A small-cap altcoin is flying high after earning support from the global crypto exchange Binance.
The liquidity protocol BENQI was built on Avalanche, and its native token QI allows holders to earn rewards and participate in project governance.
Binance says of the lending and borrowing protocol,
“BENQI is a decentralized non-custodial liquidity market protocol on Avalanche. It scales DeFi [decentralized finance] with a suite of yield-generating products.
The platform offers a Lending and Borrowing Market, with Liquid Staking in development. Users are able to borrow and lend tokens, participate in network governance and staking.
Recognizing the need for a liquidity market and the unlocking of liquidity, BENQI launched the first lending and borrowing market on Avalanche.”
News of the coin’s listing triggered a 60% rise in the price of the asset – from $0.17 to $0.26.
QI’s value has since settled to $0.21 at time of writing.
According to the BENQI website, users can earn interest on a number of cryptocurrencies including Avalanche (AVAX), Wrapped Bitcoin (WBTC), Wrapped Ethereum (WETH), Chainlink (LINK) and Tether (USDT).
The project has several notable strategic investors such as Mechanism Capital, Dragonfly Capital, Arrington XRP Capital and The Spartan Group. Back in April, a $6 million funding round was led by Ascensive Assets.
Binance says QI will be available to trade paired with Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD) and USDT.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Art Furnace/Vladimir Sazonov
