A small-scale altcoin has started flying high after gaining support from global crypto exchange Binance.
BENQI It is a decentralized liquidity protocol and is built on Avalanche. native token QI also allows owners to win awards and participate in project management.
Binance has this to say about the lending and borrowing protocol:
“BENQI is a decentralized trustless liquidity market protocol built on Avalanche. The platform leverages DeFi with a range of yielding products. [merkezi olmayan finans] scales.
The platform provides a lending and borrowing market, as well as Liquid Staking, which is under development. Users can borrow and lend tokens, as well as participate in network management and staking.
Recognizing the need for a liquidity market and enabling liquidity to be unlocked, BENQI launched Avalanche’s first lending and borrowing market.”
The news that the cryptocurrency was listed on Binance triggered a 60 percent increase in the price of the asset from $0.17 to $0.26. The price of QI has since lost some of its gains, but despite this it is still trading at $0.20 at the time of writing.
According to the BENQI website, users using the platform Avalanche (AVAX), Wrapped Bitcoin (WBTC), Wrapped Ethereum (WETH), Chainlink (LINK) and Tether (USDT) Earn interest on a number of cryptocurrencies, including
In addition to the support from Binance, the project has many important strategic investors such as Mechanism Capital, Dragonfly Capital, Arrington XRP Capital and The Spartan Group. Ascensive Assets also spearheaded a $6 million funding round for the project in April.
According to Binance’s announcement, QI will be available for paired trading with Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD), and USDT.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.