Benqi is a decentralized unmanaged liquidity market agreement on avalanche. It extends defi through a suite of revenue generating products. The platform provides a lending market and liquid stacking is being developed. Users can borrow and lend tokens and participate in network governance and mortgage.
Qi is the native token of Benqi and has the following functions:
Governance: Qi token holders will be able to participate in the governance of the agreement. Through governance, users have the ability to influence all aspects of Benqi’s follow-up products and primitives.
Liquidity Mining: users can pledge in the liquidity pool on DEX (i.e. pangolin) or Qi token pool in Benqi agreement. In return for providing liquidity, users will receive Qi and other token rewards.
Pledge: users will be able to pledge Qi in the security module and obtain part of the agreement reserve to protect the agreement from the impact of shortage events.
Benqi consists of the following main components:
Lending market: enables users to borrow and earn interest on their digital assets. Depositors who provide liquidity to the agreement can obtain passive income, while borrowers can borrow loans by over pledging the supporting assets on the agreement.
Liquid stacking: users will be able to pledge their avax tokens on the avalanche C chain compatible with EVM. The agreement also tokenizes the pledged assets, which makes the pledged assets composable and provides users with more opportunities to unlock capital for use in the defi space.
The project raised a total of $99300 from four rounds of token sales, of which 5.93%, 12.07%, 6.10% and 0.90% of the total supply of Qi tokens were sold at the prices of $0.0030, $0.0055, $0.0075 and $0.0090/qi respectively.