News24 August 2021

Avalanche’s BENQI Platform Total Value Hits $1 Billion Days After Launch

Avalanche’s BENQI Platform Total Value Hits $1 Billion

Summary

  • BENQI is the first DeFi lending platform on Avalanche
  • BENQI reaches over $1 billion in total value locked.
  • The platform has plans to collaborate with cross-chain projects

BENQI is the first DeFi lending platform on Avalache that was launched last Thursday. Only days after opening, BENQI announces over $1 billion TVL (Total Value Locked).

This non-custodial liquidity crypto protocol makes it easy for users to lend, earn interest and borrow using digital assets. On this platform, liquidity providers earn a passive income while borrowers can earn through over-collateralization. Users can also access affordable liquidity on demand and participate in governance by investing in Qi tokens.

BENQI liquidity was advanced by the Avalanche Rush and Bridge, with the Rush initiative bringing in more assets and applications to Avalanche and Avalanche bridge, easing the transfer process of Ethereum and Avalanche tokens.

“This has been an incredible week for the team, and we are overwhelmed by the amount of support our partners and the Avalanche community has shown us leading up to this. The Avalanche Rush initiative coupled with the new Avalanche Bridge has proved to be a major catalyst for the rush of liquidity to not only BENQI but the rest of the Avalanche DeFi ecosystem. A big thank you to everyone involved!” BENQI Co-Founder JD Gagnon noted.

He added that they are currently optimizing the protocol with plans to work together with cross-chain projects to Avalanche as part of the Avalanche Rush initiative.

Kibet Elikana
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