Cryptocurrencies

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What can BENQI (QI) coins be used for?

QI functions as the utility token for BENQI, offering various use cases like governance, staking, liquidity provision, and yield farming within the BENQI DeFi ecosystem.

Dec 22, 2024 at 08:39 pm

Key Points

BENQI (QI) is the native governance token of the BENQI decentralized finance (DeFi) platform on the Avalanche blockchain.
QI can be used for a variety of purposes, including:
- Governance: QI holders can vote on protocol changes and upgrades.
- Staking: QI can be staked to earn rewards in the form of more QI.
- Liquidity provision: QI can be used to provide liquidity to BENQI's lending and borrowing pools.
- Yield farming: QI holders can stake their tokens in BENQI's yield farming pools to earn rewards in the form of other cryptocurrencies.

Functions of QI

Governance: As the governance token of BENQI, QI holders have the power to vote on important protocol decisions. This includes voting on changes to the protocol's parameters, such as the interest rates charged on loans and the rewards paid to liquidity providers. QI holders can also vote on new features and upgrades to the protocol.
Staking: QI holders can stake their tokens to earn rewards in the form of more QI. This is a way to earn passive income on your QI holdings. QI can be staked for a variety of durations, and the longer you stake your tokens, the higher the rewards you will earn.
Liquidity provision: QI can be used to provide liquidity to BENQI's lending and borrowing pools. This means that QI holders can lend their tokens to other users in exchange for interest. QI holders can also borrow tokens from the pools, which can be used to trade, invest, or spend.
Yield farming: QI holders can stake their tokens in BENQI's yield farming pools to earn rewards in the form of other cryptocurrencies. This is a way to earn additional income on your QI holdings. QI holders can stake their tokens in a variety of pools, each of which offers different rewards.

FAQs

What is the total supply of QI?
The total supply of QI is 10,000,000 tokens.
What is the current price of QI?
The current price of QI is $0.36.
Where can I buy QI?
QI can be bought on a variety of cryptocurrency exchanges, including Binance, Huobi, and OKEx.
How do I store QI?
QI can be stored in a variety of cryptocurrency wallets, including the MetaMask, Trust Wallet, and Ledger Nano X.

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