On July 21, 2024, BENQI (QI) experienced a significant breakout, with its price surging by 9.35% to reach $0.018. This decentralized noncustodial liquidity market and liquid staking protocol, built on the highspeed Avalanche network, has been making waves in the DeFi space. The recent price movement is a testament to the project's strategic initiatives and robust technological advancements. Let's delve into the details of what fueled this impressive breakout. On July 21, 2024, BENQI (QI) experienced a significant breakout, with its price surging by 9.35% to $0.0180. This surge can be attributed to several key factors that have recently boosted the platform's market position and user engagement. Let's delve into these reasons in detail, supported by visual evidence to illustrate their impact on the market dynamics.
Partnership with HighProfile DeFi Projects: BENQI's collaboration with highprofile DeFi projects like TraderJoe_xyz and CoqInuAvax has generated significant market interest. These partnerships have not only increased the platform's visibility but also expanded its user base by integrating with popular DeFi ecosystems. The synergy created by these collaborations has fostered a robust community around BENQI, driving up the demand for the QI token.
Introduction of Fortifi Boosted Keys Program: The Fortifi Boosted Keys Program offers a 15% boost on key rewards for staking $QI, attracting more users to the platform. This program has incentivized users to hold and stake their QI tokens, thereby increasing the total value locked (TVL) on the platform. The higher staking rewards have made BENQI more appealing to both new and existing users, contributing to the recent price surge.
Launch of Isolated Markets: Isolated Markets for $QI, $JOE, and $COQ allow users to manage risk with tailored settings, increasing platform engagement. This feature has provided users with more options to allocate their assets and manage risks effectively, making BENQI a more attractive platform for sophisticated investors. The introduction of isolated markets has enhanced the platform's functionality and user experience, leading to increased adoption and higher trading volumes.
Liquid Staking for $AVAX Airdrop: New liquid staking options allow members to supply liquidity via BENQI and earn $AVAX token airdrops, attracting more investors. This feature has provided an additional incentive for users to participate in the BENQI ecosystem, as they can earn rewards in the form of $AVAX tokens. The airdrop program has not only increased the liquidity on the platform but also attracted a broader audience looking to maximize their returns through staking.
In summary, the recent breakout of BENQI (QI) can be attributed to strategic partnerships, innovative staking programs, the introduction of isolated markets, and attractive liquid staking options. These factors have collectively enhanced the platform's appeal, driving up user engagement and the price of the QI token. The visual evidence provided underscores the impact of these developments, showcasing the positive momentum within the BENQI ecosystem.
We have asked 33 Experty community members questions related to "News of BENQI (QI) - July 2024 Price Update - 9.35% Breakout Crypto News and Analysis". We have received many valuable replies, the best ones (based on Experty community feedback) you can read below.
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Cute, funny and a little bit crazy!!!
Explore the Core.
BENQI is a decentralized non-custodial liquidity market as well as a liquid staking protocol built on the high-speed Avalanche smart contract network. The lending protocol allows users to lend, borrow, or earn interest using their digital assets. The Liquid Staking protocol provides a solution for capital efficiency, offering users the opportunity to unlock their “staked” AVAX to be used on Decentralized Financial protocols The founding team chose Avalanche because of its decentralized network’s claimed high scalability, low fees and compatibility with popular plugin wallets. BENQI was founded in 2021 with $6 million in backing. Among its strategic investors are 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, Moon Inc
Spot the Main Event:
ISOLATED MARKETS ARE HERE BENQI has been cooking with TraderJoe_xyz and CoqInuAvax and it's time to celebrate.🥳 Initial Isolated Markets for $QI, $JOE and $COQ are now live- so what are Isolated Markets? TLDR: Isolated Markets consists of several distinct groups of assets, such as Avalanche Ecosystem, RWAs, Gaming, and a whole lot more. Each group features tailored risk management settings, so users have more options to manage risk and allocate assets to reach their goals. DeFi starts with BENQI. Experience Isolated Markets today.
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Adekanmi OwojoriFreelancer , Copy Writer and Crypto lover
Explore the Core.
BENQI is a decentralized non-custodial liquidity market as well as a liquid staking protocol built on the high-speed Avalanche smart contract network. The lending protocol allows users to lend, borrow, or earn interest using their digital assets. The Liquid Staking protocol provides a solution for capital efficiency, offering users the opportunity to unlock their “staked” AVAX to be used on Decentralized Financial protocols The founding team chose Avalanche because of its decentralized network’s claimed high scalability, low fees and compatibility with popular plugin wallets. BENQI was founded in 2021 with $6 million in backing. Among its strategic investors are 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, Moon Inc.
Spot the Main Event:
The price pump is due to their recent liquid staking introduced to the system for members and investors to supply liquidity via benq to earn $AVAX token airdrop. More so there's a staking benefit to earn fortified keys with 15% roi
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Esther WonderOwojori
Explore the Core.
BENQI is a decentralized non-custodial liquidity market as well as a liquid staking protocol built on the high-speed Avalanche smart contract network. The lending protocol allows users to lend, borrow, or earn interest using their digital assets. The Liquid Staking protocol provides a solution for capital efficiency, offering users the opportunity to unlock their “staked” AVAX to be used on Decentralized Financial protocols The founding team chose Avalanche because of its decentralized network’s claimed high scalability, low fees and compatibility with popular plugin wallets. BENQI was founded in 2021 with $6 million in backing. Among its strategic investors are 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, Moon Inc.
Spot the Main Event:
The price change is due to their recent liquid staking introduced to the system for members and investors to supply liquidity via benq to earn $AVAX token airdrop. More so there's a staking benefit to earn fortified keys.
📸 Show Us What You Found:
OLUWATOSIN GARUBAExplore the Core.
BENQI is a decentralized non-custodial liquidity market as well as a liquid staking protocol built on the high-speed Avalanche smart contract network. The lending protocol allows users to lend, borrow, or earn interest using their digital assets. The Liquid Staking protocol provides a solution for capital efficiency, offering users the opportunity to unlock their “staked” AVAX to be used on Decentralized Financial protocols
Spot the Main Event:
The team announced the FortiFi BOOSTED KEYS program is LIVE!Holding and staking $QI on BENQI now earns you a 15% BOOST on Key rewards.
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Abifarin TemitayoExplore the Core.
BENQI is a decentralized non-custodial liquidity market as well as a liquid staking protocol built on the high-speed Avalanche smart contract network. The lending protocol allows users to lend, borrow, or earn interest using their digital assets. The Liquid Staking protocol provides a solution for capital efficiency, offering users the opportunity to unlock their "staked" AVAX to be used on Decentralized Financial protocols.
Spot the Main Event:
The team has been assembled, Cocky Joe has arrived. ISOLATED MARKETS now live at https://app.benqi.fi/markets Supply $COQ, $Ql or $JOE and borrow USDC with juicy collateral rates, only on BENQI.
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Praise OlagbadunProfessional Author and Crypto Trader
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BenQi is a DeFi focused Web3 project built on the Avalanche Network. It is a decentralized non-custodial liquidity market as well as a liquid staking protocol built on the high-speed Avalanche smart contract network. The project was founded in the year 2021 with an Initial funding $6 million and has been able to rise to a Market cap of over $86M
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The main reason for the current increase in the price of the token is the introduction of new isolated markets for $QI, $COQ, and $JOE This would attract Crypto users to their Platform as they get to earn a pretty good APY from it.
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Oluwatosin BamideleTrade hard. Joy is coming
Explore the Core.
BENQI is a decentralized non-custodial liquidity market as well as a liquid staking protocol built on the high-speed Avalanche smart contract network. The lending protocol allows users to lend, borrow, or earn interest using their digital assets. The Liquid Staking protocol provides a solution for capital efficiency, offering users the opportunity to unlock their “staked” AVAX to be used on Decentralized Financial protocols
Spot the Main Event:
The team announced the FortiFi BOOSTED KEYS program is LIVE!Holding and staking $QI on BENQI now earns you a 15% BOOST on Key rewards. Thus has increased the $QI TVL to a very high rate.
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Ola VictoriaExplore the Core.
BENQI is a decentralized non-custodial liquidity market as well as a liquid staking protocol built on the high-speed Avalanche smart contract network. The lending protocol allows users to lend, borrow, or earn interest using their digital assets. The Liquid Staking protocol provides a solution for capital efficiency, offering users the opportunity to unlock their “staked” AVAX to be used on Decentralized Financial protocols
Spot the Main Event:
FortiFi BOOSTED KEYS program is LIVE. Holding and staking $QI on BENQI now earns you a 15% BOOST on Key rewards. Stake more $Qi - Earn more keys, it's that simple.
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shuaibu abubakarA dedicated learner!
Explore the Core.
Lending and Borrowing: Users can lend their digital assets to earn interest, or borrow assets by providing collateral.
Spot the Main Event:
Exciting announcement!! According to the team, the Fortifi boosted keys Program is now live! Users are required to hold and stake QI on Benqi in other to be able to earn rewards.
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Jeremiah DavidFull stack developer and a block chain specialist.
Explore the Core.
BENQI is a decentralized non-custodial liquidity market as well as a liquid staking protocol built on the high-speed Avalanche smart contract network. The lending protocol allows users to lend, borrow, or earn interest using their digital assets. The Liquid Staking protocol provides a solution for capital efficiency, offering users the opportunity to unlock their “staked” AVAX to be used on Decentralized Financial protocols The founding team chose Avalanche because of its decentralized network’s claimed high scalability, low fees and compatibility with popular plugin wallets. BENQI was founded in 2021 with $6 million in backing. Among its strategic investors are 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, Moon Inc.
Spot the Main Event:
The price pump is caused by their recent liquid staking introduced to the system for members and investors to supply liquidity via benq to earn $AVAX token airdrop.
📸 Show Us What You Found:
GLORIA OLUWAFERANMITo God be the Glory
Explore the Core.
BENQI is a decentralized non-custodial liquidity market as well as a liquid staking protocol built on the high-speed Avalanche smart contract network. The lending protocol allows users to lend, borrow, or earn interest using their digital assets. The Liquid Staking protocol provides a solution for capital efficiency, offering users the opportunity to unlock their “staked” AVAX to be used on Decentralized Financial protocols
Spot the Main Event:
🔑FortiFi BOOSTED KEYS program is LIVE! 🌟Holding and staking $QI on BENQI now earns you a 15% BOOST on Key rewards. 🔌Stake more $Qi - Earn more keys, it's that simple.
📸 Show Us What You Found:
Overview
BENQI is a decentralized noncustodial liquidity market and liquid staking protocol built on the highspeed Avalanche smart contract network. Founded in 2021 with $6 million in backing, BENQI aims to provide scalable, lowcost decentralized financial services. Its mission is to enhance capital efficiency by allowing users to unlock their staked AVAX for use in DeFi protocols. The project stands out due to its integration with Avalanche, known for high scalability, low fees, and compatibility with popular plugin wallets.
Key Features
Lending and Borrowing
Lending Protocol: Users can lend their digital assets to earn interest or borrow assets by providing collateral. Liquid Staking: Unlocks staked AVAX for use in DeFi protocols, enhancing capital efficiency.
Technological Innovations
HighSpeed Network: Built on Avalanche, offering high scalability and low transaction fees. Isolated Markets: Recently introduced isolated markets allow users to supply specific tokens and borrow USDC with favorable collateral factors.
Use Cases
Capital Efficiency: Users can utilize staked AVAX in various DeFi applications. Yield Generation: Lend assets to earn interest or participate in liquid staking for additional rewards.
Recent Developments
FortiFi BOOSTED KEYS Program: Launched, offering a 15% boost on key rewards for staking $QI. Isolated Markets: New isolated markets introduced, allowing users to supply tokens like $COQ and borrow USDC. Surprise Airdrops: $AVAX airdrops for staking participants. Community Engagement: Active discussions and updates on Telegram, Twitter, and Discord.
Market Impact
Increased TVL: Surpassed $1 billion in total assets locked, indicating strong user trust and adoption. Token Listings: $QI token listed on major exchanges like Binance, Coinbase, and Kucoin, enhancing liquidity and market presence. User Growth: Over 100,000 active users and 50+ integrations, showcasing robust community engagement and platform utility.
Risks and Opportunities
Risks
Security Concerns: As with any DeFi project, potential vulnerabilities could pose risks. Market Volatility: Fluctuations in token prices could impact user sentiment and platform stability.
Opportunities
Innovative DeFi Solutions: Unique features like liquid staking and isolated markets offer significant growth potential. Strategic Partnerships: Collaborations with other DeFi protocols and centralized exchanges could expand the ecosystem and user base.
Community Engagement
Active Community: Regular updates and discussions on Telegram, Twitter, and Discord. Engagement Strategies: Incentive programs like FortiFi BOOSTED KEYS and surprise airdrops to maintain user interest and participation.
Conclusion
BENQI presents a compelling investment opportunity with its innovative approach to DeFi, leveraging the highspeed Avalanche network. The project has shown significant growth in user adoption and total value locked, supported by strategic partnerships and active community engagement. However, traders should consider potential risks such as security vulnerabilities and market volatility. Overall, BENQI's unique value proposition and recent developments make it a noteworthy contender in the DeFi space.
This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.