BENQI Price Jumps 28% on Launch Day

BENQI offers a decentralized liquidity markets and liquid staking, attracting over $292M in assets and boasting a user base of over 100k.

Within a short period after its launch, the native token QI of BENQI has already achieved a gain of 22%. The price of BENQI (QI) is currently trading at $0.02452 and has a market cap of $108 million as of the time of this publication.

Additionally, the daily trading volume for the BENQI token has increased by more than 100%, reaching more than 102 million dollars.

What Is BENQI?

Located on the Avalanche smart contract network, well-known for its lightning-fast transactions, BENQI is a decentralized liquidity market and a system for liquid staking.

Through digital assets, individuals can lend, borrow, or earn interest for themselves using this platform. Furthermore, its liquid staking protocol solves issues regarding capital efficiency by enabling users to unlock their staked AVAX for usage across decentralized finance protocols.

This allows users to take advantage of the benefits of the protocol. The liquid staking features that are available on the platform has gathered a total of more than $292 million in assets, and this trend demonstrates that it is continuously growing.

The token’s website reports a user base of over 100,000 people worldwide. One reason BENQI chose to build on the Avalanche platform was its decentralized network, which offers excellent scalability, low fees, and seamless interoperability with widely used plugin wallets.

BenQI distinguishes itself from other DeFi protocols by providing a haven for DeFi participants who are navigating networks that are both centralized and crowded.

On BENQI, customers can effortlessly transfer and deploy their dormant assets because there are extremely few hurdles and the network fees are relatively inexpensive.

BENQI also ensures that customers have easy and cost-effective access to decentralized financial services through Avalanche. This gives users the ability to refine their strategy.

Developers can create financial products using the platform’s protocol and governance tokens. As an additional benefit, it reduces congestion on the Ethereum network by providing consumers with an option that is both more cost-effective and more convenient.

In addition, members can borrow money from the liquidity pool, extract liquidity from the shared market and gain transparent insights into interest rates.

The BENQI (QI) price has decisively broken above the resistance level of $0.0184037958714474, rallying an additional 40% over the last few hours.

However, it is experiencing a significant rejection at $0.028. At this time, there is a minimal amount of data available to make any decisions regarding potential future actions.

If there is any selling pressure, the market may experience yet another pump and dump. A positive price action, on the other hand, has the potential to additionally enhance Avalanche’s native cryptocurrency, AVAX, which has been experiencing consolidation in recent times.