How to get Balanced Dollars and use them on Omm
Make your money work for you without the risk of price fluctuation.
The Balanced Dollar is the perfect asset to supply and borrow on Omm. It has ICON’s best stablecoin interest rates, and because it’s pegged to the US Dollar, it protects you from volatile crypto prices.
Balanced Dollars (bnUSD) are minted and traded on Balanced, a finance hub for the ICON Network. Balanced uses a rebalancing mechanism to keep the price of Balanced Dollars in range of 1 USD.
Before you can supply Balanced Dollars on Omm, you'll need to set up an ICON wallet, add some ICX, then swap it for bnUSD on Balanced. Let's get started.
Get an ICON wallet and add ICX
To use products within the ICON ecosystem, you’ll need a supported wallet. The Hana browser extension and MyIconWallet mobile app work great with Balanced and Omm.
To make transactions on the ICON blockchain and purchase bnUSD, you’ll need some ICX. ICX is the native cryptocurrency of ICON and is available on many exchanges, including:
Buy some ICX and send it to your ICON wallet address.
Use Balanced to swap ICX for bnUSD
Go to app.balanced.network and sign in with your ICON wallet. If you're using MyIconWallet, you can do this from the Browser tab.
Click Trade, then swap some ICX for bnUSD.
Supply Balanced Dollars on Omm
Go to app.omm.finance and sign in with your ICON wallet. You’ll see two sections on the Home page:
- Overview: the current value and average interest rate for your position
- Markets: a list of markets you’ve participated in, and assets you have available to supply
In the Markets section, under ‘Available to supply’, click Balanced Dollars to expand the bnUSD panel.
Click Adjust and choose how much bnUSD to supply. As you move the slider, you’ll see how much daily interest you can expect to earn.
After you confirm the amount, the Home page will update to reflect your position. You’ll see the amount you’ve supplied along with the current interest rate, and a Performance section that forecasts what you’re likely to earn if the level of supply and demand remains constant.
The interest you earn is automatically added to your supplied amount, so the balance will increase over time. You can sit back and watch your investment grow.
When you’d like to cash out your earnings, follow the process in reverse to remove your bnUSD from the market.
The Omm community welcomes questions from new users via Discord, Reddit, and the Omm forum.