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BenQi Lending reviews

Headquartered in the United States.

Use anonymously. No KYC required.

Open source code can be publicly reviewed.

Reviewed by Yunis
24 May 2023 (Updated 29 February 2024)

BenQi Lending Crypto Platform

Benqi is a decentralized finance platform built on Avalanche and was founded by Dan Mgbor in New Jersey, Benqi is known as the Avalanche’s First Unicorn with an TVL exceeding $2 trillion. USA. The platform has raised $6 million in Private Equity Round with Ascensive Assets’s lead. Benqi has two main protocols; BENQI Markets, and BENQI Liquid Staking. Users can lend and borrow cryptocurrencies on the Market while users can enjoy high yields on Liquidity Staking. There is also new protocol called Ignite, will be available on the platform soon. Benqi is backed and in corporation with Chaos Labs and Rome Blockchain Labs. Benqi also has another Defi protocol investment named Dexalot built on Avalanche.

BENQI Finance users can enjoy all advantages that Avalanche network offers including fast and cheap transactions. Benqi also stand out with the cheapest crypto loans on the market. Deposits and withdrawals are instant and doesn’t require any KYC or background check. You can take crypto loan without a credit score. Users can collateralize their crypto assets and receive a loan againt collateral.

The protocol is open sourced which is a good sign of a security. Benqi is audited by several independent companies and audit reports are provided on the website. But users must note that, having an audit report doesn’t guarante a Defi protocol’s security. There has been hacks and exploit with many protocols that had good audit reports from reputable firms. Benqi has a clean history so far.

BENQI Markets allows users to easily lend, borrow, and earn interest with their digital assets. Depositors can provide liquidity to the protocol and earn yield, while borrowers can borrow assets in an over-collateralized manner. The platform is permissionless and offers instant liquidity supply, withdrawal, and borrowing. Users can view interest rates based on market supply and demand.

BENQI Liquid Staking is a solution for tokenizing staked AVAX on Avalanche. It allows users to use, swap, or collateralize their staked assets within DeFi applications. By tokenizing AVAX through liquid staking, users can freely transfer their locked-up capital and gain additional utility on their yield-generating asset. Staking AVAX on the Avalanche Contract Chain (C-Chain) is seamless, without the need for cross-chain transfers or server hosting.

The platform stores funds through smart contracts, and although risks are present in any blockchain protocol, BENQI has taken steps to minimize risks through audits and open sourcing.

To use the protocol, users deposit their preferred assets, which are accepted by the protocol. Depositors earn interest based on market demand, and their assets can be used as collateral for borrowing. Users receive tokenized yield-bearing tokens (qiTokens) representing their supplied assets, which can be traded on Avalanche.

Depositors receive continuous earnings (interest) on their assets, which adjust algorithmically based on market conditions. Each asset has its own market with corresponding Annual Percentage Yield (APY). qiTokens represent the user's asset balance and accrue value through interest rates.

Borrowing on BENQI is useful when users want exposure to an asset's appreciation while using it as collateral for additional capital. Borrowing requires enabling the supplied asset as collateral and depositing an accepted asset. The maximum borrowing amount depends on deposited value and available liquidity. Repayments can be made with the borrowed asset.

BENQI Liquid Staking allows users to stake AVAX on the Avalanche C-Chain, providing greater capital efficiency. The staked AVAX is tokenized into sAVAX (BENQI Staked AVAX), which can be used within DeFi protocols while earning passive returns. It eliminates lock-up periods and offers full control over assets and associated accounts. Staking AVAX on BENQI incurs no fees, and users have control over their assets without the need for cross-chain transfers.

The native token of BENQI is QI, which oversees the entire ecosystem. It is used for staking as veQI to gain additional AVAX delegations and for voting on proposals through BENQI Improvement Proposals (BIPs). The total supply of QI tokens is 7,200,000,000, and active platform participants receive QI tokens. The protocol is currently governed by the founding team but aims to transition into a Decentralized Autonomous Organization (DAO) where QI holders can propose and vote on protocol issues.

Pros

tick $93,939,143 USD currently invested (TVL)
tick Investments in 12 coin pairs available
tick Operating on Avalanche C-Chain protocol

Cons

cross Investments in liquidity pools can be higher risk
cross Liquidity pool investments are only suitable for advanced crypto users

BenQi Lending Savings Accounts

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  Yield Tokens Term Yield Yield Trend
8.72%
BUSD 8.72% APY
Instant Access
8.72%
BUSD 8.72% APY
3.48%
WAVAX 3.14% APY
Instant Access
3.48%
WAVAX 3.14% APY
3.43%*
USDT 2.88% APY
WAVAX 0.54% APY
Instant Access
3.43%*
USDT 2.88% APY
WAVAX 0.54% APY
3.18%*
USDC 2.58% APY
WAVAX 0.59% APY
Instant Access
3.18%*
USDC 2.58% APY
WAVAX 0.59% APY
2.8%
2.8% APY
Instant Access
2.8%
2.8% APY
2.11%*
WAVAX 1.64% APY
SAVAX 0.47% APY
Instant Access
2.11%*
WAVAX 1.64% APY
SAVAX 0.47% APY
1.91%
1.91% APY
Instant Access
1.91%
1.91% APY
1.81%
1.81% APY
Instant Access
1.81%
1.81% APY
0.47%*
WAVAX 0.45% APY
BTC.B 0.02% APY
Instant Access
0.47%*
WAVAX 0.45% APY
BTC.B 0.02% APY
0.29%
0.29% APY
Instant Access
0.29%
0.29% APY
0.12%
0.12% APY
Instant Access
0.12%
0.12% APY
< 0.01%
< 0.01% APY
Instant Access
< 0.01%
< 0.01% APY
* Rates are tiered according to deposit size. Hover on rate for further details.
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BenQi Lending Supported Currencies

BenQi Lending supports over 2 currencies including Avalanche.

BenQi Lending Key Data

Company
Country incorporated in United States
Headquarters country United States
Open source tick Yes
Products
Savings accounts tick Yes
Loans tick Yes
Crypto to crypto exchange cross No
Fiat to crypto exchange cross No
Peer to peer exchange cross No
Margin trading cross No
Crypto withdrawals to private wallet tick Yes
Futures exchange cross No
Chain agnostic cross No
Security
Know your customer cross No
Credit check cross No
Support
24/7 support cross No
Phone support cross No
Investment Strategy
Liquidity pools tick Yes
DeFi products tick Yes
Key People
Dan Mgbor
Founder

ABenQi Lending is incorporated in United States, and also have their headquarters in this country.

Useful Links

BenQi Lending Contact Details

https://benqi.fi/

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