What Is BENQI (QI)?

BENQI is a decentralized non-custodial liquidity market protocol built on the high-speed Avalanche smart contract network. The protocol allows users to lend, borrow, or earn interest using their digital assets.

The team chose Avalanche because of its decentralized network’s claimed high scalability, low fees and compatibility with popular plugin wallets. One of the goals of BENQI is to become a cross-chain hub, connecting Ethereum, Polkadot and Binance Smart Chain (BSC) through the Avalanche subnets.

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

Who Are the Founders of BENQI?

Rome Blockchain Labs Inc. is responsible for the development of BENQI. It is an incubator and a software development firm specializing in decentralized finance (DeFi). JD Gagnon is one of the co-founders and CEO of Rome Blockchain Labs. The two other co-founders are Hannu Kuusi and Alexander Shul.

JD Gagnon graduated with a bachelor’s degree in commerce in finance and accounting from the University of Alberta in Edmonton, Canada. Before Rome Blockchain Labs, Gagnon has created the Velox algorithmic trading platform. Gagnon is also the founder and CEO of Scotch & Ramen Media, Inc. and CSO of Etheralabs, Inc.

Hannu Kuusi has experience building institutional-grade infrastructure for financial technology (fintech) and military applications.

Alexander Szul is in charge of managing the development of the BENQI liquidity market platform.

What Makes BENQI (QI) Unique?

BENQI (QI) claims to be the first DeFi project on the Avalanche platform. It offers DeFi users from congested and centralized networks the option to move and place their unused assets on BENQI with no hurdles and low network fees. Avalanche allows BENQI users to seamlessly and affordably access decentralized financial services and increase control over their strategies.

Developers have the option to use BENQI to create financial products using the protocol and transferable revenue tokens.

BENQI also aims to ease the overloading of the Ethereum network by providing Ethereum users with a less expensive and faster alternative. BENQI members can withdraw liquidity from the shared liquidity market, borrow from the liquidity market and get a clear view of interest rates.

Related Pages:

Learn more about Avalanche.

Read about Compound and Aave.

How do smart contracts work? Find out with CMC Alexandria.

What is ERC-20? Click the link and find out.

How Many BENQI (QI) Coins Are There in Circulation?

The BENQI protocol launched its own QI token on April 28, 2021. The token controls the entire BENQI ecosystem, including stocks and future versions. Only the holders of QI tokens will be able to vote on and participate in the improvement of the network.

While the founding team chose to maintain control over governance at the early stages of the platform, their plans include a full-fledged transition to a decentralized autonomous organization (DAO). In the future, all token holders will be able to contribute to the development of the project, initiate proposals and vote on issues.

The total supply of QI is set at 7,200,000,000 tokens, most of which are planned to be distributed through the liquidity mining program by 2024. During the initial coin offering (ICO) on April 28, 2021, 504,000,000 QI was sold on the Tokensoft platform. Of the total supply, 25% was allocated to token sales, 10% to the team, 14% to the treasury, 1% to exchange liquidity, and the final 50% to liquidity mining.

How Is the BENQI Network Secured?

QI is an ERC-20 token and is thus secured by Ethereum’s Ethash consensus algorithm. BENQI also uses a know your customer (KYC) procedure for added security.

Where Can You Buy BENQI (QI)?

As of May 2021, QI has not been listed for trading on any exchanges.

If you want to learn more about buying cryptocurrency, make sure to read our comprehensive guide.

BENQI QI

BENQI Märka