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BENQI is a DeFi protocol on Avalanche offering a liquidity market for lending, borrowing, and earning interest on digital assets, powered by QI token for governance and rewards.
Lending/Borrowing
DEXs
BENQI is a DeFi protocol built on the Avalanche blockchain, offering a decentralized platform for lending, borrowing, and earning interest on digital assets. Launched in 2021 and operating on the Avalanche C-Chain, it utilizes a non-custodial mechanism through a liquidity market protocol, categorizing assets into pools for lending and borrowing. The protocol includes BENQI Liquid Staked AVAX (sAVAX), providing a liquid staking solution for AVAX that rewards both network security and DeFi gains. Users engage with the platform using the QI token, which grants governance rights and rewards. BENQI's native utility token, QI, has a total supply of 7.2 billion, with a circulating supply ranging from 4.7 to 6.6 billion. By leveraging the Avalanche network's low transaction costs and high speed, BENQI aims to promote inclusive decentralized finance, bridging the gap between DeFi and institutional finance. The project's dynamic market presence is reflected in variable trading volumes and QI prices, indicating active engagement.
BENQI is a DeFi protocol built on the Avalanche blockchain, offering a decentralized platform for lending, borrowing, and earning interest on digital assets. Launched in 2021 and operating on the Avalanche C-Chain, it utilizes a non-custodial mechanism through a liquidity market protocol, categorizing assets into pools for lending and borrowing. The protocol includes BENQI Liquid Staked AVAX (sAVAX), providing a liquid staking solution for AVAX that rewards both network security and DeFi gains. Users engage with the platform using the QI token, which grants governance rights and rewards. BENQI's native utility token, QI, has a total supply of 7.2 billion, with a circulating supply ranging from 4.7 to 6.6 billion. By leveraging the Avalanche network's low transaction costs and high speed, BENQI aims to promote inclusive decentralized finance, bridging the gap between DeFi and institutional finance. The project's dynamic market presence is reflected in variable trading volumes and QI prices, indicating active engagement.
BENQI is a decentralized finance (DeFi) protocol built on the Avalanche blockchain. Its primary purpose is to offer a non-custodial liquidity market where users can lend, borrow, and earn interest on digital assets. By eliminating traditional financial intermediaries, BENQI provides a platform for earning passive income and accessing liquidity through over-collateralized loans.
BENQI's protocol facilitates the seamless lending and borrowing of cryptocurrency assets. Users can deposit their digital assets into categorized pools to earn interest, thus generating passive income. Meanwhile, borrowers can access over-collateralized loans, obtaining liquidity without selling their crypto holdings. This system is supported by the Avalanche blockchain, ensuring high transaction speed and low cost.
BENQI offers several advantages over traditional finance. By operating on a decentralized platform, it removes the need for intermediaries, reducing associated costs and increasing access to financial services. Users benefit from instant liquidity, passive income generation through interest on deposits, and active participation in platform governance via its native QI token, enhancing their engagement within the DeFi ecosystem.
BENQI Liquid Staked AVAX (sAVAX) is the first liquid staking protocol on the Avalanche blockchain, introduced by BENQI. Users stake their AVAX to receive sAVAX, an interest-bearing version of AVAX, allowing them to earn rewards for securing the Avalanche network while simultaneously participating in DeFi. This enhances the utility of AVAX, offering dual benefits of staking rewards and liquidity.
The QI token is BENQI's native utility token, integral to its ecosystem. It rewards users for providing liquidity on the BENQI protocol and other platforms like the Pangolin decentralized exchange. With a supply of 7.2 billion tokens, QI allows holders governance rights to influence protocol decisions, fostering community involvement and directing the future development of the platform.
Users might encounter issues with liquidity or transaction speeds, though these are mitigated by BENQI's operations on Avalanche, known for its high throughput and low latency. For troubleshooting, users should ensure they have the latest wallet software, check for network congestion, and consult BENQI's support resources or community forums for assistance with specific platform concerns.
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