BENQI protocol
Overview
BENQI is a decentralized finance protocol on the Avalanche blockchain that operates a non-custodial liquidity market for lending and borrowing digital assets. It also provides a liquid staking service for AVAX, where stakers receive staked AVAX (sAVAX) as a liquid token. The protocol is categorized as a lending and liquid staking platform.
Relations
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Frequently asked questions
What is BENQI?
BENQI is a DeFi protocol on Avalanche that enables users to lend, borrow, and earn interest on digital assets, along with a liquid staking product for AVAX.
How does BENQI's liquid staking work?
Users stake AVAX and receive sAVAX, a liquid token that accrues staking rewards and can be used in other DeFi applications while the underlying AVAX remains staked.
What are the risks of using BENQI?
Risks include smart contract vulnerabilities, liquidation if collateral falls below thresholds, and dependency on accurate price oracles.
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