From various external investors and advisors BENQI team successfully completed a $6 million funding round. Dragonfly Capital, Arrington XRP Capital, Mechanism Capital, Spartan Group, Rarestone, Woodstock, Ava Labs, MarketAcross, Morningstar Ventures, and many other reputable industry names are the participants.
Bringing more prominent attention to the decentralized finance space is the main team vision of launching a lending and borrowing protocol to service Avalanche users and bridging it to the other blockchains.
Moreover, the BENQI team believes that DeFi activity on Avalanche is poised to explode and, they can improve the growth of DeFi on Ethereum and Binance Smart Chain
Proving the invaluable to BENQI by the ecosystem’s high throughput and fast finality. In the top of Avalanche’s breakthrough consensus protocol there is the future of finance is strongly believed by the BENQI team.
BENQI Co-founder and CEO JD Gagnon said,
"Being DeFi users ourselves and recognizing recent challenges, we present BENQI as one of the first liquidity market protocols on Avalanche to the community"
Furthermore, Ethereum-based solution is made as a lending and borrowing protocol with bridges to other blockchains by offering it as a cheaper and faster alternative by BENQI. And significantly lower the fees associated within decentralized finance.
Due to Avalanche infrastructure with cheaper fees and instant transaction BENQI aims to compete with AAVE, Compound, and CREAM. In the upcoming month BENQI will enter the main stage.
By issuing QI governance tokens to the user, the BENQI protocol will run a Liquidity Mining incentive for five years. To achieve greater regulatory compliance, institutional networks are required to launch Avalanche subnets.
In future, BENQI will introduce new assets due to iteration of the protocol, as well as flash loans and other innovative features.
Furthermore, BENQI's vision of bridging decentralized finance (Defi) and institutional networks starts by launching BENQI on the Avalanche C-Chain.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.