BENQ has over $1 billion in total assets on its decentralized network in a stunning display of support and confidence. This is a big celebration call since the platform, just released on 19 August 2021.
This is all due to the liquidity mining scheme for promoting DeFi growth in partnership with Avalanche. In particular, BENQI — an algorithmic market protocol for liquidity. It will represent the next stage of development for the DeFi ecosystem of Avalanche.
To highlight, $3 million in AVAX, planned for allotment to BENQI customers as liquidity incentives. In addition, more incentive schemes, planned in the near future. The AVAX given to the BENQI network is designed to reward users who loan and buy AVAX, USDT, ETH, WBTC, LINK, and DAI.
To clarify, AVAX is Avalanche’s native token. It is a challenging, rare asset, used to pay fees. It also protects the platform by staking and offers a basic account unit connecting the many Avalanche subnetworks. Together, BENQI and Avalanche provide their customers with high-performance loans and financing.
Larger DeFi Ecosystem
Similarly, Ava Labs President John Wu notes that at a crucial time, BENQI comes out. All Avalanche users will benefit from its introduction, as well as the larger DeFi ecosystem. He points out that the technology of BENQI adds to the jigsaw a missing component and makes Avalanche even more appealing for consumers.
BENQ has raised $6 million in a financing round with the support of several major businesses. The following phase will thus concentrate on expanding the number of financial primitives with excellent performance, such as money markets.
BENQ and other chosen projects, lead with the introduction of the Avalanche Bridge, and many more Dapps scheduled for launch on Avalanche.
