About BENQI (QI)
BENQI is a non-custodial liquidity market protocol running on Avalanche. The BENQI protocol states that it was designed to address issues of high network fees that create a barrier of entry for people looking to enter the crypto trading market by offering a suite of DeFi protocols on a purportedly scalable and decentralized platform. The platform is powered by its native token QI, denominated by the $QI ticker.
The protocol enables users to contribute their assets to a shared pool, making them available for others to borrow. By supplying liquidity to the protocol, users can earn rewards, whereas borrowers can access funds by providing collateral exceeding the loan amount.
BENQI claims that it is the first liquidity marketplace built on Avalanche's C chain, and its services include a lending market and liquidity mining. Users can lend idle assets to supposedly earn interest or choose to lend assets as collateral on BENQI. For instance, users can provide unused ETH to the lending market, earning interest on their deposits. The lent ETH can then serve as collateral to borrow AVAX, for which they will pay interest. Users can stake, borrow and lend tokens within the BENQI platform and participate in network management.
BENQI is partnered with KyberSwap, Pangolin, Keystone, and other projects. The current price of BENQI price is updated and live-tracked on Binance in real-time.