Benqi - To be DeFi- protocol on the Avalanche blockchain, with which you can take or issue decentralized loans, earn interest on your cryptocurrency, providing liquidity to the protocol. The goal of the project is to solve the scalability problems and high network fees faced by participants using DeFi protocols on the Ethereum blockchain. BENQI is trying to democratize the approach to financial products by providing instant loans, deposits, asset withdrawals, and transparent interest rates.
QI – the platform’s own token, used for user management, liquidity mining through pools and staking in the security module. Criptomais experts have examined the operational characteristics of the protocol and the token in more detail in order to prepare an overview of its capabilities and market forecast.
Briefly about the main thing
- BENQI (QI) is a decentralized platform that offers blockchain-based, intermediary-free financial services Avalanche. The Avalanche platform enables fast, low-cost transactions.
- BENQI allows users to borrow and lend cryptocurrencies against collateral, much like earn interest in your assets.
- QI is the native token of BENQI, which is used to operate the platform and earn rewards. BENQI users can earn QI by participating in platform governance and providing liquidity.
- BENQI (QI) is one of the few platforms DeFithat offers services based on Avalanche, which gives it a competitive advantage.
- QI tokens can be purchased on various cryptocurrency exchanges, including centralized ones KuCoin, Binance and decentralized Pangolim, trader Joe.
- To store Avalanche-based tokens, there are walletsfor example, official carteira.avax.network in the form of a website or browser extension.
Since November 16, 2021, QI is available for cultivation on the website Launchpool and Binance. Stakers from BUSD, BNB and AVAX pools will be able to receive bonus tokens.
Compre QI Token on Binance
Introducing @BenqiFinance $QI on #Binance Launch Pool! Homestead $QI por Stake #BNB, $AVAX and $BUSD Token
➡️ https://t.co/St3so6Dlxe pic.twitter.com/IH3WDb2DIj
– Binance (@binance) November 15, 2021
QI Token Price in USDT
general information
| Designation | Benqi |
|---|---|
| Clock | QI |
| Release year | 2021 |
| Token Type | C-chain |
| Blockchain | Avalanche |
| Course for 11/15/21 | 0,24$ |
| Market capitalization on 11/15/21 | 206 204 441 $ |
| Maximum emission | 7.200.000.000 QI |
| Current edition as of 11/15/21 | 833 352 790QI |
| Official website | https://benqi.fi/ |
| Documentation | https://docs.benqi.fi/ |
| Blog | https://benqifinance.medium.com/ |
| Nativity | https://github.com/Benqi-fi |
| Contacts | [email protected] |
| Social media | https://twitter.com/BenqiFinance |
| Distribution on Binance Launchpool | from 11/16/2021 to 12/15/2021 |
| Will be distributed on Binance Launchpool | 22.000.000 QI |
| Exchanges | Binance, KuCoin, Pangolim DEX |
BENQI Protocol Capabilities
Investors can leverage their unused cryptocurrency to generate profits that are algorithmically adjusted based on market conditions. Each of the assets supported by the platform has its own supply/demand market with its own annualized rate of return.
When a user deposits their cryptocurrency into the pool, they receive QiTokens on exchange, which give them the right to receive a portion of the profits (e.g. USDT – QiUSDT). This is a standard design for improving DeFi protocols and has proven itself very well.
Before any action with the protocol, you will need to connect via a wallet, for example, Metamask. But for this, the wallet must support the Avalanche network. When you first connect using Metamask, the system will ask you if you need to switch to the Avalanche blockchain. Confirm this action. After that, you will immediately be taken to the DeFi platform interface.
Deposit and withdrawal of funds
To deposit assets you need to:
- On the right, select the Markets tab, then Supply.
- From the drop-down list, select the asset you will deposit.
- Enter the amount and click Deposit or Ratify and Deposit (for QI tokens).
- Confirm the transaction in your wallet.
Once the cryptocurrency is in the pool, it will immediately start generating income. QiTokens will be deposited into the wallet in the amount corresponding to the deposited asset. At any time, here on the Supply page, you can withdraw an asset from the pool in whole or in part. Two conditions: the funds must not be used for lending at this time, and their withdrawal must not lead to the liquidation of credit positions.
Loan
With BENQI, a user can borrow some crypto assets while using others as collateral. This allows you to obtain the coins you need for trading or other purposes without selling your tokens.
To take out a loan, the participant must provide collateral. At the same time, do not forget to activate the switch, which will allow the protocol to understand that this is a deposit being made, and not a simple deposit.
For each individual asset, the collateral/loan ratio varies – this affects the ultimate amount that can be borrowed in a given situation. If necessary, you can withdraw funds in the tab Borrow by specifying the amount and clicking the button Re-broker.
Provision of “health”
Health is a concept that denotes the health level of the security deposit. The better this indicator is, the lower the risk of automatic liquidation of the position. The position is liquidated if the health falls below 1. The parameter is dynamic, depending on the market situation and the value of the collateral assets.
Thus, liquidation can occur when the loan increases in value relative to the collateral (e.g. when the market value of the collateral falls). In liquidation, the debt is involuntarily extinguished, with its value + liquidation fee being taken from the existing collateral.
The protocol uses the following factors and coefficients:
- Parallel Factor. The maximum loan you can get with your existing collateral. For example, if the parameter is 40%, then when you deposit $100 in AVAX tokens, you can only get $40 in other tokens.
- Alternate Factor. The portion of the borrower's interest that is due under the protocol and can be withdrawn through management. For example, if the Alternate Factor is 20%, then 20% of the interest paid on the asset will be allocated to the protocol.
- Closing Factor. The maximum amount that can be settled in a transaction. This can be, for example, 50%.
- Liquidation Incentive. An incentive for liquidators to maintain the solvency of the protocol and perform liquidations. For example, a 10% incentive means that liquidators receive 10% of the collateral for each transaction.
Indicators for various assets supported by the protocol:
Token QI + Farm no Binance Launchpool
Token BENQI (QI) – the project’s own asset hosted on the Avalanche blockchain. It supports the entire ecosystem, including its current and future components. It can be used as collateral for loans or as an underlying asset to generate passive income.
An important role of IQ is governance. Holders can vote and submit proposals to improve the protocol. Over time, governance will be fully transferred to the DAO (decentralized autonomous organization). Improved tokens are planned to be distributed through a liquidity mining mechanism.
From November 16 to December 15, 2021 users Binance will receive tokens QI as a reward for staking Avax, BNB e BUSD inside playgrounds Binance Launch pool.
A total of 22 million IQ will be distributed (8.76% of the total supply). Of these:
- BNB Coin – 70% (15,400,000 IQ)
- AVAX Coin – 20% (4,400,000 IQ)
- Pool BUSD – 10% (2.000.000 QI)
QI Token Launch Schedule:
Where to Buy, Sell and Store IQ
The token is most actively traded in multiple pairs on a decentralized exchange Commander is a platform that allows the exchange of Avalanche and Ethereum blockchain tokens. Furthermore, the token can be found on the following centralized exchanges and DEXs:
You can store IQ in any web3 wallet that supports the Avalanche blockchain or provides the ability to add it: Mathwallet, Metamask, Trust wallet.
Frequently asked questions
Conclusion
BENQI is considered one of the leading projects in the Avalanche ecosystem at the moment. In just a few months of existence, it has reached the maximum global value, according to the aggregators of this network. At the same time, there are still opportunities for expansion and attracting new users. BENQI is funded by Avalanche's incentive program to expand the DeFi blockchain ecosystem. The funds are used to join new functions and pools. Taking into account the planned launch of the DAO, the project seems to fully meet the expectations of investors.