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About BENQI
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What is BENQI (QI)?
: Decentralized non-custodial liquidity market and liquid staking protocol built on Avalanche smart contract network. -
Founding and Funding
: Founded in 2021 with $6 million in backing from strategic investors. -
Founders
: JD Gagnon, Hannu Kuusi, and Alexander Shul. -
Unique Features
: First DeFi Lending project on Avalanche, offers low network fees, and allows developers to create financial products. -
QI Token
: Launched on April 28, 2021, with a total supply of 7,200,000
About Benqi
Introducing BENQI (QI): A Comprehensive Overview
BENQI is a decentralized, non-custodial liquidity market and liquid staking protocol, built atop the high-speed Avalanche smart contract network. This innovative platform enables users to lend, borrow, or earn interest on their digital assets with ease. Furthermore, the Liquid Staking protocol optimizes capital efficiency, empowering users to unlock their “staked” AVAX and deploy it in Decentralized Financial protocols.
The founding team opted for Avalanche, drawn by the decentralized network’s touted high scalability, low transaction fees, and seamless compatibility with popular plugin wallets.
BENQI was established in 2021, bolstered by a substantial $6 million in funding. Its esteemed roster of strategic investors includes Ascensive Assets, Dragonfly Capital, Mechanism Capital, Arrington XRP Capital, Spartan Group, TRGC, Woodstock Fund, Ava Labs, Morningstar Ventures, GBV Capital, Skynet Trading Ltd, Rarestone Capital, Genblock Capital, and Moon Inc.
The Visionaries Behind BENQI: Meet the Founders
Rome Blockchain Labs Inc., a pioneering incubator and software development firm specializing in decentralized finance (DeFi), is the driving force behind the development of BENQI. At the helm of Rome Blockchain Labs is CEO JD Gagnon, who co-founded the company alongside Hannu Kuusi and Alexander Shul.
JD Gagnon holds a Bachelor’s degree in Commerce, specializing in Finance and Accounting, from the University of Alberta in Edmonton, Canada. Prior to co-founding Rome Blockchain Labs, Gagnon successfully developed the Velox algorithmic trading platform. Additionally, he serves as the Founder and CEO of Scotch & Ramen Media, Inc. and Chief Strategy Officer (CSO) of Etheralabs, Inc.
Hannu Kuusi boasts a proven track record of developing institutional-grade infrastructure tailored to the exacting demands of financial technology (fintech) and military applications.
Alexander Szul oversees the development of the BENQI liquidity market platform, spearheading its growth and evolution.
What Sets BENQI (QI) Apart?
BENQI (QI) pioneers as the inaugural DeFi lending project on the Avalanche platform, providing a seamless haven for DeFi users fleeing congested and centralized networks. By migrating to BENQI, users can effortlessly redeploy their idle assets, unencumbered by obstacles and benefiting from low network fees. Leveraging Avalanche’s capabilities, BENQI empowers users to access decentralized financial services with ease and affordability, thereby amplifying control over their investment strategies.
Developers are empowered to leverage BENQI’s protocol and governance tokens to craft innovative financial products, unlocking a realm of possibilities.
BENQI also strives to alleviate the congestion of the Ethereum network by offering Ethereum users a more affordable and expedited alternative. As members of BENQI, users can tap into the shared liquidity market, borrow from the liquidity pool, and gain transparent insight into interest rates.
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What Is the Circulating Supply of BENQI (QI) Coins?
The BENQI protocol successfully launched its native QI token on April 28, 2021. As the governing token, QI exercises control over the entire BENQI ecosystem, encompassing existing stocks and future iterations. Notably, only QI token holders are empowered to participate in the decision-making process, casting votes on proposals that shape the future development of the network.
While the founding team opted to retain control over governance during the platform’s nascent stages, their roadmap envisions a seamless transition to a decentralized autonomous organization (DAO). In the future, all token holders will be empowered to contribute to the project’s development, instigate proposals, and exercise their voting rights on pertinent issues.
The total supply of QI is capped at 7,200,000,000 tokens, with the majority slated for distribution through the liquidity mining program by 2024. During the inaugural initial coin offering (ICO) on April 28, 2021, 504,000,000 QI tokens were successfully sold on the Tokensoft platform. The total supply is allocated as follows: 25% to token sales, 10% to the development team, 14% to the treasury, 1% to facilitate exchange liquidity, and a substantial 50% reserved for liquidity mining initiatives.