AVAX Rises 150% In One Week While $1B TVL Got Locked On BENQI

AVAX rises 150% in one week after the latest collaboration with Avalanche and lending protocol BENQI that ended up attracting more asset value in one week than Aave could in about 8 months so let’s read more in our latest altcoin news today.

After launching on August 19^th, the liquidity protocol BENQI liquidity protocol already reached $1B in TVL but the price of Avalanche’s native crypto has been soaring. BENQI is collaborating with AVAX in a joint liquidity mining program where $3M worth of AVAX will be provided as incentives to users of the protocol. Any user borrowing or exchanging ETH, LINK, USDT, wBTC, AVAX will be eligible for these rewards with more incentive programs are on the way.
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BENQI recently finished fundraising $6M from the Avalanche Foundation as well as Arrington XRP Capital, dragonfly Capital, MEchanism Capital, and the Spartan Group. President of Ava Labs John Wu said that BENQI will make Avalanche an effective Defi network compared to others:

“BENQI is launching at a key moment for Avalanche users and the broader DeFi ecosystem. Its technology adds a missing piece to the puzzle, and will make Avalanche even more attractive to users being priced out of other networks”

BENQI’s launch came shortly after the arrival of the Avalanche Bridge initaitive which allows for asset transfers between Ethereum and Avalanche networks which is responsible for the rush of liquidity that BENQI saw this past week. With such increased use, AVAX now soared past Aave in terms of market cap. AVAX rises 150% in one week and AVAX surged by about 400%. Avalanche is an open-source platform for building and launching dapps as well as other blockchain enterprises as the system is highly scalable with a transaction throughput of 4500 TPS and made it able to handle global finance. The native token AVAX is used to pay transaction fees and to secure the network via staking while functioning as a unit of account between the platform’s many assets.

BENQI is a decentralized lending protocol that is built upon the Avalanche network and allows users to earn interest from lending and credit from over-collateralized loans and provided liquidity the platform rewards customers with a governance token Qi providing fair distribution of the network’s decision making power.