BENQI (QI) Price

BENQI (QI) is an open-source protocol that allows users to borrow or lend liquidity from the DeFi ecosystem on their virtual assets. The BENQI protocol is based on the blockchain technology Avalanche (AVAX). Borrowing any Avalanche blockchain digital asset using BENQI as collateral, i.e. security against a loan, is made possible by the protocol.

Furthermore, the platform is intended to resolve the high cost of gas fees across DeFi. Gas fees are the fees that users must pay to perform any function on the blockchain protocol. According to the whitepaper, BENQI intends to address this issue by delivering a liquidity market protocol on a largely scalable and decentralized platform.

BENQI's mission is to democratize access to decentralized financial products by offering permissionless lending and borrowing, emphasizing approachability, ease of use, and low fees.

A liquidity mining program is also used on the BENQI platform. By incentivizing the liquidity pools, the platform hopes to increase the platform's TVL (total value locked) and utilization rate. Furthermore, BENQI displays live yield rates and undergoes audits to provide greater transparency and security to its users.