BENQI

QI tokens are native assets at Avalanche and oversee the entire ecosystem of the BENQI protocol, including Treasury and future iterations of the protocol. BENQI is a decentralized unmanaged liquidity market protocol built on Avalanche. The agreement allows users to easily borrow money and earn interest on their digital assets. Depositors who provide liquidity for the protocol are likely to receive passive income, while borrowers are able to borrow against excess collateral.

Decentralized finance (DeFi) has grown substantially in the past two years. Since most of DeFi's activities are now on Ethereum, the network is starting to experience congestion issues, resulting in high network costs. This proved to be a significant barrier for both existing and new users with less capital to justify participation in DeFi.

BENQI aims to mitigate these issues by providing liquid market protocols on a highly scalable and decentralized platform. Focusing on accessibility, ease of use and low cost, BENQI will enable users to:

2. Borrow money from the liquid market immediately, using the assets it provides as collateral. 3.

What is benqi (qi)?

BENQI is a decentralized unmanaged liquidity market protocol built on the high-speed Avalanche smart Contract network. The agreement allows users to use their digital assets to lend, borrow or earn interest.

The team chose Avalanche because its decentralized network claims high scalability, low cost, and compatibility with popular plug-in wallets. One of BENQI's goals is to become a cross-chain hub, By connecting the etheric fang just subnet, Polkadot and Binance Smart Chain (< a href = "https://coinmarketcap.com/bsc/" > BSC < / a > ).

BENQI was founded in 2021 with $6 million in backing. Its strategic investors include Ascensive Assets, Dragonfly Capital, Mechanism Capital, Arrington XRP Capital, Spartan Group, TRGC, and Woodstock Fund, Ava Labs, Morningstar Ventures, GBV Capital, Skynet Trading Ltd, Rarestone Capital, Genblock Capital, Moon Inc.

< H3 > Who created BENQI?

Rome Blockchain Labs Inc. Responsible for the development of BENQI. It's an incubator and software development company, Specializing in decentralized financial (< a href = "https://coinmarketcap.com/alexandria/article/what-is-decentralized-finance" > DeFi < / a > ). JD Gagnon is one of the co-founders and ceos of Blockchain Lab in Rome. The other two co-founders are Hannu Kuusi and Alexander Shul.

JD Gagnon graduated with a Bachelor of Business degree in Finance and Accounting from the University of Alberta in Edmonton, Canada. Prior to the Blockchain lab in Rome, Gagnon had already created the Velox algorithmic trading platform. Gagnon is also Scotch & Ramen Media, Inc. Founder and CEO and CSO of Etheralabs, Inc.

Hannu Kuusi has experience building institution-level infrastructure for financial technology (Fintech) and military applications.

Alexander Szul is responsible for managing the development of the BENQI liquid Market platform.

< H3 > What makes BENQI (QI) different?

BENQI (QI) claims to be the first DeFi project on Avalanche. It provides DeFi users from congested and centralized networks with the option to move and place their unused assets on BENQI without any barriers and low network fees. Avalanche allows BENQI users to seamlessly and economically access decentralized financial services and increase control over their policies.

Developers can choose to use BENQI to create financial products using protocols and transferable income tokens.

BENQI also aims to alleviate the overloading of the Ethereum network by providing cheaper and faster alternatives for Ethereum users. BENQI members can withdraw liquidity from the shared liquidity market and borrow from the liquidity market at a clear interest rate.

< H3 > How many BENQI (QI) coins are in circulation?

The BENQI protocol launched its own QI token on 28 April 2021. The token controls the entire BENQI ecosystem, including shares and future versions. Only QI token holders can vote and participate in network improvements.

While the founding team chose to maintain governance control in the early stages of the platform, But their plans include a move toward decentralized autonomous organizations ( DAO < / a > ) Transition. In the future, all token holders will be able to contribute to the development of the project, make proposals and vote on issues.

The total supply of QI is 7,200,000,000 tokens, most of which are scheduled to be distributed through the Liquidity mining program by 2024. The initial coin offering on April 28, 2021 ( ICO < / a > ), 504,000,000 QI were sold on the Tokensoft platform. Of the total supply, 25% is allocated to token sales, 10% to the team, 14% to the Treasury, 1% to exchange liquidity, and finally 50% to liquidity mining.

How to secure BENQI network?

QI is a kind of < a href = "https://coinmarketcap.com/alexandria/glossary/erc-20" > ERC - 20 generations < / a > COINS, Therefore protected by Ethereum's Ethash consensus algorithm. BENQI also used to understand your customers (< a href = "https://coinmarketcap.com/alexandria/glossary/kyc" > KYC < / a > ) program to increase security.

BENQI (QI)?

As of May 2021, QI is not publicly traded on any exchange.