BENQI(QI) coin issuance time

The BENQI token (QI), launched in April 2021, facilitated the growth and adoption of the BENQI DeFi protocol within the Avalanche ecosystem, serving as its native governance, staking, transaction fee, and incentive mechanism.

Dec 26, 2024 at 05:56 pm

Key Points:

• Timeline of BENQI token issuance
• Factors that influenced the token launch
• Role of BENQI within the Avalanche ecosystem

Article:

BENQI (QI) Token Issuance: A Detailed Timeline

The BENQI token (QI) is a native token of the BENQI decentralized finance (DeFi) protocol on the Avalanche blockchain. The QI token plays a crucial role in the BENQI ecosystem, facilitating various functions and incentives.

1. 2021: Initial Token Launch

• March 2021: BENQI announced a seed round of $6 million, with participation from investors including Three Arrows Capital, SNZ, and CMS Holdings.
• April 2021: The BENQI token (QI) was officially launched through a public sale on Balancer Labs.
• May 2021: QI was listed on major cryptocurrency exchanges, including Binance, Huobi, and OKEx.

1. Growth and Adoption

• Q2 2021: BENQI's total value locked (TVL) surged to over $1 billion, fueled by strong demand for its lending and borrowing services.
• Q3 2021: QI was integrated into the Avalanche Rush program, which provided liquidity incentives to users.

1. Market Fluctuations and Ecosystem Expansion

• May 2022: The cryptocurrency market experienced a significant correction, leading to a decline in QI's price.
• Q4 2022: BENQI launched a native stablecoin, BENQI Stablecoin (BUSD), further expanding the ecosystem's capabilities.

Factors Influencing Token Launch

• Market Demand: The launch of QI in the midst of the DeFi boom tapped into the strong demand for yield-generating assets.
• Avalanche Support: BENQI's partnership with Avalanche provided access to a growing and supportive ecosystem.
• Governance Mechanism: QI holders can participate in the governance of the BENQI protocol, allowing them to influence its development.

Role of BENQI (QI) in the Avalanche Ecosystem

• Governance: QI holders can vote on proposals to shape the future of the BENQI protocol.
• Staking: QI can be staked to earn rewards and participate in the protocol's security.
• Transaction Fees: QI is used to pay transaction fees on the BENQI platform.
• Incentives: QI is used as an incentive for liquidity providers and borrowers on BENQI.
• Value Capture Mechanism: QI captures the value generated by the BENQI protocol, allowing it to continue developing and innovating.

FAQs:

• When was the starting price of QI? The initial price of QI was approximately $0.25 during its launch in April 2021.
• What is the current price of QI? As of [Date], QI is trading at approximately [Current Price].
• What is the maximum supply of QI? The maximum supply of QI is 10,000,000,000.
• What are the use cases of QI? QI is primarily used for governance, staking, transaction fees, and incentives on the BENQI platform.
• Where can I buy QI? QI can be purchased on major cryptocurrency exchanges such as Binance, Huobi, and OKEx.