BENQI (QI)
A Decentralized Non-Custodial Liquidity Market Protocol on Avalanche.BENQI is a decentralized non-custodial liquidity market protocol on Avalanche. It scales DeFi with a suite of yield-generating products. The platform offers a Lending and Borrowing Market, with Liquid Staking in development. Users are able to borrow and lend tokens, participate in network governance and staking.
QI is BENQI’s native token with the following functions:
- Governance: QI token holders will be able to participate in the governance of the protocol. Through governance, users have the ability to influence aspects of subsequent products and primitives to be launched under BENQI.
- Liquidity mining: Users can stake in liquidity pools on DEXes (i.e. Pangolin) or in the QI token pool within the BENQI protocol. In return for providing liquidity, users are rewarded with QI and other tokens.
- Staking: Users will be able to stake QI in a Safety Module and get a portion of protocol reserves for securing the protocol against a shortfall event.
BENQI consists of the following major components working in conjunction:
- Lending and Borrowing Market: Enables users to lend, borrow, and earn interest with their digital assets. Depositors providing liquidity to the protocol may earn passive income, while borrowers are able to borrow loans by over-collateralizing supported assets on the protocol.
- Liquid Staking: Users will be able to stake their AVAX token on the EVM-compatible Avalanche C-Chain. The protocol also tokenizes staked assets, which enables composability for the staked asset and provides users further opportunities for unlocking of capital to utilize within the DeFi space.
The project has raised a total of $9.93MM USD from 4 rounds of token sales, where 5.93%, 12.07%, 6.10% and 0.90% of the QI total token supply has sold at $0.0030, $0.0055, $0.0075 and $0.0090 USD / QI respectively.
As at November 15th 2021, the total and maximum token supply of QI is 7,200,000,000 and the circulating supply upon listing will be 832,439,274 QI (11.56% of the total token supply).
Key metrics (as at November 15th 2021)
| Ticker | QI |
|---|---|
| Token Type | C-Chain |
| Initial Circ. Supply When Listed on Binance | 832,439,274 QI (11.56% of the total token supply) |
| Total and Maximum Token Supply | 7,200,000,000 QI |
| Binance Launchpool Allocation | 22,000,000 QI |
| Binance Launchpool Start Date | November 16th 2021 |
1. What is BENQI (QI)?
BENQI is a decentralized non-custodial liquidity market protocol on Avalanche. It scales DeFi with a suite of yield-generating products. The platform offers a Lending and Borrowing Market, with Liquid Staking in development. Both will work synergistically with the current lending and borrowing market.
BENQI's long term vision is bridging DeFi and traditional finance by onboarding its DeFi suite of products to Avalanche subnets, that offer enhanced regulatory compliance features.
Identifying product market fit with an emphasis on security and usability while following the progressive decentralization playbook:
- Recognizing the need for a liquidity market and the unlocking of liquidity, BENQI launched the first lending and borrowing market on Avalanche. This took place before there was sufficient liquidity on the Avalanche C-Chain, and brought a significant increase in liquidity to the Avalanche ecosystem when the protocol launched.
Source: BENQI platform
Source: BENQI platform
- The next phase will be providing a secure and easy-to-use Liquid Staking solution. Enabling Avalanche users to free up staked capital, which is composable across DeFi applications.
Source: BENQI platform
2. Token sales and economics
2.1 Token Distribution
| Token Name | QI |
|---|---|
| Seed Sale | 5.93% of the total token supply |
| Private Sale | 12.07% of the total token supply |
| Public Sale A | 6.10% of the total token supply |
| Public Sale B | 0.90% of the total token supply |
| Liquidity Mining | 45.00% of the total token supply |
| Exchange Liquidty | 5.00% of the total token supply |
| Foundation | 15.00% of the total token supply |
| Team | 10.00% of the total token supply |
2.2 QI Token Release Schedule
3. Roadmap and Updates
3.1 Completed Milestones
| Completion Date | Milestone | Commentary |
|---|---|---|
| 2021 Q3 | BENQI completes audit by Halborn | Audit Report |
| 2021 Q3 | BENQI launches on Avalanche | Medium Announcement |
| 2021 Q3 | BENQI reaches $2B USD in total value locked (TVL) | Twitter Announcement |
| 2021 Q3 | BENQI appoints Ava Lab’s John Nahas (Head of Business Development) and Wilson Wu (Head of Asia) as advisors | Medium Announcement |
| 2021 Q3 | BENQI appoints Luke Youngblood (Coinbase, Senior Engineer) as advisor | Medium Announcement |
| 2021 Q4 | Avalanche Rush Initiative of $4MM USD | Medium Announcement |
3.2 Current Roadmap
Q4 2021:
- Continuous improvement on the UI/UX of the BENQI lending market.
- Integrations of BENQI lending market into existing protocols/platforms.
- Support for other languages (Chinese completed).
- Completion of audit for Liquid Staking.
- Launch of Liquid Staking V0.1.
- Completion of audit for safety module.
- Launch of Safety Module.
- Ongoing research and development of new DeFi product.
Q1 2022:
- Improvement on Liquid Staking.
- Establish partnerships with additional protocols.
- Improvement on Safety Module.
- Development of new DeFi product.
Q2 2022:
- Design architecture of Subnets.
- Completion of audit for new DeFi product.
- Launch of the new DeFi product.
3.3 Commercial and Business Development Progress
- Halborn: BENQI's smart contracts were audited by Halborn before being deployed.
- Chainlink: Integration with Chainlink as an oracle solution for price feeds for the protocol.
- Gauntlet Network: Gauntlet assists in risk management for BENQI’s lending and borrowing markets.
- Avalanche: BENQI's ecosystem partner, working closely with the Avalanche team, and have received two rounds of DeFi Growth incentives.
- Rome Terminal: Integration with Rome Terminal brings multi-chain token analytics to BENQI’s lending and borrowing users.
- Immunefi: Bug Bounty program to protect the security of the protocol.
- Token Terminal: Integration with Token Terminal for real-time data analytics of the protocol.
- 88mph: QI tokens integrated within the 88mph platform to offer Avalanche users fixed yields.
- Pendle Finance: QI tokens integrated within the Pendle platform to offer hedging/trading of yields within Avalanche.