BENQI, a non-custodial liquidity market protocol constructed on Avalanche, announced the completion of its $6 million strategic fundraising round, led by Ascensive Asset. The checklist of different strategic buyers included Mechanism Capital, Arrington XRP Capital, Dragonfly Capital, MarketAcross, TRGC, Spartan Group, Woodstock Fund, and extra.
Explaining the significance of this funding, BENQI acknowledged that it could leverage this assist coming from key business leaders to assist navigate the protocol via its preliminary bootstrapping part and cross-chain integrations. The funding would assist its key tasks in accelerating DeFi exercise on Avalanche.
BENQI Overview
Developed by an skilled staff of blockchain designers, and headquartered in Montreal, Quebec, Canada, BENQI goals at unlocking better liquidity throughout the DeFi market. Leveraging the protocol, customers can effortlessly lend, borrow, and earn curiosity with their digital belongings. Depositors, appearing as liquidity suppliers to the protocol, qualify for passive revenue, and debtors can receive loans by over-collateralizing.
In the times to return, BENQI will construct bridges to different blockchains, other than its current Ethereum to Avalanche bridge (AEB.xyz). Resultantly, it would present the present customers on Ethereum a less expensive and sooner different to the cash market the place customers wouldn’t should shell out $300 gwei charges on Ethereum. The transactions wouldn’t take three minutes.
The company answerable for the event of BENQI is the Rome Blockchain Labs Inc. It is each an incubator and a software program growth agency that specializes in decentralized finance. JD Gagnon, primarily based out of Calgary, Alberta, Canada, is without doubt one of the co-founders and the CEO of the Rome Blockchain Labs. The different two co-founders of Rome Blockchain Labs are Hannu Kuusi and Alexander Szul. Szul, an professional in advanced blockchain scaling and effectivity constructions, is primarily answerable for managing the event of the BENQI platform.
Upcoming ICO and Mainnet Launch
Empowered by the just lately accomplished strategic funding spherical, BENQI has scheduled an ICO for its token on April 28th, 2021. A complete of 500 million QI tokens shall be up on the market. At a per-token value of $0.009, BENQI plans to lift 4.536 million {dollars} value of funds from this ICO. Tokensoft will conduct the ICO.
BENQI has determined upon a complete provide of seven.2 billion QI tokens, aspiring to distribute it in its entirety by Q1 2024. 50% of this provide shall be channeled via BENQI’s liquidity mining program. 25% will go on the market, whereas the staff will get a share of 10%. 14% will transfer to the treasury, and 1% will go in the direction of alternate liquidity. After the upcoming ICO, BENQI can also be planning to launch its mainnet in May.
