Introduction

BENQI is a decentralized finance protocol that operates on the Avalanche network. It comprises the BENQI Liquid Staking (BLS) and BENQI Liquidity Market (BLM). With the BENQI Liquidity Market (BLM), users can easily lend, borrow, and earn interest using their digital assets.

Staking AVAX on the BENQI Liquid Staking (BLS) platform has several advantages, such as no lock-up periods, zero deposit and withdrawal fees, complete control over your assets and accounts, and the ability to earn interest without the need for cross-chain transfers to the Avalanche P-Chain. Furthermore, the interest-bearing asset can be used freely within decentralized finance (DeFi), providing additional utility.

sAVAX is the token that users receive when they stake their AVAX on BENQI Liquid Staking, also known as BENQI Staked AVAX. It represents a tokenized version of staked AVAX and earns interest through Avalanche staking rewards. Users can exchange sAVAX for AVAX and staking rewards using the Unstake tab in the BLS application.

According to DefiLlama statistics, BenQI is the second top project on Avalanche in terms of Total Value Locked (TVL). Therefore, it is important to monitor its performance and popularity.

What are QI and veQI?

QI is the native token of the BENQI protocol. Users can stake QI to obtain veQI, a utility token that enables Avalanche Validators to receive additional AVAX delegations from BENQI Liquid Staking.

Moreover, QI is required for voting and decision-making on BENQI Improvement Proposals (BIPs). The protocol is currently governed by the founding team, but it will eventually transition to a Decentralized Autonomous Organization (DAO). QI token holders will be able to initiate proposals and vote on protocol-related matters as part of the DAO.

veQI stands for Vote-escrowed QI, which represents a user's voting power for AVAX delegations via BENQI Liquid Staking (BLS). It's obtained by staking QI on the BLS platform. By using veQI, users can vote for specific Avalanche validators to receive extra delegations. The amount of staked AVAX delegations directed to the validator from BLS is determined by the user's voting power.

Method

This dashboard provides insights into both BLS and BLM, as well as information about the veQI token.

The first tab shows how AVAX is staked on BENQI and its changes over time. The second tab focuses on the Benqi liquidity market, displaying the deposited and withdrawn tokens and their amounts. The third tab contains metrics on veQI, including its minted and burnt amount and the changes in the circulating supply.

In summary, the dashboard offers essential high-level information on BenQi.

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