How to use Balanced with My Icon wallet-Tutorial
How to use balanced

How to use Balanced with My Icon wallet-Tutorial

By Cryptosetups | Cryptosetups | 14 May 2021

Balanced is a DAO (decentralized autonomous organization) on the ICON Network that uses ICX as collateral to create tokens pegged to real-world assets.

In this video I show you how to take out a loan on with MYICONWALLET. I explain how the collateral works, how you take out the loan. I then talk through how you swap icx to Sicx (staked Icx) and where you pay fees and where you don't. Finally I show you how to unstake sicx without paying any fees.


00:00 Intro

1:15 Adding Collateral

2:25 Explanation on how you see your ICX rewards for icx used as collateral

3:45 Borrowing bnusd

4:22 ? risk ratio explained

6:05 Balanced wallet overview

6:57 Using the dex to swap ICX to sICX - detailed explanation

10:14 how to unstake sICX without the fees via the wallet section in Balanced

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