BENQI is a leading DeFi protocol on Avalanche, offering lending and liquid staking services to optimize user assets flexibly.
BENQI operates on the Avalanche platform with lending, liquid staking, and a marketplace that allows users to earn interest, borrow capital, and use representative Tokens to enhance investment efficiency in the DeFi ecosystem.
MAIN CONTENT
BENQI is a DeFi protocol focused on lending and liquid staking on Avalanche.
The three main products include BENQI Liquidity Market, Liquid Staking, and Validator Delegation Marketplace.
Token QI possesses multiple utilities and a long-term support team of reputable investors.
What is BENQI (QI)?
With a pioneering mindset about DeFi on Avalanche, BENQI provides lending, borrowing, and liquid staking services to address the weaknesses of traditional finance such as lack of transparency and centralized intermediaries.
Users can deposit assets to earn passive interest, borrow assets by collateralizing, or stake AVAX to receive sAVAX Tokens that can be used flexibly across other DeFi platforms.
BENQI plays a crucial role in Avalanche Rush – an incentive program worth hundreds of millions of USD promoting DeFi development on Avalanche.
Jason Tuang, Experienced crypto investor since 2023
How does BENQI (QI) operate?
BENQI operates based on two main protocols: the lending liquidity market (BLM) and liquid staking (BLS), similar to large platforms like Compound and Aave but leveraging the advantages of Avalanche C-Chain such as fast transaction speeds and low fees.
Users connect through compatible wallets (MetaMask, Trust Wallet) and interact directly with smart contracts, ensuring no intermediaries, increasing transparency and security.
BENQI's Products
BENQI develops three core products to meet diverse DeFi needs such as lending, staking, and delegated staking to optimize profitability and liquidity of assets.
BENQI Liquidity Market (BLM)
BLM is a decentralized lending and borrowing protocol that allows users to deposit assets such as AVAX, USDT, ETH.e… to earn passive interest or borrow other assets based on LTV collateral ratios.
For example, an individual can deposit AVAX as collateral to borrow USDC, which can then be used for trading or yield farming.
BENQI Liquid Staking (BLS)
BLS is a prominent liquid staking product that allows staking AVAX and receiving sAVAX – a representative Token that is profitable and can be traded, collateralized across various DeFi platforms.
The main advantage is that there is no need to lock traditional assets, continuously earning staking rewards while maintaining liquidity of sAVAX.
Validator Delegation Marketplace
Expected to launch in 2025, this platform will allow users to delegate AVAX staking to reputable validators without needing to operate a personal node.
User-friendly interface with validator performance tracking tools makes it easy for users to choose the most effective staking options.
BENQI's validator delegation marketplace will open up opportunities for regular users to participate in staking with high security and maximum convenience.
JD Gagnon, Co-founder of BENQI, 2024
Notable Features of BENQI
Outstanding performance thanks to the use of the Avalanche C-Chain network with fast processing speeds and low transaction fees.
Integration of liquid staking with sAVAX is widely supported on many major DeFi protocols like Trader Joe and GMX.
Decentralized governance through DAO, QI Token holders have voting rights and can propose improvements.
Deeply participating in Avalanche Rush, an incentive program worth hundreds of millions of USD to promote ecosystem development.
Overview of Token QI and Tokenomics
Token QI is an ARC20 standard Token on Avalanche, playing a key role in governance, incentives, and rewards for users closely tied to the development of BENQI.
Details Attribute Token Name BENQI Symbol QI Blockchain Avalanche (ARC-20) Total Supply 7,200,000,000 QI Current Circulation 6,825,762,469 QI Contract Address 0x8729438EB15e2C8B576fCc6AeCdA6A148776C0F5
Token allocation includes 45% for liquidity mining, 10% for the development team, 14% for the treasury fund, along with allocations for advisors, strategic sales, and the public.
Token QI is also used to participate in governance voting, receive staking rewards, and pay discounted fees.
BENQI Development Roadmap
Q1/2025: Launch Validator Delegation Marketplace to simplify staking delegation for users.
Q2/2025: Support Liquid Staking for Subnet AVAX to expand staking capabilities.
Q3/2025: Sign partnership with GMX, allowing sAVAX to be used as collateral for derivatives trading.
Q4/2025: Launch BENQI Earn, an automatic yield optimization platform across multiple protocols.
Development Team, Investors, and Partners
Project Team
BENQI is developed by Rome Blockchain Labs (RBL) – a reputable DeFi and Web3 company in the United States. The founders include JD Gagnon (Financial Expert), Hannu Kuusi (Systems Engineer), and Alexander Szul (Smart Contract Developer) with years of experience.
The team supports many experienced personnel in the DeFi and crypto fields, such as Dan Mgbor (Product Manager), Jason Tuang (cryptocurrency investor since 2016).
Reputable Investors
BENQI has received funding from several large funds such as Avalanche Foundation, Mechanism Capital, Dragonfly, Spartan Group, and GBV Capital.
The project was supported by Binance Launchpool to launch its Token in 2021, enhancing liquidity and global recognition.
Strategic Partners
The BENQI ecosystem collaborates extensively with Avalanche, Trader Joe, Kyber Network, GMX, Wombat Exchange, Chainalysis, and The Graph.
BENQI is integrated with MetaMask, Trust Wallet, and analytical dashboards like DeFiLlama, CoinGecko, DappRadar for a comprehensive user experience.
Frequently Asked Questions
How does BENQI differ from traditional lending platforms? BENQI operates entirely decentralized, transparently, and without intermediaries, reducing costs and speeding up transactions on Avalanche. How to start borrowing or lending on BENQI? Users just need to connect a compatible wallet to the Avalanche C-Chain, choose a lending product, deposit assets, or borrow based on collateral at LTV ratios. Is the liquid staking feature safe? BLS operates through audited smart contracts with oversight from the development team and verified validators, minimizing risk of loss. What is Token QI used for in the ecosystem? QI plays a governance role, participates in voting, receives rewards from incentive programs, and reduces transaction fees on the BENQI platform. Does BENQI support AVAX staking while maintaining liquidity? Yes, users stake AVAX to receive sAVAX, a representative Token that can be traded, used as collateral, or for yield farming while still receiving staking rewards.
Source: https://tintucbitcoin.com/benqi-qi-la-gi-2/
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