BENQI

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BENQI is a DeFi protocol on the Avalanche blockchain offering a liquidity market where users can lend, borrow, and earn interest without traditional finance barriers. By leveraging Avalanche's low-cost, high-speed network, BENQI aims to boost DeFi inclusivity for users and institutions. Its QI token, with a 7.2 billion max supply, empowers holders with governance rights. The platform's primary features include asset pools for earning passive income or quick liquidity via over-collateralized loans. Additionally, BENQI offers liquid staking through BENQI Liquid Staked AVAX (sAVAX) allowing users to earn from securing the Avalanche network and DeFi activities. BENQI operates on numerous markets, with QI trading in over 112 markets and sAVAX across 48, reflecting strong market engagement. Prices for QI vary between $0.012 and $0.024, while sAVAX ranges from $25 to $60. The protocol supports growth and maximization of crypto asset potential through continuous ecosystem expansion. More info at benqi.fi.

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FAQ

What is BENQI and its primary purpose?

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.

How does BENQI's lending and borrowing mechanism work?

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.

What benefits does BENQI offer compared to traditional financial intermediaries?

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.

What is BENQI Liquid Staked AVAX (sAVAX) and its role on the platform?

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.

How does the QI token function within the BENQI ecosystem?

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.

What common issues might users face on BENQI, and how can they be addressed?

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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