Deep Dive
1. What BENQI does
BENQI brings several onchain financial services together. Users can lend crypto to earn interest or borrow against assets; its liquid staking service lets users stake AVAX and receive sAVAX, a token designed to remain usable in DeFi while the AVAX is staked. BENQI also offers validator setup services. CoinMarketCap
2. What QI is for
QI is the BENQI ecosystem token, not the platform itself. According to BENQI’s documentation, users can stake QI to accrue BENQI Miles. Miles can be used in governance and to vote on validator support, influencing how AVAX from BENQI’s liquid staking pool is delegated. The documented total QI supply is 7.2 billion.
Conclusion
BENQI is an Avalanche DeFi suite for lending, borrowing, liquid staking, and validator services; QI helps connect users to staking and governance functions. How effectively can BENQI make these services useful across the Avalanche ecosystem?
