How to obtain BENQI(QI) coins

Users can obtain BENQI (QI) coins through cryptocurrency exchanges, liquidity provision rewards, QI staking, or participation in BENQI governance.

Dec 19, 2024 at 08:38 pm

How to Obtain BENQI(QI) Coins

BENQI is a decentralized, non-custodial liquidity market protocol built on Avalanche. It allows users to lend, borrow, and earn interest on their crypto assets. The native token of the BENQI protocol is QI, which is used for governance and to incentivize participation in the protocol.

There are several ways to obtain BENQI (QI) coins:

1. Purchase QI on a Cryptocurrency Exchange

Several cryptocurrency exchanges list QI, including Binance, KuCoin, and Gate.io. To purchase QI on an exchange, you will need to create an account, deposit funds, and place an order for QI.

• Binance: Binance is the world's largest cryptocurrency exchange by trading volume. It offers a wide range of cryptocurrencies, including QI. To purchase QI on Binance, you will need to create an account, deposit funds, and place an order for QI.
• KuCoin: KuCoin is a popular cryptocurrency exchange that offers a wide range of altcoins, including QI. To purchase QI on KuCoin, you will need to create an account, deposit funds, and place an order for QI.
• Gate.io: Gate.io is a cryptocurrency exchange that offers a wide range of cryptocurrencies, including QI. To purchase QI on Gate.io, you will need to create an account, deposit funds, and place an order for QI.

2. Earn QI as a Reward for Providing Liquidity

Users who provide liquidity to the BENQI protocol can earn QI as a reward. To provide liquidity, you will need to deposit a pair of assets into a BENQI liquidity pool. You will then earn a portion of the trading fees generated by the pool. The amount of QI you earn will depend on the amount of liquidity you provide and the trading volume of the pool.

3. Stake QI to Earn Rewards

Users who stake QI can earn additional QI as a reward. To stake QI, you will need to lock up your QI in a staking contract. You will then earn a portion of the protocol's fees. The amount of QI you earn will depend on the amount of QI you stake and the length of time you stake it for.

4. Participate in BENQI Governance

QI holders can participate in BENQI governance by voting on proposals that affect the protocol. To participate in governance, you will need to hold QI in a non-custodial wallet. You can then vote on proposals through the BENQI governance platform.

FAQs

What is the price of QI?

The price of QI fluctuates based on supply and demand. You can check the current price of QI on a cryptocurrency exchange or price tracking website.

Where can I store QI?

QI can be stored in any non-custodial wallet that supports the Avalanche blockchain. Some popular wallets that support QI include the MetaMask wallet, the Trust Wallet, and the Ledger Nano X.

How do I use QI?

QI can be used for governance, to incentivize participation in the BENQI protocol, and to purchase goods and services.