PRESS RELEASE. BENQI, a liquidity market working on the Avalanche community, has accomplished a personal funding spherical. A complete of $6 million was raised in a spherical led by Ascensive Property.
A lot of main buyers on blockchain and the rising Avalanche ecosystem additionally participated. These embody Mechanism Capital, Dragonfly Capital, Arrington XRP Capital and The Spartan Group. Different backers have been Morningstar Ventures, Vendetta Capital, TRGC, Genesis Block, Woodstock and Rarestone alongside Ava Labs and main liquidity supplier Skynet Buying and selling.
Constructed on Avalanche’s extremely scalable community, BENQI combines parts of defi and tradfi to create a liquidity protocol during which idle belongings may be utilized. By locking these belongings into the BENQI protocol, Avalanche customers will be capable of earn curiosity on their belongings and procure credit score via over-collateralized loans.
The choice to construct on Avalanche was influenced by its excessive diploma of decentralization, scalability, and low charge atmosphere, significantly when in comparison with Ethereum. BENQI finally goals to change into a cross-chain defi hub that may bridge Ethereum, Polkadot, and Binance Good Chain via Avalanche’s subnets.
Property which can be locked into the BENQI protocol can be utilized to generate yield-bearing tokens or to difficulty belongings which can be borrowed and locked into different defi protocols to generate extra yield.
Governance of BENQI’s native protocol will probably be overseen by QI token holders, who may have the power to find out key issues pertaining to threat insurance policies, fiscal administration, and platform upgrades. 50% of all QI tokens will probably be issued via liquidity mining, giving contributors a possibility to earn rewards commensurate with their efforts.
The BENQI mainnet is scheduled to launch in Q2, 2021 accompanied by a public sale of the QI token on Pangolin change.
Developed by an skilled group of blockchain designers, BENQI is a protocol to unlock higher liquidity inside the defi market. BENQI permits defi customers to make their belongings work more durable to generate extra yield. Constructed on Avalanche’s excessive velocity good contract community, BENQI will evolve right into a cross-chain defi hub that’s positioned on the coronary heart of decentralized finance.
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