BENQi is a liquidity protocol built on the Avalanche blockchain that combines decentralized finance (DeFi) and traditional finance (TradFi) to facilitate lending, borrowing, and liquid staking of AVAX. The platform enables users to earn yields on their staked assets while providing a seamless experience for managing crypto liquidity across various integrations.
Funding
$6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
In decentralized finance (DeFi), users often face challenges in efficiently utilizing their staked assets, particularly AVAX on the Avalanche blockchain, limiting their ability to participate in lending, borrowing, and other yield-generating activities. Traditional methods of staking can lock up assets, preventing users from leveraging them in other DeFi protocols.
Solution
BENQi is a liquidity protocol on Avalanche that enables users to earn yields on their staked AVAX while simultaneously using it within the DeFi ecosystem. The platform facilitates lending and borrowing of various cryptocurrencies, allowing users to supply assets and earn interest or borrow assets by providing collateral. BENQi also offers liquid staking, enabling users to stake AVAX and receive a liquid representation of their staked assets, which can then be used in other DeFi applications. This allows users to maximize capital efficiency and participate in a wider range of DeFi activities without sacrificing staking rewards.
Target Audience
The primary target audience includes DeFi users on the Avalanche blockchain who are looking to maximize the utility of their staked AVAX and participate in lending, borrowing, and other yield-generating activities.
Features
- Liquid staking of AVAX, providing a liquid token representing staked AVAX for use in other DeFi protocols.
- Lending and borrowing markets for various cryptocurrencies on the Avalanche blockchain.
- Seamless integration with other DeFi protocols, enabling users to easily move assets between different applications.
- Governance token (QI) that allows holders to participate in the decision-making process of the protocol.
- Real-time data on total value locked (TVL), total supplied, and number of users.
- Support for running Avalanche validators or subnets through the Ignite program.