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ICON Network Begins Acquiring Bitcoin for Network Owned Liquidity

ICON acquiring Bitcoin

June 11, 2024



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Balanced, ICON’s cross-chain decentralized exchange (DEX) and lending platform, has recently integrated with both BNB Chain and Arbitrum. Alongside acquiring the native tokens of these chains as Network Owned Liquidity (NOL) for Balanced, these chains also provide access to Bitcoin in the form of BTCB and wBTC. The ICON Network has now begun acquiring these assets, creating a unified cross-chain BTC/bnUSD trading pool.

NOL is acquired and managed by the ICON Network following the enshrinement of Balanced and provides the necessary permanent liquidity on Balanced's DEX for efficient and reliable cross-chain transactions with minimal slippage. The weighting of NOL has now been altered along with the creation of this new pool, giving its highest allocation to BTC to more effectively bootstrap the new pairs' liquidity.

The front end to trade the BTC/bnUSD pool is expected to go live alongside the frontend UI’s for BNB Chain and Arbitrum, this is expected within the following month. In the meantime, users can trade in this pool on ICON itself - ensure you keep an eye on the available liquidity to gauge slippage.

Once the front end is ready, users will be able to bridge their BTC from ICON to supported chains.