I’m not sure if it’s technically possible, but functionally speaking if there was a fee for customizing the token list (presumably, it would be more expensive than the swap fee), why wouldn’t someone just claim BALN and then purchase the token afterward? I keep seeing points about taxable transactions, but claiming is already a taxable transaction.
I agree with you. I don’t think that this is an important (or contributing) addition. I do suspect that some ppl will enjoy it despite the fees (unless they are extremely high). having said that, it’s the least important thing. Perhaps a sheet the will show where the rewards came from (5 BALN from eth/icx pool, 3 from staking, etc…) will make the transition smoother.
I understand of course that everybody has its own definition of owning a major asset. But my point isn’t really about having that one thing but rather to diversify my portfolio.
We (Icon community) are in a rough spot when it comes to price appreciation, yes there are multiple ways to make money, but in the end we need ICX to go up in order to use the services like debt increase etc.
Icon 2.0 and BTP gives us the chance to do things we were not able to do before. Also, if people hear their favourite coin is basically distributed by having BALN staked there is going to be a tide of new users coming.
We need to embrace the tribalistic nature of crypto and try to economically exploit these mechanisms. 
5 Likes
I am completely on board with this. Actaully wasn’t aware of how much I wanted this feature before you bring it up. So please go ahead!
One more thing - by splitting it 50/50 between bnUSD and baln, people would not have to jump thru so many hoops to swap to other currencies if they want, as not all currencies are paired up against each other. Some are paired with bnUSD and some with baln.
But sounds like an excellent idea!
I see what you mean too. I do want BALN but maybe other tokens attract different crowd too? But, you can get the consolidated BALN Reward, and then purchase the crypto you want to diversify to? Your “choice”. Maybe you are a bigger believer of ETH > BTC or Sol > DOT
Hey guys
Thanks to everybody for all the excellent engagement on this post. After reading through lots of the feedback, I’ll edit the proposal to include sICX as a 3rd token to include in network fees. This gives BALN stakers three different types of assets:
BALN - Application layer token
bnUSD - stablecoin
sICX - Protocol-layer token
All others will likely be converted to BALN pending implementation details. I plan on putting this to a vote later this week, but with the new feature anybody can submit this proposal, which is nice. Thanks again!
10 Likes
Thanks Benny - this has my vote!
1 Like
Hi Benny,
I implore you to re-think this proposal before the growth of such a great project is drastically stunted. It is a privilege receiving fees from a multitude of different coins, not just BALN. When BALN is high one can swap them into other coins and vice versa, taking full advantage of price swings.
If pushed through, this proposal would increase the risk of holding one asset, versus a multitude. For example: Charlie holds 4 currencies in a basket with equal weighting USD/EUR/SGD/HKD. If one country experiences hyperinflation the purchase power can decrease exponentially overtime. With a weighted basket of currencies this mitigates the risk of exposure immensely.
Imagine generating fees in ETH or BTC once they are brought to Balanced? This is just the very start of the Bank of ICON.
And for those saying “you can just swap them back into the coin you want,” think about the fees accrued overtime for such an endeavor. This is a bad bad move, trust me, and this is basic finance/economics.
Maybe as a solution, Balanced can incorporate a toggle function that gives the user the option to convert all fees generated into the digital asset of their choosing.
I am more than open for a discussion. Let’s connect and build better, please. With this ambitions pace, ICON is looking at the Top 10 on CMC, lets not dwarf all they have built thus far.
In solidarity,
ICON_Moneybaggs
3 Likes
Yes, yes and yes!
This is OK as an option or functionality but not as a core change to the fee engine
So then keep say the top 10 coins (for the sake of limiting code or space or whatnot) and convert the underperformers to BALN. Think of it like the sweep option on large exchanges such as Binance that gives you the option to convert all “loose change” so to speak into their native token
Unfortunately it’s just not possible to do what you propose. These are constraints of using blockchain technology. It can only handle so many iterations.
Also, I think you have a bit of a misunderstanding here. ETH and BTC will still contribute to the network fee pool, but when they are distributed it will be in the form of BALN. So if ETH is rising in price, you still recognize this gain in the form of more BALN. If you are concerned about receiving as much ETH as possible, you can claim your rewards daily and sell for the assets you want.
Balanced is not an asset management platform (unless the token holders say otherwise), so I don’t agree that we should be spending much time trying to solve this issue another way.
From a UX standpoint, I’ve also heard from many users (including myself) how annoying it is to receive 7 different types of tokens, all in small amounts. It becomes a chore to claim rewards. Having said that, I do see both sides about why it’s nice to get different token types, which is why I proposed we go with two types, which based on community feedback has gone to 3 types
That’s a good point. Since the UI only displays two decimals worth of value, sometimes people will see 0.00 XYZ available for claim.
If it’s that much of an issue then makes sense to push through this upgrade. Curious, if the Dapp essentially requires this update due to UI limitations, how is this even a voteable action?
Yeah others have mentioned this and to clarify we are voting on whether or not this specific solution is the solution we want, not voting on whether or not we need to fix this.
For example, the community could have said “Three tokens? Terrible idea! I want maximum buying pressure on BALN, convert everything to BALN!”. But it seems people like this three token idea, so we’re voting to make sure we’re in agreement on a token-weighted voting standpoint
3 Likes
Has this now been implememted?
If yes, if one still has unclaimed network fees from before and now claims them, will these be converted as per this new proposal or will it only happen for fees from after a certain date?
Thanks
Not implemented yet, currently being developed
1 Like
I think it is good to receive various fees with each coin as it is now. That way people are interested in trading each of these coins.
If we get commissions in some coins, there will be more people doing nothing. I will too.