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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.
ETH Staking
Lending/Borrowing
BENQI is a decentralized finance protocol on the Avalanche blockchain, launched in 2021, designed to facilitate liquidity and financial services within the DeFi space. It empowers users to lend, borrow, and earn interest on digital assets seamlessly, bypassing traditional intermediaries. Users can deposit cryptocurrencies in asset-specific pools to earn interest or obtain instant liquidity by borrowing against these assets. Its primary mechanisms include a liquidity market protocol and features like staking and liquidity mining. Participants are incentivized with QI, BENQI's native utility token, which grants governance rights, thus allowing users to influence protocol decisions. Operating on Avalanche's cost-effective and high-speed environment, BENQI aims to remove DeFi barriers, attracting more users and institutions into an inclusive financial system. Supplementary insights highlight the protocol’s role in bridging DeFi with institutional markets, showcasing liquidity engagement across 112 to 124 markets with sAVAX as an interest-bearing AVAX version, further expanding user opportunities.
BENQI is a decentralized finance protocol on the Avalanche blockchain, launched in 2021, designed to facilitate liquidity and financial services within the DeFi space. It empowers users to lend, borrow, and earn interest on digital assets seamlessly, bypassing traditional intermediaries. Users can deposit cryptocurrencies in asset-specific pools to earn interest or obtain instant liquidity by borrowing against these assets. Its primary mechanisms include a liquidity market protocol and features like staking and liquidity mining. Participants are incentivized with QI, BENQI's native utility token, which grants governance rights, thus allowing users to influence protocol decisions. Operating on Avalanche's cost-effective and high-speed environment, BENQI aims to remove DeFi barriers, attracting more users and institutions into an inclusive financial system. Supplementary insights highlight the protocol’s role in bridging DeFi with institutional markets, showcasing liquidity engagement across 112 to 124 markets with sAVAX as an interest-bearing AVAX version, further expanding user opportunities.
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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