ICON Bridge asset migration begins on April 25

#1

ICON Bridge asset migration begins on April 25

Before Balanced can connect to Ethereum and other EVM chains, we need to retire the ICON Bridge UI and migrate ETH to the asset manager contract.

Doing so will enable a seamless cross-chain experience for assets like ETH that are available on multiple chains, and allow ICON to begin acquiring network-owned liquidity.

If you hold assets bridged from BNB Smart Chain, like ETH or BTCB, this change affects you.

What you need to know

On April 25, 2024 (UTC), the ICON Bridge will pause new deposits, and the legacy transfer UI will be removed from the Balanced app.

A proposal will go to a vote soon afterwards to migrate all ETH from ICON Bridge to Balanced’s asset manager contract.

Your bridged assets will remain secure in your ICON wallet, and ETH and BTCB liquidity providers will continue to earn rewards. A separate page will be set up so people can still transfer bridged assets back to their native chain.

You will not be able to transfer ETH to another chain until the app supports it.

Thanks in advance for your patience as we work to make this transition as smooth as possible. We’ll provide more updates as we progress with the migration.

EDIT: Updated to clarify that all bridged assets except for ETH can still be transferred back to their native chain, and a page will be set up to support this.

#2

From the discord:
[Q] What is the approximate time frame for BSC-based ETH and BTCB users to be able to withdraw their funds again?

BSC-based ETH will most likely take up to a month to be supported in the UI.
BSC-based BTC (BTCB) will be available to withdraw still via ICON bridge and a UI will hopefully be provided soon after. (But be aware of scam websites telling you to withdraw!)

[Q] Will it be possible to withdraw funds to other non-BSC based ETH and BTC once the migration is complete?

BTCB will not be integrated into balanced and will remain withdraw only and its use on balanced will be dismantled for now. A migration in the future when we have access to better BTC might be a option but for now is not planned.

ETH will most likely be withdraw able to other chains in the coming months but not when the UI first launches.

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#3

The ICON Bridge migration is now underway.

All new deposits have been paused, and the legacy transfer UI has been removed from the Trade page.

If you hold bridged assets, you can use app.balanced.network/legacy-bridge to send them back to their native chain.

ETH cannot be transferred to another chain until the app supports it.

The proposal to migrate ETH from ICON Bridge to Balanced’s asset manager contract will go live in a few days.