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What You Need to Know About BENQI (QI)

By Ollie H - Cryptocurrency Broker - 04-10-2021

BenQi (QI) is a liquidity mining protocol that's built within the Avalanche network. As of writing, the protocol's Total Value Locked (TVL) is worth around $1.7 billion as reported by Coin 98 Insights, which is the most significant TVL volume within the Avalanche ecosystem so far. The platform has seen a lot of growth despite the launch being only a couple of months ago. Since its launch, BenQi has reportedly achieved a lot in a small-time frame, one notably obtaining a large TVL.

The users of the protocol borrow and lend via the initiative. Users can invest in cryptocurrency so that they can lend their tokens for profit. For example, users can buy BenQi QI and then begin to lend QI to borrowers while receiving a ‘risk-free’ interest rate. Users can also buy BenQi token QI for governance and vote on deciding factors in the platform.

The platform's goal is to establish a protocol in the liquidity market sector that is fully decentralised. Creating a fully decentralised protocol could mean outstanding issues within the current financial markets could be resolved. BenQi aims to provide unlimited and permissionless access to the liquidity market, which they believe will help solve many of the crypto industry's problems. BenQi is a protocol that attracts new enthusiasts of cryptocurrency trading who haven't entered the world of borrowing and makes this investment method much safer, less frightening, and less complicated.

On the platform, users can deposit and withdraw assets from a joint liquidity pool. You can also borrow assets while holding whatever cryptoasset they have given to the pool to be used as collateral in which the user will also receive live interest rates to judge the market.

If you are looking to Buy and Sell BENQI, then you can head over to BC Bitcoin where you can safely start trading today.

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