BENQI is a popular choice among investors looking to trade altcoins. However, before you Trade QI, it is essential that you know what you are investing in. Let's find out what's BENQI and how it works.
BENQI is a decentralized, non-custodial liquidity market and liquid staking mechanism built upon the lightning-fast Avalanche smart contract network. The lending protocol enables borrowers and lenders to transact with and profit from one another's digital assets. By allowing users to release their "staked" AVAX for usage on Decentralized Financial protocols, the Liquid Staking protocol helps improve capital efficiency.
The founding team settled on Avalanche due to the network's decentralized nature, cheap fees, and interoperability with widely used plugin wallets.
In 2021, BENQI was established with funding of $6 million. Ascensive Assets, Dragonfly Capital, Mechanism Capital, Arrington XRP Capital, Spartan Group, TRGC, Woodstock Fund, Ava Labs, Morningstar Ventures, GBV Capital, Skynet Trading Ltd, Rarestone Capital, Genblock Capital, and Moon Inc. are just few of its key investors.
How is BENQI different?
According to BENQI (QI), the Avalanche platform's first DeFi Lending initiative. BENQI allows DeFi customers on congested, centralized networks to easily migrate their idle assets to the decentralized platform with no outlay. With Avalanche, BENQI users may get more control over their financial strategy while still having access to low-cost, decentralized financial services.
Developers may make their own financial products using the BENQI protocol and governance tokens.
BENQI's other goal is to reduce Ethereum's burden by giving its consumers a faster and cheaper alternative. BENQI members can withdraw liquidity from the liquidity market, borrow liquidity, and obtain a clear picture of interest rates.
How many QI coins are in circulation?
Defining the first DeFi Lending project on the Avalanche platform, as reported by BENQI (QI). With BENQI, DeFi users with unused assets on overloaded, centralized networks may simply and affordably move them to the distributed network. Avalanche gives BENQI users more agency over their financial futures while maintaining access to low-cost, decentralized financial services.
The BENQI protocol and governance tokens allow programmers to create their own cryptocurrency and tokenized financial products.
The other purpose behind BENQI is to ease Ethereum's workload by providing an expedited and low-cost substitute for it. Those who are part of BENQI have the ability to access the liquidity market, borrow liquidity, and get an accurate picture of interest rates.
Network Security
BENQI runs on the Avalanche network and is secured by its Proof of Stake consensus mechanism.
Founders
BENQI was created by the Rome Blockchain Labs Inc. It is an organization that helps start businesses and creates software, with a focus on decentralized financial systems (DeFi). One of Rome Blockchain Labs' co-founders and current CEO is JD Gagnon. Hannu Kuusi and Alexander Shul are the other two co-founders.
JD Gagnon earned his bachelor's degree in commerce with a focus on finance and accounting from the University of Alberta in Edmonton, Canada. Gagnon had founded the Velox algorithmic trading platform before he founded Rome Blockchain Labs. Gagnon is the Chief Strategy Officer of Etheralabs and the creator and CEO of Scotch & Ramen Media.
Hannu Kuusi has built infrastructure facilities for financial technology (fintech) and military applications.
Alexander Szul is in charge of overseeing the BENQI liquidity market platform's growth.
Where Can You Buy QI?
QI is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.
Disclaimer: Cryptocurrencies are highly volatile and subject to market, technical, and regulatory risks. Crypto trading requires one’s own diligence, and Cryptoforce will not be responsible for any losses incurred. Any information provided here should not be regarded as Cryptoforce’s technical or financial advice.
