What is BENQI (QI)? All information about the project and token QI

• What is BENQI (QI)?
• Outstanding features of the project BENQI
• BENQI . developer team and investors
• Development team
• Investors
• General information about the QI token
• Basic information of QI token
• Allocation rate and QI token allocation schedule
• Functions of the QI token
• QI token exchange and storage wallet
• How to earn and own QI tokens
• Potential of BENQI (QI) project, should invest in QI token?
• summary

What is BENQI (QI)?

BENQI is known to be an important project when it comes to providing liquidity to the Avalanche ecosystem . Or you can simply understand, BENQI is a project specializing in Lending and Borrowing. Many analysts believe that BENQI has the potential to grow to be on par with the Compound project on the Ethereum ecosystem.

BENQI has the participation of two main subjects, namely borrowers and lenders. Lenders will receive interest from providing liquidity to the platform. Borrowers will borrow assets on the platform by collateralizing their crypto assets. 

Outstanding features of the project BENQI

Previously, Ethereum was considered the perfect network for projects and platforms in the DeFi field . However, when the network congestion became severe and the problem of high gas fees made developers and investors less interested. 

That is why other blockchains are constantly building projects in the Lending and Borrowing array in their ecosystem. And BENQI was born in the hope of providing liquidity to the Avalanche ecosystem.

BENQI focuses on accessibility, scalability and low cost to attract users. In addition, with BENQI, developers can easily build decentralized applications to fit the needs of users in the network. 

BENQI supports investors:

• Withdraw and deposit quickly
• Use collateral to borrow other assets on the platform
• Look up interest rates received based on market supply and demand calculations.

BENQI . developer team and investors

Development team

The BENQI project is developed by three main members, which are:

• JD Gagnon – Co-Founder

JD Gagnon graduated with a bachelor's degree in commerce from the University of Alberta. He has many years of experience in the position of CEO and strategic consultant for many large companies and enterprises such as IG Wealth Management, Scotch & Ramen Media, Backstreet Network… Currently, he is the co-founder of the project. BENQI and Rome Blockchain Labs. 

• Hannu Kuusi – Co-Founder

Hannu Kuusi is the co-founder of the BENQI project. He is a famous software engineer, having been involved in building mobile applications as well as software development since the 1990s.

• Alexander Szul – Co-Founder

Alexander Szul graduated from the University of Pittsburgh in 2017. After that, he became the Sales Director of Mira company and began to further study blockchain and the cryptocurrency market. Currently, he is the co-founder of Velox Global, Rome Blockchain Labs and BENQI.

Investors

General information about the QI token

QI is known as the native token on Avalanche. Holders of this token can participate in voting and decide on proposals for improvements to the project. Initially, the BENQI protocol was run by the founding team. But some time later, it transitioned to a decentralized autonomous organization (DAO).

Basic information of QI token

• Token Name: BENQI
• Ticker: QUOTE
• Blockchain: Avalanche
• Token Standard: ARC20
• Token Type: Utility
• Total Supply: 7,200,000,000 QI

According to the latest updated data on CoinMarketCap, on May 27, 2022, QI is trading around $0.01278.

Allocation rate and QI token allocation schedule

The total supply of QI tokens is 7,200,000,000 QI distributed into 5 pools with the following allocation ratio:

• Liquidity Mining Program: 45% – evenly distributed over 260 weeks, or about 5 years. 
• Token Sale (Early round): 25% – divided into two parts, 10% evenly distributed every month for 24 months, 15% evenly distributed every month for 12 months. 
• Treasury: 15% – fully unlocked within 4 years and unlocked quarterly. Note, this amount of tokens will be locked for 9 months from the public sale. 
• Team: 10% – fully unlocked within 4 years and unlocked quarterly. Note, these tokens will be locked for 12 months from the public sale. 
• Exchange Liquidity: 5% – unlock 50% at TGE. The rest will be unlocked 1 month after the public sale. 

Functions of the QI token

As the project's native token, the QI token is used for the following purposes: 

• Governance: QI holders can use it to vote on the project's development plans and decisions.
• Use as a reward: Users will receive QI tokens when they become a Liquidity Provider (liquidity provider) or participate in Liquidity Mining on the platform. 
• Increased Income: Lenders will receive interest paid in QI when providing assets on the BENQI platform.
• As collateral: Borrowers can use QI as collateral to borrow other assets on the platform.

QI token exchange and storage wallet

Since QI is an ARC20 token, you can store QI on exchanges that support it or store it in a MetaMask wallet . 

Currently, QI is being listed and supported on many different exchanges, including CEX and DEX. They are: Binance, KuCoin, FTX, Gate.io, MEXC… In addition, you can see the detailed list of exchanges that support QI at CoinMarketCap. 

How to earn and own QI tokens

To own QI tokens, you can buy at the early sale rounds at a favorable price. Or more simply, you buy and trade this token on the supported exchanges listed above. 

In addition, you can also own QI tokens as a reward for being a liquidity provider with keys to assets on the BENQI platform. 

Potential of BENQI (QI) project, should invest in QI token?

As one of the important pieces of the Avalanche ecosystem in terms of Lending and Borrowing, BENQI has the potential to correspond to Compound in the Ethereum ecosystem. BENQI is designed on Avalanche blockchain with good scalability, high security, so it is interested and trusted by a large number of investors. The platform focuses on connecting services in the decentralized financial space to provide the best returns for users. 

Through BENQI, users can earn QI tokens for providing liquidity and getting credit through over-collateralized loans. 

summary

Above is all the basic information about the BENQI project and the QI cryptocurrency compiled by TraderH4. This is not to be considered investment advice and TraderH4 will not accept any responsibility in connection with the user's investments. Therefore, if you are interested in the project, you should research carefully and read the latest relevant news on the TraderH4 website. Good luck with your investment decisions.