BENQI (QI) - cryptocurrency loans and deposits in one place

The world of cryptocurrencies has long discovered the great opportunities that stacking tokens undoubtedly offers, i.e. de facto keeping them on interest-bearing accounts. You can also earn a lot on cryptocurrency loans secured by smart contracts. Now these two options are possible in one place and should allow for dynamic growth BENQI cryptocurrency. will it work? We check.

We continue the series of the Forex Club portal, in which we analyze and describe the largest, most valued, most interesting, most developed, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for Benqi - a secure network that provides staking and cryptocurrency lending in one place.

How does BENQI work?

Benqi is a network based on the well-known and respected Avalanche blockchain. Its distinguishing features are two protocols: BENQI Liquidity Market, used to handle loans in cryptocurrencies and BENQI Liquid Stakingwhich assumes the settlement of staked tokens.

Interestingly, when staking through this network, we can end our investment at no charge literally at any time. However, there will be difficulties for premature termination of the contract. However, we will not incur any costs for such conduct. However, we agree to the waiting period for the recovery of cryptocurrencies. It is exactly two weeks.

However, we do not have to wait when we are in a hurry. We can also collect cryptocurrencies right away, but then we must remember that we incur a fee deducted from the profit we have already achieved on staking, and if it was too short and there is no profit yet - the deduction is made from the pool of owned and staked tokens. So it is worth considering what is more profitable and not making hasty decisions. In both cases, however, the rules are clear and known from the beginning, so we will not be surprised by any additional and unexpected costs.

It is also completely safe to grant loans that are secured smart contracts. In this case, we also know the exact date of completion of the investment and the expected profit or cost if we are taking out such a loan. It depends on the difference between the number of lenders and borrowers, but it is always known before the transaction is concluded.

The undoubted advantage of Benqi is complete transparency of rules and low transaction fees. Handling transactions is also very easy, and even the smallest amounts can be staked. And both in less popular cryptocurrencies and in virtually all stablecoins. If we add to this high liquidity, guaranteeing an almost immediate transaction on all pairs, we get the effect that integration with the main networks, i.e. BNB Chain, Ethereum, Polygon or Arbitum it was quick and painless.

How the token works

QI is the native token of the BENQI network. It allows you to manage the network, so if you want to have an impact on how it works, it's worth having as much of it as possible.

Of course, you can also stake it, deriving income from interest, and vote for validators who will share some of the profits in return.

BENQI (QI) cryptocurrency quotes

As of July 13, 2023, BENQI tokens can be traded on 16 cryptocurrency exchanges from around the world, including the world's most popular - Binance. You currently have to pay USD 0,0066 for each of them, which, with the supply of 3 tokens, translates into over USD 791 million in market capitalization. A maximum of 317 tokens will be in circulation. The peak of quotations took place on November 978, 25, when BENQI was valued at USD 7.