalanced, every other borrower will take a turn before it happens to you again.
Keep an eye on your rebalancing values in the position details section, and use the bnUSD you hold debt-free to replace the collateral that gets sold.
Open ICONex, then click the 3 dots next to your public key and choose Add Token. Enter the contract address for each asset:
Open MyIconWallet, go to Settings > Manage tokens, and select Balance Token, Balanced Dollar, and Staked ICX.