Avalanche of liquidity - Benqi Protocol (QI) farming on Binance Launchpool

Avalanche of liquidity - Benqi Protocol (QI) farming on Binance Launchpool

By PVMihalache | Mind Puzzle | 3 Dec 2021


The QI Binance Launchpool introduces a decentralized non-custodial liquidity market protocol on one of the current trending blockchains. Benqi (QI) Protocol is deployed on Avalanche and can scale DeFi with yield-generating tools. The $QI token powers the protocol and has governance and liquidity mining roles. The long term goal is to create a bridge between traditional finance and decentralized finance, by deploying DeFi tools on Avalanche subnets. The first step was to launch the 1st lending and borrowing market on AVAX.

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The $QI token powers the BENQI ecosystem. QI holder can participate to governance decisions and snapshots, and influence the launch of future products. They can alkso stake the assets in LPs or in the QI pool to receive rewards, with QI staking also being available. 

The total supply is set at 7,200,000,000 tokens, and 22,000,000 will be distributed throughout the Binance Launchpool farming event. The best ratio is in the Binance Coin pool, where 70% of the reward will be shared. 

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The supported pools will have a set distribution ratio, with no power farming rate because the QI token was listed since the start of the campaign. From the total daily reward of 7333,333 tokens, 513,333 are currently being shared to those that staked BNB.

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There are still 12 days left for QI farming, and the farming rate and utility of the token makes it look more attractive than FAN tokens. I focused on farming QI before power-farming SANTOS for 5 days. Now that the SANTOS rate was reduced, I came back to farming QI.

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The QI farming distribution didn't include a pre-listing power farming period. The Binance Launchpool is distributing 733,333 QI tokens a day, shared in the BNB, BUSD and AVAX pools. I am farming $QI with both Binance Coin and Binance USD, planning to increase my share until the end of the campaign. The QI Binance Launchpool will conclude on the 15th of December, at 23:59 UTC.  

Since the 16th of November, when the QI farming started, I accumulated 250 tokens. I do feel that the Avalanche ecosystem will grow further and the Benqi project has use case and potential. Given the above reasons, I decided to hold the tokens and wait for them to multiply their value. As the DeFi market on AVAX will grow, Benqi will mirror the effect due to the early presence in the ecosystem

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Other Binance Launchpool opportunities:  

The Santos Launchpool is available until the 26th of December, with the token value close to 7 USD. Read all about it in The Black-and-White from the Beach - Farming Santos FAN Tokens on Binance Launchpool

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The Manchester City Launchpool is still up for another week, and with a value hovering above 10 USD, is still a good farming option. Read all about it in Sky Blue ... Sky Blue: Manchester City Fan Token Launchpool

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Residual Income:

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PVMihalache
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