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Move your loan to v2

Learn how to move outstanding bnUSD loans to Balanced v2.

If you can’t repay your loan in full, you can borrow bnUSD from Balanced v2 to repay your debt one step at a time. It’s free to borrow bnUSD until May 10, 2026.

To get started, sign in via v1.balanced.network.

1. Get bnUSD(old)​

You need bnUSD(old) to repay your loan. Use the v1 exchange to trade into bnUSD(old) on ICON, or go to Trade > Migrate to swap between old and new.

Read Migrate assets for more guidance.

2. Reduce your loan to unlock collateral​

Go to the Home page and make sure the correct collateral type is active, then:

  1. Go to the Loan section and choose to repay bnUSD from the ICON blockchain.
  2. Click Adjust or Repay, then reduce the amount and confirm the transaction.
  3. Click Adjust or Withdraw in the Collateral section, then reduce the amount and confirm the transaction.

If you don’t have any funds to reduce your loan, withdraw as much collateral as you can and then move to the next step.

If you withdraw sICX, unstake or trade for ICX through the legacy exchange. Then:

3. Borrow from Balanced v2​

Sign in to app.balanced.network/markets, then, from the Your Markets section:

  1. Click an available asset to expand it.
  2. Enter the amount to supply, then click Confirm and complete the transaction.
  3. Click ‘Borrow an asset’ under the blockchain you’d like to borrow against.
  4. Choose bnUSD from the list, then choose to receive it on a v1-compatible chain.
  5. Enter the amount, then click Confirm and complete the transaction.

Read the how-to guide for more money market guidance.

4. Repeat until your loan is repaid​

Use the Migrate tab to convert your new bnUSD to bnUSD(old), reduce your loan, then withdraw more collateral to supply on Balanced v2 so you can borrow more bnUSD.

After you close your loan on Balanced v1, make sure to keep an eye on your v2 loan and pay it down to a level that matches your risk tolerance.