About

BENQI is a DeFi and Web3 protocol that offers lending, borrowing, and liquid staking services. Users can stake AVAX and earn within the DeFi ecosystem. The platform also allows users to lend, borrow, and earn with various cryptocurrencies. BENQI has a total value locked of $228,230,000, over 80,000 users, and more than 50 integrations. It is developed in collaboration with Rome Blockchain Labs. The company provides various resources such as documentation, GitHub, and media kit.

History

The team behind BENQI Finance saw Decentralized Finance (DeFi) grow substantially over the past two years, albeit on a network that experienced congestion issues and high fees. They decided to create a protocol that allowed users with smaller capital to engage in DeFi, thus BENQI was born. With their focus on alleviating the pains of use on Ethereum, the team also created a platform where users can instantly supply and withdraw liquidity, instantly borrow using their supplied assets as collateral, and have a live and transparent view of the interest rates around the clock.

Since its launch, the protocol has received over $7 million in funding from the Avalanche Rush initiative. The first $3 million was deployed in August 2021 with the launch of the platform, The next $4 million was deployed after the protocol reached over $2.8 billion in total value locked (TVL), $1 billion in borrows, and 14,000 users.