BENQI (QI)

Last updated 02/10/2022

What is BENQI (QI)?

BENQI is a fast Avalanche smart contract network-based decentralized non-custodial liquidity market and liquid staking system. Using their digital assets, individuals can borrow, lend, or earn interest due to the lending protocol. The Liquid Staking protocol offers users the opportunity to unlock their "staked" AVAX for usage on Decentralized Financial protocols, delivering a solution for capital efficiency. The decentralized network's claimed high scalability, small fees, and compatibility with well-known plugin wallets were factors in the founding team's decision to utilize Avalanche.

It's the first DeFi Lending initiative using the Avalanche platform, according to BENQI (QI). It gives DeFi customers from centralized, crowded networks the option to easily migrate their unused assets to BENQI with minimal network fees. Users of BENQI may get more control over their strategies and access decentralized financial services more easily and cheaply thanks to Avalanche. By using the protocol and governance tokens, developers may utilize BENQI to build financial products.

By offering Ethereum customers a less expensive and quicker substitute, BENQI also wants to lessen the overloading of the Ethereum network. Members of BENQI may borrow liquidity from the liquidity market, withdraw liquidity from it, and examine interest rates more clearly.

On April 28, 2021, the BENQI protocol introduced its own QI token. The whole BENQI ecosystem, including stocks and future versions, is controlled by the token. Only QI token owners will have the ability to vote on and take part in network improvement initiatives.

A total of 7,200,000,000 QI tokens are available, the majority of which will be distributed through the liquidity mining program by 2024. On April 28, 2021, during the initial coin offering (ICO). 504,000,000 QI were sold through the Tokensoft platform. 25% of the total supply went toward token sales, 10% went to the team, 14% went to the treasury, 1% went toward exchange liquidity, and the remaining 50% went toward mining for liquidity.

Team

The company Rome Blockchain Labs Inc. is responsible for the development of BENQI. It is a software development company and incubator that focuses on decentralized finance (DeFi). One of the co-founders and CEO of Rome Blockchain Labs is JD Gagnon. Alexander Shul and Hannu Kuusi are the other two co-founders.

JD Gagnon received his Bachelor of Commerce in finance and accounting from the University of Alberta in Edmonton, Canada. Gagnon was the founder of the Velox algorithmic trading platform before Rome Blockchain Labs. Gagnon is also the founder, CEO, and CSO of Etheralabs, Inc. and Scotch & Ramen Media, Inc.

Hannu Kuusi is skilled in developing institutional-grade infrastructure for use in both military and financial technology (fintech) applications.

The BENQI liquidity market platform's development is being managed by Alexander Szul.

Roadmap

December 2020 - The creation of BENQI and the start of work on an Avalanche-specific liquid market protocol.

July 2021 - On ImmuneFi, BENQI will host a Bug Bounty program. Re-entrancy attacks, possible EVM logic problems, block timestamp manipulation, and other timestamp vulnerabilities are the key points of the Bug Bounty.

August 2021 - BENQI introduced its lending and borrowing protocol while the Avalanche ecosystem's Total Value Locked (TVL) was just $250 million.

January 2022 - To increase liquidity, BENQI intends to introduce Liquid Staking. The Avalanche C-Chain will support the liquid asset (sAVAX).

December 2022 - An alternative DeFi primitive that will support the fundamental borrowing and lending market is planned to be released by BENQI.

December 2023 - BENQI's long-term objective is to integrate its product into Avalanche Subnets that comply with legal requirements. These subnets allow you to combine DeFi solutions with real-world assets.

Where to Store BENQI (QI)

You can store BENQI (QI) coins in a compatible HyperPay wallet - the world's first wallet that is integrated with both off-chain and on-chain wallets.

Similarly, a user-friendly option to keep your $QI secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting to their MetaMask wallet.

Where to Buy and Sell BENQI (QI)

You can Buy & Sell BENQI (QI) by heading over to the Buy Coins page of our website. BENQI (QI) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying $QI has never been easier, simply place your order and provide your wallet address. Once your payment arrives BENQI (QI) will be sent directly to your wallet.

If you choose to Sell BENQI (QI) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on our Sell Coins page.

BENQI (QI) Resources:

Website: https://benqi.fi/

Block Explorer: https://avascan.info/

Twitter: https://twitter.com/BenqiFinance

Medium: https://benqifinance.medium.com/

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.