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What is Benqi (QI) coin and how does it work?

by Financial Economy

BENQI is a decentralized custodyless liquidity market protocol built on the high-speed Avalanche smart contract network. The protocol allows users to lend, borrow or earn interest using their digital assets. Information about some topics that what is Benqi (QI) coin, how it works, how to buy it, on which exchange, how much is it, etc. is in continuation of the article. You can browse here for information about Yooshi coin.

What is Benqi (QI) coin and how does it work?

QI Coin is the token of the BENQI protocol and was launched on April 28, 2021. The token controls the entire BENQI ecosystem, including stocks and future releases. Only holders of QI tokens can vote and participate in the improvement of the network.

QI is an ERC-20 token and is therefore secured by Ethereum’s Ethash consensus algorithm. BENQI also uses the know-your-customer procedure for added security.

The Benqi protocol team chose Avalanche for its decentralized network’s alleged high scalability, low fees, and compatibility with popular add-on wallets. One of BENQI’s goals is to become a cross-chain hub connecting Ethereum, Polkadot, and Binance Smart Chain (BSC) via Avalanche subnets.

Benqi features!

Some features of Benqi protocol are as follows:

  • BENQI claims to be the first DeFi project on the Avalanche platform. It offers DeFi users in congested and centralized networks the option to move and place their unused assets on BENQI without any barriers and low network fees.
  • Avalanche allows BENQI users to seamlessly and cost-effectively access decentralized financial services and increase their control over their strategy.
  • Developers have the option to use BENQI to create financial products using the protocol and transferable income tokens.
  • BENQI also aims to ease the overloading of the Ethereum network by providing Ethereum users with a cheaper and faster alternative. BENQI members can withdraw liquidity from the shared liquidity market, borrow from the liquidity market and see interest rates clearly.

Benqi coin founders!

Rome Blockchain Labs Inc is responsible for the development of BENQI. It is an incubator and software development firm specializing in decentralized finance. JD Gagnon is one of the co-founders and CEOs of Rome Blockchain Labs. The other two co-founders are Hannu Kuusi and Alexander Shul.

Which exchange is QI coin on?

Benqi coin is listed on some cryptocurrency exchanges such as Binance, FTX, MEXC, BingX, KuCoin, etc.

How to buy QI coins?

Benqi coin can be purchased from listed cryptocurrency exchanges, like mentioned above. However, before trading, it is necessary to make sure that the exchange and the crypto project are “RELIABLE”. It is so important point for investors.

QI coin supply!

Total and maximum supply of Benqi coin is QI.

QI coin price!

As of July 2, 2022, at the time of the writing, 1 Benqi coin price is around $0,01416 (because of the volatility the price can change instantly).

Caution: The information contained in this content is for general informational purposes only. It is not investment advice.

For information about cryptocurrency: https://en.wikipedia.org/wiki/Cryptocurrency

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