How to mention BENQI(QI) currency to wallet?

With its usage as a governance token and a collateral asset on the BENQI lending platform,QI allows holders to actively participate and leverage their holdings within the Avalanche ecosystem.

Dec 20, 2024 at 05:39 pm

Key Points:

• Understanding BENQI (QI) Currency
• Supported Wallets for QI
• Adding QI to Trust Wallet
• Adding QI to MetaMask Wallet
• Troubleshooting Common Issues

How to Mention BENQI (QI) Currency to Wallet:

1. Understand BENQI (QI) Currency:
   BENQI (QI) is the native token of the BENQI decentralized lending and borrowing protocol operates on the Avalanche blockchain. It serves as a governance token, enabling holders to participate in decision-making and earn rewards by staking.

2. Supported Wallets for QI:
   QI can be stored in several cryptocurrency wallets that support the Avalanche C-Chain network, including:

   • Trust Wallet
   • MetaMask
   • Ledger Hardware Wallet
   • SafePal Hardware Wallet

3. Adding QI to Trust Wallet:

   • Open the Trust Wallet app and navigate to the "Add Tokens" section.
   • Search for "BENQI" and select it from the list.
   • Toggle the switch to "Add to Wallet."
   • Receive your QI tokens by entering the sending address in the Trust Wallet "Receive" tab.

4. Adding QI to MetaMask Wallet:

   • Install the MetaMask browser extension and create an account.
   • Add the Avalanche C-Chain network to your MetaMask wallet using the RPC and Chain ID information provided by the Avalanche team.
   • Click on "Add Token" and choose "Custom Token."
   • Enter the QI contract address, token symbol (QI), and decimals (18).
   • Click "Save."
   • Receive your QI tokens by sending them to your MetaMask address displayed in the "Receive" tab.

5. Troubleshooting Common Issues:

   • Ensure you are sending QI to the correct network (Avalanche C-Chain).
   • Check if your wallet is compatible with the C-Chain.
   • Confirm that the QI token address you use is accurate.
   • Verify that your transaction is confirmed on the blockchain explorer.

FAQs:

Q: Where can I buy QI tokens?
A: QI tokens can be purchased on decentralized exchanges (DEXes) such as Trader Joe and Pangolin, which support the Avalanche ecosystem.

Q: What is the staking mechanism for QI?
A: QI holders can stake their tokens on the BENQI platform to earn rewards in the form of additional QI tokens.

Q: Is QI a stablecoin?
A: No, QI is not a stablecoin. Its value fluctuates based on market demand and supply.

Q: What use cases does QI have beyond governance?
A: QI is also used as a collateral asset for borrowing other cryptocurrencies on the BENQI platform.

Q: How can I withdraw QI tokens from my wallet?
A: To withdraw QI tokens, simply send them to the recipient's address from your wallet's "Send" tab.