By Luke F - Crypto Specialist - 15-08-2021
As reported in recent news, the Avalanche Foundation and BENQI have joined forces to launch a liquidity mining program in the cryptocurrency trading community's surprise.
To create a cooperative liquidity mining operation, the Avalanche Foundation has chosen to work alongside BENQI, a protocol that uses algorithmic liquidity. In mid-August 2021 will commemorate not only the debut of the BENQI protocol as well as the anticipated growth of its partner's DeFi ecosystem, Avalanche.
AVAX is the native crypto coin used within the Avalanche ecosystem, with plans to distribute $3 million of its crypto market investment as liquidity incentives to BENQI users. The crypto coin will be used within the BENQI network to reward users who wish to borrow or loan crypto in the program. Using AVAX to invest in cryptocurrency is just the beginning of incentives with promises to develop more incentive programs further.
As of writing, the Avalanche Foundation and its DeFi ecosystem have managed to obtain nearly $233 million. Avalanche has a technology within its ecosystem that bridges itself to the Ethereum networks, which provides its users with fast, safe, and affordable transfers.
The Avalanche Bridge means that projects like Pangolin, Avalanche's premier automated market maker, can expand its already high-performing money markets. Pangolin has thus far witnessed $1.3 billion in total trading volume since its inception earlier this year. BENQI is one project that has become a prime example in the front line and shows the way for more DApps to launch on Avalanche soon.