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BENQI is a non-custodial liquidity market protocol, built on Avalanche. The protocol enables users to lend, borrow, and earn interest. It was founded in 2021 by Dan Mgbor.


The BENQI Protocol consists of BENQI Liquidity Market (BLM) and BENQI Liquid Staking (BLS).

  • The BENQI Liquidity Market (BLM) protocol enables users to effortlessly lend, borrow, and earn interest with their digital assets. Depositors providing liquidity to the protocol may earn passive income, while borrowers are able to borrow in an over-collateralized manner.
  • The BENQI Liquid Staking (BLS) protocol is a liquid staking solution that tokenizes staked AVAX to grant users the ability to utilize the yield-bearing asset within Decentralized Finance applications.

QI Token[2]

The QI token is a native asset on Avalanche and oversees the entire ecosystem of the BENQI protocol including future iterations of the protocol. QI is required to vote and decide on the outcome of proposals through BENQI Improvement Proposals (BIPs). The protocol will initially be governed by the founding team, and will eventually transition to a Decentralized Autonomous Organization (DAO). As part of the DAO, holders of the QI token will be able to initiate proposals and vote on issues that will steer the direction of the protocol.

The total supply of QI will be 7,200,000,000 tokens. The token distribution is designed to ensure that market participants who actively engage with the platform will receive QI tokens. The majority of the tokens will be distributed through the Liquidity Mining program.