Binance, one of the largest Bitcoin (BTC) and cryptocurrency exchanges in the world, announced a partnership with the developers who run BENQI Finance (QI), a cryptocurrency built in the blockhain from Avalanche (AVAX) and which intends to bring the universe of decentralized finance (DeFi) to the competitor of Ethereum (ETH).
As soon as Binance announced the partnership and the project listing, the IQ token went up about 90% in a matter of minutes. According to Binance’s announcement, the partnership involves the launch of BENQUI, the protocol’s native cryptocurrency, through Lauchpool, Binance’s staking system for new projects.
In this way, Binance customers will be able to use Launchpool and staking BNB, AVAX and BUSD in separate pools to grow IQ tokens for over 30 days, with farming starting November 16th.
Thus, by staking, Binance customers can earn part of the 7,200,000,000 IQ tokens for free (which represent 8.76% of the total circulating tokens). Customers who join the system will earn their IQ tokens for free every hour, just clicking on the “redeem rewards” button.
What is BENQI Finance
BENQI Finance is a decentralized finance (DeFi) protocol designed to provide decentralized and custodial liquidity, so through the protocol, users can easily borrow, borrow and earn interest on their digital assets.
In this way, users can earn passive income through borrowing, and borrowers have the potential to grab cryptocurrencies from businesses without bureaucracy. BENQI is built on the Avalanche blockchain (AVAX) which basically functions as a competitor to Ethereum.
The BENQI team realized that Avalanche could be the next successor to smart contracts and assets, which could lighten the load on Ethereum and provide frictionless transactions for the user. Currently, BENQI is the first loan protocol built on AVAX.
BENQI is also a bridge to connect Ethereum to the Avalanche bridge (AEB.xyz), so the protocol can provide existing Ethereum users with a cheaper and faster alternative financial market by removing $300 gwei fees on Ethereum as well as 3 minutes required for transactions.
As the first Avalanche loan protocol as a fundamental layer of DeFi, BENQI uses a time-based approach to calculating rates on the platform to provide users with the most accurate rates.
The fees for transacting with the protocol are negligible due to the network on which BENQI is built and simplified smart contracts. Thus, the platform works by allowing users to deposit their assets, which will be added to a pool that can be used by third parties to take out loans.
As a result, users who lend liquidity to the protocol can earn passive income. The funds stored in BENQI are managed by smart contracts. Initially, the governance of BENQI will be led by the project’s founding team, then eventually it will be delegated to a Decentralized Autonomous Organization (DAO) using IQ tokens which is the platform’s governance cryptoactive.
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As soon as Binance announced the partnership and the project listing, the IQ token went up about 90% in a matter of minutes. According to Binance’s announcement, the partnership involves the launch of BENQUI, the protocol’s native cryptocurrency, through Lauchpool, Binance’s staking system for new projects.
In this way, Binance customers will be able to use Launchpool and staking BNB, AVAX and BUSD in separate pools to grow IQ tokens for over 30 days, with farming starting November 16th.
Thus, by staking, Binance customers can earn part of the 7,200,000,000 IQ tokens for free (which represent 8.76% of the total circulating tokens). Customers who join the system will earn their IQ tokens for free every hour, just clicking on the “redeem rewards” button.
What is BENQI Finance
BENQI Finance is a decentralized finance (DeFi) protocol designed to provide decentralized and custodial liquidity, so through the protocol, users can easily borrow, borrow and earn interest on their digital assets.
In this way, users can earn passive income through borrowing, and borrowers have the potential to grab cryptocurrencies from businesses without bureaucracy. BENQI is built on the Avalanche blockchain (AVAX) which basically functions as a competitor to Ethereum.
The BENQI team realized that Avalanche could be the next successor to smart contracts and assets, which could lighten the load on Ethereum and provide frictionless transactions for the user. Currently, BENQI is the first loan protocol built on AVAX.
BENQI is also a bridge to connect Ethereum to the Avalanche bridge (AEB.xyz), so the protocol can provide existing Ethereum users with a cheaper and faster alternative financial market by removing $300 gwei fees on Ethereum as well as 3 minutes required for transactions.
As the first Avalanche loan protocol as a fundamental layer of DeFi, BENQI uses a time-based approach to calculating rates on the platform to provide users with the most accurate rates.
The fees for transacting with the protocol are negligible due to the network on which BENQI is built and simplified smart contracts. Thus, the platform works by allowing users to deposit their assets, which will be added to a pool that can be used by third parties to take out loans.
As a result, users who lend liquidity to the protocol can earn passive income. The funds stored in BENQI are managed by smart contracts. Initially, the governance of BENQI will be led by the project’s founding team, then eventually it will be delegated to a Decentralized Autonomous Organization (DAO) using IQ tokens which is the platform’s governance cryptoactive.
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